Wednesday, March 29 2023
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.
Find your audience
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.
Make yourself known
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.
Connect with your merchants
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.
Be empathetic, but effective
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.
Build trust through successful deals
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.