Within the business lending space, ISOs and agents work as an intermediary between business owners and the funding companies that provide capital directly to them. ISOs offer several different financing options, from short-term loans and merchant cash advances to lines of credit. ISOs have played a vital role in the growth of the small business lending industry, serving as the eyes and ears of funding companies.
Our team has put together a guide intended to help ISOs secure the information they need to succeed:
Strong Sales Methods for ISOs
As with any venture, getting qualified leads is the first step to becoming successful, but it is also one of the biggest challenges for ISOs. In the past, sales required a leads list, cold calls, following up, back and forth deals, etc. However, there are much more efficient ways to take those first steps and qualify leads.
For example, it is important – especially in our world today – to dive deeper into a customer’s needs and meet them where they are today. Ask yourself:
- Does your point of contact for the business have the authority to pursue financing?
- Is the amount the merchant needs or will need in the future substantial enough to demand your attention?
- Is the merchant a good fit for the product you offer? What are their industry-specific needs?
Tips for Reaching Merchant Audiences
Thanks to social media, the task of reaching custom merchant audiences is simple and straightforward. With Facebook, for example, you are able to narrow down all kinds of demographic and geographic triggers. You can also target your ideal audience through features like custom audience creator.
You can upload merchant data to specifically target an existing merchant leads list, so you can continuously advertise to that audience. You can also add people who have visited your website to this list and advertise to people who have called you or made purchases in person. In short, utilizing social media can help you minimize the busy work and reach more leads than ever before.
Gain Experience and Stay Curious
Of course, nothing can replace knowledge and experience. In addition to boosting your sales method and utilizing social media, it’s important to always stay curious and gain experience. This training might initially come from your ISO or manager, but it’s also important to pursue ideas and new methods on your own. Stay informed and in the know on the latest industry updates, and embrace any opportunity to learn that comes your way.
If you’re looking for help growing your merchant cash advance ISO sales or supporting your customers, be sure to reach out to the experts here at First American Merchant. We provide advanced online training tools and offer years of experience and support.