I’ve been involved in the Merchant Cash Advance industry since 2012. I initially had my start in the industry as an ISO owner after working for 17 years on Wall Street as a registered stockbroker. After leaving MCA to purchase a business in the health and wellness industry I came back to MCA on the lead generation side in 2016. When I came into the MCA industry initially it was the start of C–D paper and multiple positions. Stacking was just getting started, and this was the beginning of the industry going to the next level with higher earning potential for MCA brokers. Back then most teams were purchasing UCC leads, organizing groups of Cold Callers, and using telemarketing to generate submissions and funding. Texting and emailing we’re not part of the lead generation process like they are today. As competition has increased drastically UCC Leads, although still valuable, are over-called and are no longer most companies’ number one marketing option. The top ISO teams that I work with today all have one thing in common, they diversify their marketing efforts. What seems to work one day may not work the next. The teams that I work with are constantly buying different types of leads, and using multiple mediums to reach the merchants. As I continue to speak with some of the top ISO’s in the industry, they share with me what they’re doing on a daily basis to break their personal funding records. Here are a few strategies the top teams in the industry are implementing.
Text Messaging
This is no secret most teams in the industry or texting merchants, driving inbound calls, or positive responses. The problem is getting longevity on a texting platform without getting kicked off. What are you using Skippio, Clicksend, Textedly, or other platforms to be prepared to be kicked off and have another platform ready to move your texting campaign to? In addition, make sure you have the proper data that is TCPA compliant and targeted so you don’t expose yourself to litigators or waste money texting non-targeted data.
Ringless Voicemail
This is a strategy that I see some of the top teams particularly teams in the California market using very successfully. Many teams are using ringless voicemail to generate inbound calls drop.co has been a platform that many of our clients have used and have funded many deals using this platform to generate inbound calls like with texting. Make sure you clean your data to avoid litigators. I use www.tcpalitigatorlist.com. Make sure you don’t waste money by using non-targeted or unqualified data. Some of our top clients who are using ringless voicemail purchased age submissions, and aged text responses from my company and have tremendous success.
Dialing System
If you’re an ISO team that is truly interested in running a professional sales organization, make sure you’re using a top dialing system to contact merchants. Make sure you’re using a system that is constantly inter-changing numbers and contacting merchants from their local exchange. A good dialer can make all the difference in the world in the number of contacts that your team is making on a daily basis. If you’re sitting in your office and contacting merchants from a cell phone, particularly in New York or New Jersey exchange, you’re pretty much wasting your time as most merchants nowadays are getting so many calls they’re not picking the phone up from New York numbers. My top ISO clients are using Convoso. I have a contact in Convoso that can help you get set up with a demonstration and onboarding feel free to contact me for more information about Convoso.
Competition in the business lending industry has never been greater but the teams that are running, a professional sales organization will continue to dominate the industry and destroy teams who are not serious about implementing solutions to reach the merchant faster and more compliant Reach out to my team today if you have any questions about what Marketing approach might be right for you.
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