How Not to Grow Your Merchant Cash Advance Business
Advertising and marketing are tricky in any industry. The Merchant Cash Advance space has certainly experienced its fair share of trial and error over the past several years. What works for one company, doesn’t for another.
Many argue that there are no virtually no barriers to entry and this causes problematic issues in competition. Some representatives don’t know what they’re selling, how to sell it, or what can and can’t be said when they’re selling it. There are so many fly by night resellers, that states are running out of LLCs to issue. “Merchant funding capital advance now approved accredited finance business source solutions, LLC” is the going fast! Better Organize it now.
For ones that make it, they have the good leads.
Blake: These are the new leads. These are the Glengarry leads. And to you they’re gold, and you don’t get them. Why? Because to give them to you would be throwing them away. They’re for closers.
But there is good way to not grow your Merchant Cash Advance business and that is to be so desperate, that you buy actual piles of garbage. These leads are obtained through sources that advertise in this manner:
You can find stuff like these in forums, along with a shady hotmail address, no website and a promise of ‘top quality.’ If your business model is to buy leads, then make sure to have your Ch. 11 papers handy before you purchase these TOP QUALITY LEADS!!!
Also watch out for ‘try before you buy’ schemes: Get 5 trial leads for $50. if you like them, you can purchase a minimum of 100 at a time for a cost of $20 per lead. There are no refunds when you buy them. The 5 trial leads are real. The $2,000 bulk purchase is a flaming pile of crap.
Shelley Levene: The leads are weak.
Hope that helps. I would love to share more insight right now but a payday loan company with a predictive dialer is calling my phone and I’m eager to talk to someone in India who can provide a vague description of the product and have my information sold to 5 companies who swear I had completed a contact form online for car insurance because that’s what their lead sheet says.
-The Merchant Cash Advance ResourceLast modified: February 21, 2013
Sean Murray is the President and Chief Editor of deBanked and the founder of the Broker Fair Conference. Connect with me on LinkedIn or follow me on twitter. You can view all future deBanked events here.