Tuesday, September 29 2020
If you are a merchant services agent or you are looking to become a merchant services agent, one of the best sectors within merchant services that you can be in is merchant cash advances. Merchant cash advances are essential services to merchants that allow them to gain access to fast capital and cash to fund operations, hold them over through emergencies, and otherwise help them overcome anything else that they might be dealing with. If you want to be successful in selling merchant cash advances, then you need to know how to sell merchant cash advances and best practices to use when selling them. With this guide, you’ll have more insight as to how to sell merchant cash advances and what you can do to increase your chances of success when selling merchant cash advances.
One of the first things that you should do if you want to be successful in selling merchant cash advances is finding your audience. This means that you need to start finding the businesses that need your services or develop a system that will allow you to consistently find businesses that are in need of cash advance services. If you are already a merchant services agent, then you can tap into your existing network of merchants to sell merchant cash advance services or help your merchants that are in a tight spot financially. Regardless of how you find your clients, it’s an incredibly important part of the process if you hope to be successful in selling merchant cash advance services.
Whether you are going to be finding a network of clients from scratch or tap into your existing network of merchants, one very important step that you need to take is to make it known that you are a trusted provider of cash advance services. For your existing clients, this can be done by reaching out to them or listening to what their needs are to determine whether they are in need of cash advance services.
For new clients, this process looks a little different. You will want to establish yourself by networking and advertising your services to make it known that an option is available to businesses that need a cash infusion for emergency funding or operations. People won’t use your services if they aren’t aware that they exist, and that is why you should always make yourself known when you are trying to sell merchant cash advance services.
One of the best ways to add a line of revenue to your merchant services sales with cash advance services is to really connect with your merchants. You should be in discussions with your merchants to know how they are doing, what their business needs are, and how you can provide services to meet those needs. With your merchants, having a positive relationship is a great thing because you are able to offer them a wide range of services that they might need. Before you know it, your merchants might start reaching out to you to see if you have a solution available for their needs. This establishes a consistent, no-work line of revenue that you can rely on.
Businesses that are looking for merchant cash advance services are often in a delicate situation. Either an unplanned expense has come up, economic times are tough, or there is a cash flow issue that is affecting their ability to operate. These are often tough situations to deal with for merchants, and in a time like that, they are going to want to turn to someone that they feel comfortable with and that they don’t feel is respecting the situation that they are going through.
When you are a merchant cash advance agent, you’ll have to deal with trying to empathize with their situation while also providing them with the relief that they need. While you shouldn’t get too personal with your merchants, you also want to let them know that you are here for them and however you can help them by offering your suite of products and solutions, you will. In this situation, the merchant wins for being able to fulfill their cash needs and you win for having made a successful sale.
In the ideal merchant cash advance transaction, both sides come out with what they want and the business is able to fund their operations for long enough to return to a healthy cash flow.
One of the best things that you can do if you are a merchant cash advance agent is to build trust with your merchants and the business community through successful deals. For an agent, this means a couple of different things. First and foremost, you want to ensure that you have a reputation of delivering the solutions and services that your merchants actually need. When the community and your merchants know that you have a reputation of delivering good solutions that help businesses, then you are much more likely to make more deals with businesses that need cash advances.
Another reputation that you want to cultivate as much as possible is a reputation of being friendly, helpful, and communicative. Businesses that are in need of a cash advance often want to deal with someone that they can trust to be fast and effective, since they are in need of a cash infusion. Working with an agent that is unresponsive or slow to respond and unfriendly is just not an option for most merchants. It may seem like a simple thing, but it can certainly build your reputation in the community and lead to more successful deals.
Finally, you want to be sure that you are helping businesses that have the ability to recover. Many merchants might look at cash advance deals as something that is hard to recover from and overcome. However, if you can build a positive image of merchant cash advances and show that your merchants have benefited from them, then you can increase the chances that businesses will see your cash advance services as a legitimate option for their business.
Wednesday, June 03 2020
Becoming a successful merchant cash advance agent is not as easy as it sounds, especially if you do not get quality training. You will find out that most merchant services providers do not offer training to their agents, and therefore most merchant services agents get into the business without sufficient knowledge.
Most merchant services agents fail to learn crucial things such as merchant cash advance sales and other products that can be helpful in expanding their business. To stand out as an experienced merchant sales agent and become successful in your business, you need to have in-depth knowledge about various aspects of the credit card processing business. This will be able to provide useful solutions to your customers, such as selling merchant cash advance.
As a good merchant cash advance agent, you should be a source of valuable resources for your customers. You should be a person who they can reach out to for solutions, tools, products, etc. You should be able to offer services, products, data, knowledge, platforms, forecasts, trends, solutions, etc. all these can be learned from merchant cash advances sales training.
All these will help you to get new leads and retain the already existing ones. You will be irreplaceable. In addition to this, you will reap huge benefits from your merchant services business.
What is a Merchant Cash Advance?
A Merchant cash advance is a form of short-term business loan where cash advance is given to a small business in exchange for a certain percentage of future debit or credit card sales. In the merchant services business, a cash advance is one of the critical products you will be offering to your customers. The best thing is to make sure that you fully understand what it entails.
As a merchant cash advance agent, there are several other products and services you should be offering to your customers. This will help them grow their business, and you will benefit from the same. These products include;
The focus of this article is on selling merchant cash advance;
Why do Businesses Need a Merchant Cash Advance?
The following are the main reasons why a business will need a merchant cash advance.
- It is an Untapped Capital Resource
This is the situation where the future income of a client’s business becomes a new asset that they can use in the current time.
- It Is A Great Source Of Growth Investment Funds
Merchant cash advances can help a business to continue with its investment plans if their conventional sources of funds are used up. In addition, they might fail to get funding from banks or other financial institutions. However, with merchant cash advance, businesses will not have to stop their investment plans because they will get cash advance.
- It Caters For Emergencies
There are several unforeseen emergencies in a business. Merchant cash advance comes in handy to take care of such situations. The best thing about a reliable merchant cash advance sales services is that the funds can be received in about 3 – 5 days.
Some people might say that a merchant advance is costly, but if used well, it can be a good leveraging tool. Sometimes there are no other sources of funds for business when a business is in need. This is why selling a merchant cash advance is a good solution for small businesses.
Merchant Cash Advances Sale Success
Sometimes it takes time and dedication to succeed in selling merchant cash advances. However, as we have seen, merchant cash advances sales training is a crucial thing in success as a merchant cash advance agent. The following are success tips that you will learn during training that will help you establish a profitable ISO business.
- Have Clear Goals
In order to craft meaningful goals in the merchant sales business, you need to do thorough research on the industry. Learn the trends and what customers want. This will paint a clear picture of how to create your goals.
It is also very critical to be in the know about various merchant cash advance terms. They will help you to clearly explain the process to your prospects or customers.
- Develop A Sale Plan
This is another important thing that you should do in order to succeed as a merchant cash advance agent. Devise a unique style that works for you and use it. Always have your sales book with you in order to keep plans and records.
- Learn The Art Of Closing Merchant Cash Advances Sales
Since the industry is highly competitive, it is important to learn the closing skills to succeed. Follow-up is one of the most important things in the credit card processing business. Learn how to portray the benefits that your clients will get from a merchant cash advance.
As a merchant cash advance agent, ensure that you stay consistent and portray a high level of professionalism in order to earn more leads and trust from your customers.
Merchant Cash Advance Sales Training
Merchant cash advances sales training offers prospect agents with skills and understanding about this product. An understanding of merchant cash advance is important because it will help you to stay relevant and competitive in small business financing.
You will be able to understand the funding process and identify the client or a business owner who is interested in cash advance. You will also earn a commission on every successful deal you make. With merchant cash advance sales training, you will learn how to easily make deals.
The best training is the one that focuses on helping you learn fast through a short learning curve. In addition, the training should help you to have immense knowledge and become an informed ISO sales agent. Finally, a great training helps you to be a trusted business advisor and maximize the commission you make from merchants cash advances. This, together with North American Bancard, will help you to become a successful merchant services agent.