SpaceCaller Merchant Cash Advance Process Training

Feb 4, 2016 http://spacecaller.com This update is specifically written to train agents for spacecaller.com and its merchant cash advance process with Fluent Capital Access. This session will go over the basics of the business, about the industry, the script, the application, good policies and tips we've learned from being in the industry for 5 years. This is a Businesses to business campaign. This industry is heavily called so it is going to take some dedication. This process is recommended for agents with previous sales training. Business owners get called all the time by MCA companies. Notably you may think the companies eligible for an MCA have been saturated but Lending club a major player in the industry thinks that the market size is around 300 billion dollars for good credit applicants, then it’s got to be even bigger for the ultra FICO-lenient companies in MCA. According to a survey we found, released by four regional Federal Reserve Banks, 52 percent of businesses with revenue under $250,000 a year said they were rejected for a loan during the first half of 2014. Half of businesses with revenue between $250,000 and $1 million also couldn't get a loan. Growth in this industry has been fostered through a turf war for the same merchants. These merchants are resalable and have been stacked with multiple advances or simultaneous advances. This has been spurred by a belief that there are no more untapped businesses left to fund but that’s very untrue. I have been in this industry for over 5 years. At that time this industry was just getting legs and one of my SEO partners brought this opportunity the table because he had a customer that was just crushing it. Since then I have worked with multiple businesses that have reached the over 50 and 100 million per year of business in this industry. It's about dedication to your craft, if you do the work you will succeed. Not to say great leads won't help you, but getting up and planning your calls and then making your personal goals is what's going to change your future. Since this campaign is B2b you are free to call all businesses. If you have an auto dialer it's illegal to call cell phones unless you have prior consent. If you are manually dialing its ok if your system does not have the capability to autodial. Over the next couple days we will add an api that will show if the number in the submission form is a cell phone or landline. Companies will hang up on you after they hear the word funding or working capital. This is why its important to be creative and present with your pitch. Your energy, authenticity and courtesy or you is what businesses are believing in. 9/10 times businesses will not look for other lenders after you have built rapport with them. You must keep these businesses on the phone to hear you out. Don’t be a push over. Don’t forget the lessons you have learned in previous sales positions. If you want more info about the industry google it there is plenty out there. Also on YouTube there are many videos teaching how to sell this product that can be very beneficial The minimum monthly revenue for businesses we want to lend to is businesses that do 10,000 and above monthly. Their sweet spot, is the segment doing $16,000 to $416,000 gross per month. You will lose deals, commissions, arguments, and occasionally your mind. Accept your losses when they happen and focus on the next deal. Q How does the Cash Advance work? A Unlike a loan, where an SMB borrows money and agrees to pay it back with interest within a fixed period of time, an MCA allows an SMB to raise capital by selling a portion of its future credit card sales. In exchange for an upfront cash payment called the Purchase price, the merchant cash advance provider buys an aggregate amount of the SMB's future credit card sales called the Specified Amount. In an MCA transaction, the merchant cash provider is entitled to receive a fixed percentage of the SMB's credit card sales, if and to the extent such sales occur, until the merchant cash advance provider has received the Specified Amount of future credit card sales it purchased (or until the SMB goes out of business). As a result, MCAs do not involve "payments", but rather remittances of purchased credit card receivables, the actual amounts of which align with the SMB's fluctuating credit card sales volumes. MCAs have no set term, maturity date or fixed or minimum payment amounts (and therefore, no late fees or penalties). Accordingly, the period of time over which purchased receivables may be remitted to the merchant cash advance provider is an estimate only (often referred to as the "estimated turn" or "turn"). Q What is the amount of an advance my business can qualify for? A An approved business can receive 50% - 150% of an average monthly total volume of sales. In order to be more specific, apply for a free, nonobligatory quote.