Alexa Factors To Evaluate Merchant Cash Advance CRM For Financial Services

7 Factors To Evaluate Merchant Cash Advance CRM For Financial Services

CRM | by Patricia Jones
Merchant Cash Advance CRM

If you are in financial business, before making a decision as to which Merchant Cash Advance CRM software to go with, you need to consider a few factors that include:

  1. 360-degree view of the customer
  2. Intelligent cross-selling/marketing campaigns
  3. Tracking buying behavior
  4. Auto alerts and reminders
  5. Collaboration capabilities
  6. Size and scope of your business
  7. Integration with other systems
There is currently $80 to $120 billion dollars worth of unmet funding needs among SMB, and MCA companies are in the best position to meet this demand.- Oguz Konar Click To Tweet

360 Degree View of the Customer

One of the primary factors to look at while adopting a customer relationship management software for cash advance business is what type of information the Merchant Cash Advance software can collect and display for each of your customers and if it is easily available around the clock. Moreover, you also need to find if the CRM solution can display a holistic view of the customer to all the stakeholders in your company, which can assure quick response in crucial circumstances.
When working for a cash advance industry in the financial sector, businesses need to collect a large amount of information of their customers for compliance and for serving the customers better in the longer run. So apart from tracking basic information such as name, address, and phone numbers, in alternative funding industry, you need to track other vital information and analytics, if you want to provide better service to your customers. For example, in cash advance business, you have to keep track of conversations you had with your customers about specific investments, their risk appetite, and goals. Storing this information in your Merchant Cash Advance CRM software allows alternative funding businesses to readily refer to these data before offering any advice and therefore helps in cross selling its products to its customer base.

Intelligent Cross Selling/Marketing Campaigns

Most of the easy to use CRM software allows the users to send customized marketing messages to their customers on the information collected and analyzed by the CRM platform. For example, if you are promoting cash advance, you can also scan through customers who are interested in mutual funds and bonds or looking for other investment opportunities, based on the discussion you had with them in the past.
At this point, Merchant Cash Advance CRM software can send out customized emails to each of your customers in the CRM database with pertinent verbiage using customized templates prebuilt in the software.
You can also send monthly newsletter related to various investment scenario and other key financial trends to any specific mailing list, using a mail-blaster from within the CRM.

Tracking Buying Behavior

Another functionality that you may want to look for in your MCA CRM solution for finance businesses, is the ability of the Merchant Cash Advance CRM software to track customer decisions and activities. For example, like most cash advance firms if your company is also selling small business loans and investment products to your customers, you need to keep track of what products or which loan each customer prefers and purchases from your financing organization. By tracking this data, you can create a profile for each customer and ascertain what type of investment or loan he or she likes. This way, when you have a new product available in your portfolio, you can easily select the list of customers that may be interested to purchase your new offerings. Tracking the customer’s past purchase decisions will provide you with an idea of how much they might be willing to invest in the future and the most appropriate product that you can offer to them, which might pique their interest.

Auto Alerts and Reminders

When choosing a Merchant Cash Advance CRM for your alternative funding industry business, you also need to find an easy to use CRM software that generates reminders on the basis of configurable settings. Like any other business, one of the most vital factors of being successful in the financial service industry is to develop relationships with your customers. Most Merchant Cash Advance CRM software like ConvergeHub and others nowadays incorporates exiting social networking features to help view comments, profile information, and mutual friends. It reminds you of important dates in your customer’s lives such as his or her birthday, anniversaries, and other, which can go a long way in helping you to grow your relationships. By using automation functionalities in the CRM, you can even program the software to automate mailing services to send birthday cards and other greetings to your customers.

Apart from this, you may approach a customer about a particular product that you want to sell and the customer tells you to check back after a fortnight. If you are using CRM software, you can easily input this data into the CRM program and set a reminder for the appropriate data and time, whereby you can get an alert a few hours before the scheduled task. Therefore equipped with all up-to-date information you can now call on the prospect, which increases your chances of winning the sale.

Collaboration between All Stakeholders

Depending on the size of your cash advance business, you may need to be able to collaborate with multiple partners, departments, and customers. If your MCA CRM solution offers the ability to allow multiple users to input and access information, this will not only boost synergy in your business but even help to serve your customers in an effective and efficient manner.

Ideal Business Size

Your business size also plays an impact on the type of Merchant Cash Advance CRM software you should implement. While in large alternative funding company, where scalability, integration, and processes are more demanding and complex than small and medium-sized businesses you may require on-premise CRM.
However, for small and medium cash advance firms, cloud-based CRM like ConvergeHub is more popular and effective as it considerably reduces cost and implementation time of the software.

Integration with Other Systems

Last but not the least, before choosing a Merchant Cash Advance CRM software, you must find out whether it integrates with other programs that you are currently using to store important customer and product related information.

For example, if your MCA CRM allows you to integrate with Google Calendar, Gmail, MS Outlook, DocuSign, QuickBooks, Box, Zapier, and other third-party software seamlessly it will help you to integrate your billing, call management, e-signature solution, and others, for a complete customer data and smarter selling.

Try ConvergeHub For Free


Therefore, in a gist CRM software, not only has the potential to improve user experience by making the marketing and sales processes easier and effective, but CLM CRM also helps in Customer Lifecycle Management to keep your customers coming back for more.

Leave a Comment

Your email address will not be published. Required fields are marked *

Want to grow?
Join our weekly newsletter packed with sales tips.

Enjoy this article? Don't forget to share.