As an ISO, it’s your job to keep your network of businesses active by providing companies with the resources they need to continue thriving. If there are companies that want to know more about loan options in your network, you can direct them to instant cash loan direct lender companies that can meet their needs. Of course, you’ll need to find out more the lender choices out there, which is why it could be beneficial to get information about merchant cash advances (MCAs).
One of the biggest benefits of a MCA is that companies are able to get the cash they need fast. If a business runs into a financial emergency, there may not be enough time to go through a conventional loan process. This is why the MCA comes in handy since the lenders are able to get a lump sum of cash to clients in as little as one business day.
Instant cash loan direct lender companies like MCA organizations are also appealing to new businesses and companies that are in the process of repairing their credit. This is because a MCA usually doesn’t require companies to have a high credit score—and this is usually a requirement for a traditional loan. As long as the business has the credit score of at least 400, there’s a good chance that the MCA will be approved with no problems.
You should also point out to the people in your network that MCAs don’t have a collateral requirement. This is very important for new companies that are looking for an instant cash loan direct lender that won’t expect the company to sign over assets as a condition for loan approval. When companies are just starting out and don’t have the much valuable equipment, or when established businesses have to sign over ownership rights for the purpose of getting a loan, this could affect the company’s productivity severely. Collateral usually only puts companies in more debt and may defeat the purpose of getting the loan.
If you have a pretty extensive list of instant cash loan direct lender companies in your network, it’s time to start pairing these companies with the right businesses. You can facilitate the communication between the two parties and make sure that all terms are being met. You’ll also have the opportunity to go over the terms of the loans with both companies to make sure that everyone agrees to the repayment schedule, the loan interest rate and the amount of the loan.
Meet with your financial team today to come up with a plan for making sure that the small business owners who work with your ISO know how to get in touch with the instant cash loan direct lender organizations that can help them. Of course, you’ll also be able to charge a fee for your services, so this new service can bring in more of a profit for your ISO, which means the agreement will be lucrative for everyone involved.