The Green Sheet Online Edition
September 9, 2013 • 13:09:02
Funding approval in minutes
Merchant cash advance can be a great tool for merchant level salespeople (MLSs) to close deals, retain current merchants and add to their revenue streams. However, the time and effort to push these deals through can be too much for the merchant and the MLS.
Capital Access Network reported that it launched the first mobile tool devised to make this process almost effortless. MLSs can take prospective merchants from prequalification through a complete application process in the client's place of business. Â "Salespeople consistently tell us the greatest hurdle they face in the field is the amount of time it takes to close a sale," CAN Chief Executive Officer Daniel DeMeo said. "The longer the sales cycle, the more likely the sale is lost. With our new CAN Mobile Funder tool, salespeople now have everything they need to close a sale on the spot. They can find out what clients need, tell them how much money they can get, present multiple finance options, complete an application and submit a complete contract package." Â Currently, a merchant fills out a prequalification application, which is then sent in for processing. After receiving an approval, a follow-up appointment then has to be scheduled to present the results and get a signed contract. If the merchant wants modifications, the process starts all over. Â "All this unnecessary back and forth that normally happens between the hard to reach business owner, the busy salesperson and application processing often causes hot prospects to lose interest," DeMeo said. "CAN Mobile Funder can cut the sales process down from 10 days, on average, to less than 20 minutes. It's fast and frictionless." Â Available on most Wi-Fi-enabled tablets, CAN Mobile Funder allows MLSs to prequalify prospects; obtain the authorization needed to pull the business owner's credit; receive multiple options within minutes of prequalification, and modify the options within needs; upload necessary documentation via the mobile device's camera and attach it to the submission; submit a completed contract while still on site with the business owner.
Funds can be available in a merchant's bank account within just a couple of days, CAN noted.
Whether you want to upgrade your POS offerings, find a payment gateway partner, bone up on fintech regs or PCI requirements, find an upcoming trade show, read about faster payments, or discover the latest innovations in merchant acquiring, The Green Sheet is the resource for you. Since 1983, we've helped empower and connect payments professionals, starting with the merchant level salespeople who bring tailored payment acceptance and digital commerce tools, along with a host of other business services to merchants across the globe. The Green Sheet Inc. is also a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals.
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