There are lots of businesses out there that are looking for financial relief for a number of reasons. Some companies need money to take care of financial emergencies, and some businesses need funds in order to grow their organizations and fund marketing efforts. You can help as an ISO by introducing loan lenders only to the businesses in your network. When you connect the right lenders to the right companies, you’re benefiting both parties and could be helping certain businesses to move forward with their professional goals. One of the most appealing loans to connect business owners with is the merchant cash advance (MCA) loan.
The merchant cash advance loans are groups of loan lenders only that can work well for companies that need lots of expensive equipment to function. This means that the loan would be a good idea for restaurants and other companies in the service industry. The MCA doesn’t require companies to submit items for collateral. This is a plus for companies that need equipment in order for their businesses to function. When a business hits a financial slump, giving up their most valuable items to repay a loan can put them in more debt. When customers order products or services and they are turned away because the business can’t deliver, this could cause serious financial issues for the company. And with most loans, the business owners will still have to pay back the remainder of what they owe even if they are no longer in business.
That’s why it’s best for most companies to go with loan lenders only that provide a lump sum of cash in a short amount of time without collateral and a solid payment arrangement. Instead of companies having to make room in their budget for repaying a loan, a small percentage of each credit or debit card sale will go to the MCA lender, and this makes repayment extremely convenient. This arrangement also keeps the business from making late payments, which will help to improve business budgeting and credit.
The speed with which MCA loans are approved is also part of what makes these financial tools appealing. Some MCA lenders will provide businesses with the loans they need in a business day or two, and other lenders are able to get the cash advance to a company in just a few hours. The application process is also short, which comes in handy for businesses that are extremely busy and prefer a loan application that is easy to understand.
When you step in as an ISO to pair loan lenders only with companies that need practical financial assistance, you’ll work as the point of contact between the two parties. You’ll go over the terms of the loan with both entities, and you may even be able to assist the business in properly and expediently filling out the loan application. Charging a fee for these facilitation services so that this can be a new service feature that companies in your network can take advantage of.