New to the Merchant Cash Advance Industry? Read first!November 2, 2011 | By: Sean Murray
Thinking about starting a career in the Merchant Cash Advance industry or becoming a funding source? We’ve compiled some tips from the people already on the inside. Comments were gathered and organized from an insider discussion board at MCAForums.com
5 THINGS YOU NEED TO KNOW
1. You will apparently need a pair of these:
2. You will need training from those with experience. You can’t get into this market without being familiar with its complexities. Having financial experience, mortgage experience, etc. will help but is not enough to make it without additional training.
– WHAT WAS SAID: “until you learn how each company operates and understand the products, this market is way too competitive to not have support.“
3. The market is extremely competitive.
4. Partner up with companies that fit your needs and capabilities.
– WHAT WAS SAID: “You’ll have to find the MCA companies that fit your ethics. They’re all different, good, bad, fast, slow, flexible, inflexible, etc.“
5. Offer alternative products. A Merchant Cash Advance is not the right fit for every business. You will need to provide or refer alternatives such as SBA Loans or Micro Loans if the situation warrants it.Last modified: November 2, 2011
Sean Murray is the founder of deBanked, an 11-year veteran of the merchant cash advance industry, a casual Lending Club and Prosper note investor, the co-founder of Daily Funder, an alternative lending speaker, consultant, writer, and enthusiast. Connect with me on LinkedIn or follow me on twitter.