Any merchant services agent can sell a merchant cash advance. The service often speaks for itself, as it is easy to apply for and doesn’t require an extensive credit check for approval.
The process of selling these advances can be more complicated than you might expect. You can use a few points to help you sell these advances to your clients. These efforts will make people appreciate your work and help you bring in a more massive clientele.
Find a Suitable Audience
The first step to sell your advances is to look at your target audience. Your audience can entail any business field. You can look at targeting businesses that are dealing with many things in their operations:
- Plans to expand, including to new locations or a more massive workforce
- A need to boost operations when starting, especially if the business doesn’t have enough of an infrastructure in place
- Emergency expenses, including ones triggered by weather issues, fraud or theft, or any other problems that might occur
Look at how you’re finding an audience and that you know what you’re getting out of the work. The audience should be open to your work, but you shouldn’t look as though you’re preying on anyone who needs assistance. Respect for the audience and what you’re offering is necessary for whatever work you wish to complete with these people.
Highlight the Growth Investment Potential
Merchant services agents often do well when they highlight their offerings as necessities for their clients. A merchant service advance is one such thing that can be easy to promote. An advance can provide growth investment funds to businesses that need them the most.
An advance provides the funds a business needs to support whatever investments it will manage. It is not always something that manages expenses or other worries. It can be the gateway towards helping a business take the next step and become more successful and efficient.
You can promote to clients that your advances will give people the help they need for whatever projects they want to complete. There’s no need for a business to stop its expansion or investment plans here.
Establish Positive Relationships With Your Merchants
Talk with the merchants who want to do business with you. Ask them about what they want out of an advance and how they hope to manage their long-term plans. Discuss how they want to manage their business operations, including whether they are flexible in what they want to do with their operations. You can learn about your clients enough to help you tailor your offerings to them to fit their needs.
Show Empathy
Every business that needs a merchant cash advance has a good reason for asking for help. A business might be dealing with some financial struggles, or there might be uncertainty over what it wants to do in the future.
Show respect and care for each business that wants to contact you for help. Your clients should appreciate being with you, as they will see you are there to help them with their unique needs.
Be Open About What You Offer
An effective merchant services agent will let all clients understand what they are getting out of something. Talk with your clients about everything you want to offer, including on:
- The factor rates for the advances you provide; you should also explain how these work if someone isn’t familiar with whatever might work here.
- Details on how much the client will spend each day in paying off the advance; this total is a percentage of each day’s credit card receipts.
- Any additional rates or charges that will appear; your advance should not have as many fees or other rules as a traditional loan.
- Payment processor support, including how your advances can work with various payment gateways.
- The general timeframe for paying off an advance; the work can vary surrounding how much one earns in credit receipts each day.
Establish Trust
Your clients need to trust you when you’re offering merchant cash advances. They will only work with service providers that respect their needs and understand what is working at any moment in time.
Be willing to answer whatever questions your clients have about your cash advances. Be direct in your answers, and be ready to manage whatever follow-ups people have surrounding how you’re handling the work in question.
Timely responses are also necessary for your success. You’ll be more successful in establishing trust with your clients when you respond to their needs in less time.
Follow-Ups Are Important
Your relationships with your clients won’t end after you finish offering the advances they need. You can plan a follow-up with whoever you contact as necessary. You can reach out to someone a few weeks after receiving the funds. The talk helps you touch base with someone and see if that person needs further help or support with whatever you are providing. The discussion can go far in helping someone see that you’re here to provide support in any way you see fit.
Some of the things you can discuss in your follow-up include:
- How the business is running thanks to the advance
- How well the group’s cash flow is being managed
- Whether there are any worries surrounding how someone will pay for the advance
- Any other questions someone might ask you about the advance
The more thorough help you can provide someone through your talk will ensure a company feels confident choosing to get a merchant cash advance. The support will also show you’re a reliable party that offers help as needed. You may have an easier time getting repeat business with someone, or you could get more referrals through whatever you provide.
Be certain when selling your merchant cash advance services as an agent that you know what you will get out of your interactions with your customers. It will be easier for you to highlight your work and make people appreciate what you are offering when you provide the support they need every time you talk with them.