Converge Enterprise has customized its CRM application to offer the world's first CRM developed exclusively for Business Cash Advance, Business Loan, and Merchant Processing industry.
Rise of the Merchant Cash Advance Industry
Merchant Cash Advance Industry has caught the attention of high rollers who have transformed the funding system. Within two years, venture capitalists and hedge funds have invested tens of millions of dollars, funding the small and medium businesses. Meanwhile, other big players have also launched their own programs to provide working capital to merchants. At present there are more than 1500+ MCA companies in US who employ anywhere between 3 ISOs to 20 ISOs based offices, with a combined funding volume of more than
All this has increased the competition among the MCA companies who are now hell bent on improving their funding processes.
Launch of Cash Advance CRM
''Converge Enterprise has launched the MCA customized CRM Platform to enable Merchant Cash Advance Funding companies better manage their relationships with merchants, brokers and investors.It is an on-demand web solution to help funding companies streamline their entire processes so that they can flourish in this hyper-competitive environment and avoid falling by the wayside,'' said
Unlike other CRMs who help funding companies only track their collections or daily remittance from the merchants, Converge Enterprise's Cash Advance CRM provides assistance in four stagesProspective merchants' acquisition, Background Check, Funding and Post funding.
Key functionalities in the CRM include:
1. Complete Business Process Automation
Converge Enterprise automates the entire MCA process with point and click simplicity. Using the CRM platform, users can create automatic email alerts, auto-assign tasks, create workflows and automate manual tasks like scheduling follow-up calls.
MCA companies do not have to use paper charts and calculators to decide which businesses qualify for credit. Tasks like - scheduling of site visits (to inspect business locations), sending emails to gather merchant details and assessment of funding risk also get automated.
Important automated tasks include:
Leads Management and Distribution
Merchant Credit Card Processing Management
Integrating with Email Application Templates
Sales agent Dashboard
Scheduling Follow-up Calls
Reporting / Commission Tracking
Fund Request Documentation Duel Notification (Manager & Sales Agent) Converge Enterprise offers detailed reports and charts to calculate large sets of data pertaining to merchant accounts like the total sent applications, approved/declined funds, agents' performance etc, within a minute. The CRM functions as a central repository to share and store all the necessary collaterals. MCA Company Owner, Sales team leaders, Fund managers and Merchant processors access all the information in one place and pull it on the spot. They easily manage leads and deal pipeline, prioritize tasks, follow up customer calls, and renewals.They do not have to make the merchants wait, juggling between programs to track down the inquiries, transactions and statements. 2. Integration with E-signature App The CRM is integrated with E-signature App -
In addition, MCA companies offer what their competitors can't - choice and flexibility to the merchants to choose their own medium of communication (call, fax, SMS or email). This service advantage empowers companies to retain customers, increase customer satisfaction and win new businesses. 4. Partner Collaboration Converge Enterprise Cash Advance CRM empowers the MCA companies to collaborate with channel partners and merchants on funding transactions. They can instantly share important documents/collaterals with their partners (who may or may not be Converge users) through the CRM's Partner Collaboration feature. 5. Integration with 3rd Parties for Fund Repayment Converge Enterprise CRM is working with companies like
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Read the full story at http://www.prweb.com/releases/convergeenterprise/news/prweb12140296.htm
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