How Merchant Cash Advance Software Works & Why it is Relevant for Your Business

Practically, a merchant cash advance software (MCA software) streamlines the job of lending. According to the report, most of the MCA borrowers are frustrated with the  extended  application process of the MCA lending, compared to other transactional experiences. As a result, most of the borrowers choose  lenders based on the speed, convenience and of course reputation. You can see how important speed is when it comes to MCA lending.

Come all-in-one MCA software. 

In our hyper-competitive marketplace, one of the most important predictors of lender performance is time-to-funding. This is the time between application submission and access to funds. Successful lenders  with Merchant cash  Advance Software can consistently deliver approvals in hours, and funds within a few days.    

An all-in-one crm software helps analyze the sales and other crucial business data which  further  facilitates the evaluation of your business success. It is fast and convenient, thus being an attractive option for the MCA  firm owners.  It  gives a real-time insight on  your loan processing tasks as how effectively you are handling  it.  

How Does Merchant Cash Advance Software Work?

Here’s a look at how the merchant cash advance software works  and how it benefits your  business. Read on to explore more.

MCA Software takes care of your business needs: First of all, MCA servicing software assists in the  workflow optimization, designed to tracking and manage deals through submittal, underwriting, funding, and repayment. This merchant cash advance software comes with the custom modules to help manage commissions and payments to funding companies.

MCA Software works as a central database: An MCA Software  helps pulling data from central repositories (repository of the contacts are already extracted. Most of the MCA software works like a CRM product . It helps keeping a track of the  internal bank statements and credit card processing statements. These systems also contain funding calculators to determine terms for sales and loan repayment structures.

MCA Software offers smart payment integration: MCA Software enables credit card and ACH payment gateway APIs for ACH withholdings, with daily, weekly, and monthly remittance schedules. Moreover, it also offers functionality to monitor daily transactions, note-redemption processes and status updates.

MCA Software streamlines customer relationship management: MCA firms needed to manage with a diverse customer base with leads  getting updated on a  regular basis. The  new  age MCA software comes with lead management with custom dashboards and reports designed to track sales pipelines and gauge agent performance. We integrate third-party MCA CRM software features from the  leading software.

MCA Software

MCA software is built with intuitive user account portals with role-based access controls and management dashboards. These portals are well customized to help brokers submit deals, and  investors to track performance metrics, and merchants can view repayment data.

MCA platform offers custom  marketing automation: MCA software comes integrated with  email  marketing tools.  These tools can optimize drip campaign management, measure penetration, improve contact management practices, and enable campaign segmentation.

Fast and Convenient Funding- The Most Crucial  benefit of the  MCA Software

MCA software provides quick and convenient funding for your business, which is one of its main advantages. You don’t have to wait weeks or even months for a traditional loan application to be processed when you use MCA software.

For businesses that require funding quickly, this can be especially useful. In a  nutshell, investing in an MCA Software can help you with:

  • approve applications faster
  • create process efficiencies
  • reduce manpower
  • lower operating costs
  • increase the number of booked accounts
  • decrease the cost per booked account
  • improve risk profile
  • improve portfolio yield 

Consider investing in a cost-benefit analysis to quantify the impact of automation technology and advanced credit scoring software on your loan portfolio now.