ISO Roadmap For 2018November 26, 2017 | By: Sean Murray
ISOs, as you finish out a wild year of funding, we’ve put together a roadmap to prepare you for a very successful 2018!
1. Educate yourself. Litigation in the MCA industry skyrocketed in 2017. That means as a salesperson you’re more accountable than ever to communicate the products and services you sell in a succinct and truthful manner. Case in point, MCAs are offered by funders, not lenders. Using lending-related terminology at any point during the sales process for non-lending products can open yourself up to both legal or regulatory consequences, even if you’re just an employee. As these fundamentals apply to industry veterans as well as newcomers, your top priority in the new year should be to get a certificate in Merchant Cash Advance Basics.
2. Source your own leads. Sneaking deals out the backdoor or being on the receiving end of ill-gotten leads may yield a couple bucks but it may ultimately come at the expense of your reputation and career. It could also be against the law. The surefire way to become a legitimate top performer in the industry is to generate your own deals. How else do you expect to build a book of business that’s truly yours and relationships with clients that are built on trust and integrity? Need help getting started? Check out this list of lead sources!
3. Participate in industry events. In 2018, it will pay to truly know who you’re working with. Sending your deal off to some random person you’ve never met claiming to be a funder or lender is a great way to increase the odds that your deal and potential commission will disappear. Fortunately in the coming year, there are great opportunities to network with industry colleagues. Here’s a link to one deBanked hosted this past August at Marine Park Golf Course in Brooklyn. If you’re a sales rep in the South Florida area, you should attend deBanked’s FREE cocktail networking event in South Beach on January 25, 2018. And if you want to better your skills, discuss the issues, and connect with the industry, you should register for Broker Fair 2018 right now! Check out the list of companies that have signed on to sponsor it already. Broker Fair 2018 is the number one don’t-miss event of the coming year.
4. Keep up on the news. Keep up on developments taking place across the entire alternative finance spectrum. The best part about deBanked magazine is that it’s free to subscribe. We publish six issues a year. Copies can be mailed to your home or office in print free of charge. Magazine content is typically distributed in print before it ever comes online so don’t miss out. Make sure the next deBanked magazine will be coming your way in 2018!
5. Choose your partners wisely. In the same way that it’s probably not a good idea to send your deal off to a random funder that cold called you, using old-fashioned methods like Google to discover who’s who can be onerous. That’s why we’ve segmented our sponsor directory by business type so that you can narrow down the right partner to fit your needs fast. While it’s true that these companies pay to advertise here, it’s an excellent starting point. So check out our list of sponsors!
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.