Dublin, California (EastBayDaily) — 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 $10 billion.
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 Manash Chaudhuri, CEO, Converge Enterprise.
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 stages–Prospective 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 Management Merchant Credit Card Processing Management Merchant Application Application Attachments Integrating with Email Application Templates Management Dashboard Sales agent Dashboard Scheduling Follow-up Calls Calendar 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 – Docusign. Benefits of this include a faster funding process. MCA companies do not have to deal with unnecessary delays like loss of agreement files, delay in counter-signature or failure of mail delivery. They provide greater protection to the merchants with electronic signature that serves as legally approved permanent electronic record. Additionally, because all documents are delivered electronically and sorted automatically, record-keeping becomes paperless and effortless.
3. Integration with 3rd Parties for Telephone, Fax, SMS and Email
The CRM’s Telephony solution enables the MCA companies to increase sales productivity through multichannel communication – call, fax, SMS and email. Sales agents communicate with the merchants via any channel, using the CRM as a knowledgebase for records/notes. 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 ACH Works and Ondeck Capital to offer the repayment and merchant processing solution. MCA companies do not have to worry about taking the fixed quota daily. Repayment is automatically transferred to them based on the fixed percentage of daily credit card receipts.
About Converge Enterprise Inc
Converge Enterprise Inc is a leading Cloud CRM company offering an innovative collaboration network portal connecting Customers, Partners and Employees through social and mobile cloud technology. Founded by a team of highly experienced entrepreneurs in the year 2013, Converge Enterprise Inc is headquartered in Silicon Valley, California. Its powerful cloud-enabled CRM application Converge Enterprise ((featured in Boston Herald, Los Angeles Times, and The Miami Herald etc) is designed to enable the SMBs drive better revenue by running all core business activities from a single integrated application.
Pricing and Availability
MCA Edition is available for $65 per User per Month
Free Trial is also available for 30 days, which can be upgraded to paid membership during that period or afterwards.
To know more, mail to info(at)convergeenterprise(dot)com or call Converge Enterprise at 855.411.2769
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