Last week I had a conversation with a former stockbroker who has recently entered the MCA space and to this point has been struggling with hitting his funding goals. This person was a very successful stockbroker, a top closer in his company and a high commission earner. He shared with me he does not understand why he’s not bringing the same success to Merchant Cash advance industry. Although being a stockbroker which is my background seems like a natural progression, there are many nuances that need to be learned in Merchant cash advance that the Stock brokering business does not prepare you for. The top iso teams that I work with today seem to have two things in common. they are able to find a good lead source and they are able to contact those leads by using many different mediums. This is not something that was taught in the stockbroking business. In most cases you were provided with leads mostly generic and the only way to contact those leads in the past has been via telephone. This is the reason why this former stockbroker who is in his 40s very successful in the investment field is not able to compete with younger iso teams who have establish lead sources and have been to learn how to contact merchants by using phone. text, email, and ringless voicemail. For established brokers or a new broker coming into the industry that wants to excel these are skills you absolutely must learn. Finding a solid lead source and finding as many ways as possible to contact those leads will help you to crush your competition.
I mention last week a colleague is developing a text message platform that he feels will outperform any major platform that’s on the market. He is currently in the final stages of beta testing, and we expect this product to be rolled out within the next two weeks. I have received many text messages and emails from clients and other members of the MCA community. I will be following up as soon as the product is ready to be launched with an opportunity for a small test. Shortly after that my colleague will be taking subscriptions however, only looking for teams with major budgets that have the ability to text between 500 K in 1 million per month
Last week, one of my former colleagues I worked with on Wall Street, introduced to me a new technology that he is using for cryptocurrency, which has recently established an application for small business lending. I am exploring this technology and hope to have more information on it soon. Imagine cutting out the offshore centers from Bangladesh, Pakistan and India by having a technology that can call and qualify hundreds of thousands of records at a time then transfer those merchants to your top closers. This technology would be an absolute game changer and I hope to have more information on it in the next week.
Have a great week finish the month strong