The MCA industry experienced its first major setback in years in 2020 because of the Covid-19 pandemic. Almost overnite the industry experienced shutdowns with many lenders closing their doors. In addition many ISO teams either went on hiatus or shut their doors permanently.Now months later as we have a vaccine, and it looks like Covid will be behind us in the spring many players are returning to MCA.
I have, however, over the past few months talked with many teams that have not experienced a slowdown and continue to fund several million dollars per month. How are they doing this? They are diversifying, both their products and their marketing efforts. For products, many of my clients who were a one-product shop of only MCA are now looking at other products to generate revenue and acquire clients. Many of my clients are working on the following,
- Equipment Leasing
- Credit Card Processing
- Credit lines ( credit card stacking)
- Credit repair
These are all products that can generate revenue, and boring the merchant in a new client giving you many different revenue streams. When the time comes when the merchant needs a MCA you will be his best option as he has an existing relationship with you
In addition to diversifying in the products they sell, mist high producing ISOs and Funders are using many different types of marketing to obtain the maximum number of submissions. The top ISO teams are using the following
1. Real Time Submissions
2. Aged Submissions
3. Opt in internet and email leads
4. Email and text campaigns
5. Live transfers
Competition is incredibly high right now with more ISOs opening daily. The teams that have as many marketing channels as possible to connect with merchants will be the highest funding teams.
If I can assist you with any funding introductions or lead generation needs please email me or call today