Preparing for the MCA Turnaround

The COVID-19 Pandemic may have hit the MCA industry as hard or harder than most. The industry is built on the backbone of small businesses. As the country has shut down we have seen many things happen in MCA. Merchants are defaulting or lowering payments. Brokers are being forced to work from home, Lenders have stopped lending, except for essential industries. This was an event that was unforeseen and happened overnight. My company has been in MCA lead generation since 2016, and we currently serve over 100 ISO Teams and Funding Companies. I am talking with MCA Teams daily to help them with prospects that are in essential industries and to connect them with funders that are still funding merchants. Many MCA Brokers are at home not working, waiting for calls from their managers or funders to tell them its time to get back to work. The brokers that are sitting home not preparing, in my opinion, will be left behind. What should brokers be doing during this downtime? Here is some feedback I am getting from my clients who are not wasting time.

1.Prospect merchants that are in essential businesses.

2. Build your pipeline. The MCA business will resume and you want to have as many leads, and packages in to fund when the funders open up. If you are calling, emailing, and texting merchants, when they open their doors and need funding, they will remember you.

3. Spend time working on other products. Brokers are funding real estate deals, signing merchants up for processing accounts and helping with credit repair. Business in these areas is being done daily.

4. Put your systems in place. Organize leads, establish relationships with lenders, train new and existing salespeople. Take time to do the things you don't have time for when you are funding merchants.

Do these 4 things and your chances of coming out the other side will greatly increase.