We've Added New Qualifying Questions! 14 Total Qualifications!
We have now added 5 new qualifiers to our extreme vetting process! In addition to our existing 9 qualifiers, your merchants will now undergo an additional 5 qualification questions.
5 Newly Added Qualifications:
1. Must confirm a valid E-mail address
2. Must Provide State and zip code
3. Must Be Looking for Funds Now (7-30 days)
4. Must provide approximate credit score
5. Any Existing MCA Balances Must Be 50% or Less of Monthly Bank Deposits
Plus, 9 Existing Qualifications:
- Must Be 6 months in Business
2. Must Have a Min. of $10,000 in Deposits Per Month (Last 3 Month Average)
3. Must Not Exceed More Than 5 NSF's Per Month (Last 3 Month Average)
4. Must Have a Min. of 10 Deposits Per Month (Last 3 Month Average)
5. Must be clear of any bankruptcies
6. Must Provide Reason for Use of Funds
7. How Much Funding the Merchant Needs
8. Must Be Business Owner
9. Must Be Interested in Speaking with a Funding Advisor Now
That's a Total of 14 Qualifying Questions!
Setting Realistic Expectations.
In addition to asking the merchant how much they need, we know that Merchants who do only 15k In monthly bank deposits wont get approved for 50k in funding. So we make sure to set realistic expectations on how much they can get approved for vs the amount they may actually want. We then make sure to ask them if they're still interested in moving forward.