5 Reasons Why Poor Merchant Cash Advance Leads is Waste of Time and Money

May 20, 2018
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Pursuing poor Merchant Cash Advance leads is nothing but wasting valuable time on trying to pursue a lead who, perhaps doesn’t even want to get any credit card loan in the first place. Being in this line of business by relying on merchant cash advance leads for securing sales can become challenging if you’re deliberately wasting resources on poor leads.

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Diversify your lending portfolio and become a reliable lender for promising businesses

The total money spent on funding businesses in 2015 reached their all-time high of $10.7 billion.

With increased requirements for funds by business owners, merchant cash advance (MCA) services began to emerge for fulfilling various needs that arose abruptly.

Ever since then, the MCA industry has shown steady growth over the last couple of years.

According to a report by Bryant Park Capital, a middle-market investment bank, the amount offered to small businesses as per MCA data has noted to have increased over the years and was projected to reach $15.3 billion in 2017, up from an estimated $8.6 billion as per the 2014 reports.

With such massive success accomplished in a short time, several investors have jumped along the bandwagon and started offering merchant cash advance leads generation services to diversify their lending portfolio.

Nowadays, the MCA market has saturated, as a result, offering multiple services at heavily competitive price rates; furthermore, investing in low-quality leads will only waste resources.

Here are the five reasons why poor MCA leads can be a complete waste of time as well as resources:

They are unlikely to convert

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Design a funnel that separates the less qualified leads from the actual lead lists

Perhaps the number one reason to not waste time or money on poor leads is a simple fact that they don’t convert.

Having said that, there are plenty of factors why your poor Leads have little to zero chances of conversion, such as:

  • a well-established line of credit.
  • Not looking to expand.
  • They may have plenty of debt piled up already.

In addition to these factors, a poor lead may not fit your targeted or ideal client base.

They are a complete waste of resources

MCA sales leads that carry low chances of conversion are a waste of your valuable resources.

Imagine spending hours and hours on the phone or paying your salesperson to spend most of their time at work chasing one bad lead that holds the high possibility of not converting at all.

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They discourage your team

Bad MCA sales leads seldom convert and can affect the performance of your sales team, making them believe that there may be something wrong in their whole approach.

This can shake your business’s overall marketing efforts and contribute to a less motivated work environment.

They take up your valuable time

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Qualifying prospects take away a significant portion of the time, so it’s wise to spend that time on the right prospects

Poor leads take up the time that your team could have spent on nurturing high-quality leads already stored on your database.

By running after dead leads, your team is left with little time or energy to get in touch with leads that could have actually generated revenue for the business.

As of today, merchant cash advance still remains as concentrated as in the past, while also making it increasingly difficult for service providers to survive at the same time.

If you are an MCA service provider in need of help, merchant cash advance leads can be of great help.

These leads allow MCA businesses to quickly get in touch with potential clients and convert them into sales.

They often mean that your funds went down the drain

Let’s admit it: purchasing an aged MCA lead list is not cheap.

While purchasing a few leads from an MCA lead provider can cost you some dimes but the situation gets worse when the lead is not as strong as you were promised by the leads provider.

A poor MCA lead list can take away a chunk of money that could have otherwise been spent on improving your marketing strategies.

Identify poor leads

Considering that you are now well aware of all the likely disadvantages associated with poor leads lists, here are a few ways that can help to identify low-quality leads.

Perform a thorough research on your Lead

Google is an excellent method for performing background research on your leads for judging credibility.

Simply type in the name of the company and check to see if they match your ideal customer base.

While merchant cash advance leads, especially aged MCA leads are beneficial for businesses, it is also important to find out if you are investing in the right leads or not.

Give them a call

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Clear out confusion with a direct phone call instead. Find out over the phone if an applicant is eligible for a quick loan or not

A simple phone conversation to determine the value of leads is always the safest bet before setting up a meeting.

It is recommended that you give your lead a call and specifically ask to see if they are actually seeking merchant cash advance services or not.

It is essential for Merchant Cash Advance service providers to understand that not all MCA leads carry the same benefit, so it’s better to ask them personally with a dedicated quality assurance team.

Determine if the person in contact with you has decision-making ability or not

There is nothing worse than spending time and energy on meeting with someone who has no power when it comes to making the final decision.

When differentiating between a high-quality lead and a poor lead, it is important that you check to see if you have been discussing matters with the primary decision-maker in the first place.

Leads are more than just numbers and can offer your business an excellent comparative advantage if the data is accurately updated.

Technically, it is true that a contact address is a lead, but it is highly likely that it will be ineffective if the individual has no power over the decisions taken by a company.

Conclusion:

It is crucial for an MCA service to have access to strong leads. With this information, you may have understood the huge impact that bad leads can have on the overall performance of our business. Successfully buy MCA leads that offer you the maximum value by following our tips and get in touch with customers that are seeking your services.

Call us today at (951) 525-5101 for DNC scrubbed MCA lead lists waiting to be closed. 

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