The growth of the MCA industry in 2022 is undeniable. The economy is booming, and the start of the year is auspicious for funders, participants, and ISOs.
On the other hand, more ISOs and brokers are increasingly participating in the industry, and the ones who keep improving their organizations will take the more significant piece of the cake this year.
If you are an ISO syndicating with different funders, these are the three steps you should take this year.
1) Invest in Technology
One of ISO’s most significant barriers to growth is becoming bogged down by non-revenue generating activities.
If you are syndicating in deals with multiple funders, you might know how it feels to be searching in different MCA portals to see how your participating deals are performing.
You might try to organize that information with a spreadsheet or different tools to match their transactions, but, indeed, if you are willing to make the most of this 2022, you need to focus on your ISO organization’s core activities. To avoid inefficacy and time-consuming activities, you should consider putting a data consolidation tool in place. At NISO, we offer multiple solutions for ISOs to consolidate all the different funders’ data in a dashboard, compare performance and maintain your bookkeeping, among others.
This way, you can focus on your business. If you are an ISO syndicating with different lenders and you are willing to know how we can help you, let’s jump on a quick meeting with our team.
2) Market your business
While it’s true that many merchants considering an MCA to get financed don’t have many alternatives, they do have an abundance of ISOs to work with. In addition, ISO business has extremely low barriers to entry, and there is plenty of competition in the market. So, in such a competitive market, you need to stand out from the crowd. And the way you can do this is just by marketing your ISO organization. Find below some ideas we have summarized for you to reach this goal in 2022:
- Social Media: having a solid presence on social media brings security to your customers. In 2022 they will search you on google before entering into a deal with you, but most importantly, nowadays, they will also look for you on social media. So keep your content up to date.
- Produce email marketing and communications constantly: stay tuned with your leads by sending regular emails, maybe that deal in which you’ve lost your time before, may now have a new funding need, and you are on the radar. So always keep communicating with your leads.
3) Being super attentive
The interaction between ISO and merchants and ISO and lenders make all the difference. With technology evolving, accessibility has increased more than ever for merchants to get funded. Still, having a team focused on being super responsive to the merchants and lender requirements will make the difference. Showing availability all the time and offering quick responses will improve and high your numbers.
Rates and commissions are significant, but the real difference is to make things smooth for both merchants and funders.
To resume
All our bits of advice for 2022 are correlated and are not separate things.
In 2022, ISOs must:
- Invest in technology and centralize their data, so they have time for
- Market better their ISO organization and stand besides competitors, and.
- Be super attentive with merchants and funders.