MCA Leads with Bank Statements
Leads for merchant cash advances (MCAs) are critical for any lending business. There are many different types available for generation, some more useful than others. Accessing MCA leads with bank statements can be a great tool for many businesses, but only if they are sourced and vetted correctly. So what is the benefit of sourcing these kinds of leads, and are they right for you?
What is an MCA lead with bank statements?
An MCA lead with bank statements is simply a standard lead interested in obtaining some form of cash advance for their business. The only difference is that when this lead is transferred to you, it already comes with accompanying bank statements.
There are a wide range of reasons why a business might want to secure an MCA, but it ultimately comes down to a need for funds, fast. Not all businesses have the liquidity they can use if something goes wrong (such as a piece of machinery breaks, or they need large quantities of stock). When these situations occur, many will turn to an MCA to hopefully get the funds so they can continue with their progress. One of the benefits to MCAs in comparison to business loans from banks is that they are much faster to receive. This helps to support those urgent needs without causing too much disruption.
Another benefit is that MCAs are easier to obtain than traditional bank loans. While there are still eligibility requirements that businesses must meet, these are fewer and less stringent than the ones imposed by banks. MCAs offer another opportunity for those who need a quick resolution. Because the eligibility requirements are more flexible, this enables the lenders to provide the money a lot faster, for the benefit of the recipients.
MCAs are paid back via a percentage of the business’s credit card sales moving forwards. This helps to ensure consistent payments, and it also means that all businesses can afford the repayments, even those that operate on seasonal schedules. For example, if a business had a slow month, they will still deliver a percentage of their credit card sales to their lender. This total amount may be smaller than other months when they are busier, but the percentage remains the same. This process continues until the advance has been paid back in full.
Merchant cash advances are designed to be short-term loans – the lead receives the money swiftly, and the lender receives their funds back as quickly as they can be repaid. MCAs often have high-interest rates to encourage swift repayment. Due to the fact that businesses pay back a percentage of sales rather than a fixed amount, many businesses find it easier to stick to this payment schedule, and this can result in fewer defaults. Most MCAs begin the process of repayment very quickly after the loan has been given, sometimes the very next day. This also helps to overall speed up the lifespan of an MCA, creating an efficient transaction for all parties involved.
Benefits of accompanying bank statements
MCA leads with bank statements can be very enticing for businesses, and there are a number of benefits to seeking these types of leads. The bank statements can prove they are eligible for your advances, and the process overall can be less time-consuming if they already have all of their paperwork together. Overall it can be a more efficient conversion than a cold call lead, for example.
Some of the information that can be immediately identified:
- If the business makes enough revenue per month to meet minimum MCA requirements
- If the business receives enough credit card payments per month to make them eligible for MCA repayment options
Sometimes there may be enough bank statements to prove the business has been in business for a long enough period of time (this differs between lenders, but usually businesses must be running for at least 3 months to a year for most lenders)
The bank statements can also provide a lot of contexts that your sales team can utilize to increase the chance of closing the deal. For example, if the lead has any financial abnormalities identified on the bank statements, these can be discussed upfront, rather than accidentally coming across them after they have become an issue. These can also be used to flag issues such as bankruptcy or potential tax concerns. Bank statements can also be used to find out more about the specific business they run, allowing your sales team to fully tailor their pitch straight away. If you are receiving cold or aged leads, this information allows your sales team to learn more about the business before they reconnect to the lead, increasing the chances of success.
You need to be careful!
There are scams to watch out for in any industry, and the world of merchant cash advances is not immune to this. MCA leads with bank statements sound like the perfect lead that is ready to go. In reality, these are often very poor leads that almost always do not qualify. Third-party agencies can make money from these kinds of dead leads, regardless of whether you can convert them or not.
So what exactly is the problem? If a company has generated a lead for you with all of their bank statements, it’s likely that this lead has already applied for a traditional bank loan but was declined. This is not necessarily a red flag straight away, as many leads who fail to secure a bank loan may still be eligible for a less strict MCA. There is also evidence to suggest that some leads who apply with all of this information have previously defaulted on loans – they are obviously not the ideal candidate for your financial services. In these situations, it’s just important to take the information received from the bank loan to understand when leads are not going to eventuate into sales.
If you are partnering with a lead generation agency, you also need to make sure the agency is reputable. Many agencies will not properly vet the leads before transferring them, leaving your sales team to spend unnecessary time working out the lead is not even interested in receiving an MCA. Some agencies will also send the same leads to multiple lenders. Without exclusivity, your team needs to work much harder to ensure that they are the lender the lead becomes interested in.
If you are working with a high-quality lead generation company, you should feel confident in their vetting process. If they have offered you MCA leads with bank statements, this is only because they have already checked their qualifying status, and found them ideal. Just be careful when searching for lead generation companies, because many who offer this specific form of lead do not vet them, and they are often of poor quality. It can seem tempting to accept the leads, but it may require more work, in the long run, to establish good quality options from the low-quality alternatives.
Partner with MasterMCA so you never have to worry
If you want to ensure you are receiving high quality leads, make sure you partner with the right agency. MasterMCA has over 10 years of experience in this field, and we can help you find the leads that you have been looking for. Our team has worked to source leads for businesses of various sizes in a range of different industries, and we are confident that we can support you as well. Our leads are exclusive, and have been sourced specifically for you, so you do not have to worry about competition from other MCA lenders. We guarantee that all of our leads have been vetted and are eligible for an MCA according to your standards, so you do not have to worry that you have purchased a number of dead leads.
Our dedicated team works with you to create a tailored support system, allowing us to find the specific leads that your business needs. Our agents are highly skilled at their jobs, and work hard to get potential leads interested and excited to be transferred. We vet all leads according to your specifications before they are transferred over to your sales team. All of our leads are transferred with full information, including bank statements for further insights that your sales team can utilize. This ensures that your sales team can focus on doing what they do best, without having to go back and fill in all of the missing information.
When sourcing MCA leads with bank statements, we endeavor to find leads that will fit your criteria. All of the information that we provide has been verified before being transferred, providing your sales team with correct and up-to-date data they can use to help land a sale. Our dedicated team works directly with the leads to maintain this standard of accuracy and attention to detail, also helping to set the leads up for when they are transferred to our clients.
We work continuously to build our relationships and to understand what leads work for you. Our service utilizes automation and developing technology to track conversions and build datasets to improve your outcomes. This information is shared with you to yield maximum positive results and to channel growth. We have a strong focus on quality results, which we want to be able to share with all of our clients and lenders who do business with us. We are always looking at ways that we can improve and develop our lead generation services, in order to provide our clients with the greatest possible chances of success.
When working with MasterMCA, you can feel confident that you are being supported at all stages of the sales life cycle. Our service doesn’t end at the point of transfer. We have a dedicated team who are always available to provide support for your leads as they are converted. If you have questions or need further data, let us help to make that process as smooth as possible, increasing your chances of conversion.
FAQs
What is the point of leads with bank statements?
If a lead has their bank statements, this helps to verify their eligibility for an MCA and helps to speed up the process of converting to a sale. The bank statements are needed to prove that their business can meet minimum monthly revenue standards and that a portion of their sales is through credit cards. Although this is not a mandatory part of lead generation, it helps to determine whether or not the lead is worth pursuing.
What do I do if the bank statements indicate this lead is ineligible?
Unfortunately, not all leads will be eligible for an MCA, and bank statements may help you to identify this. Many potential leads will apply to a range of lenders in an attempt to secure an advance, even if they know they are not a great candidate. Make sure your business has a thorough vetting process to ensure the lead does not progress unnecessarily.
Do MCA leads with bank statements cost more to generate than leads without this information?
Yes, leads that include bank statements will have a higher cost compared to leads that do not come with as much money. MasterMCA works with a range of different clients that have varying budgets – if you are interested, we will be able to create a plan that works within your financial limits, and still allows you to receive high quality leads.
Can MasterMCA provide live leads with bank statements?
Yes, MasterMCA can generate live leads with complete information, including bank statements. These can be transferred to your sales team immediately upon vetting, allowing your business to close the sale as efficiently as possible for you and the lead.
Can MasterMCA provide MCA leads with bank statements?
Yes – if you are interested in receiving this type of lead generation service, get in touch with us today. This is a service we can provide, and we would be glad to help.
