Submitting merchant cash advances (MCAs) for approval can seem complicated, but with a clear process and the right preparation, it becomes much simpler. For MCA brokers, understanding each step involved is critical to ensuring successful submissions and fast approvals. This guide will walk you through the entire procedure, from gathering necessary documentation to monitoring your submission.
Partnering with a reliable wholesale funding source like TMR Now can significantly enhance your ability to secure funds quickly and efficiently. Knowing what documents are required and how to present them properly will improve your chances of approval. Moreover, being aware of common mistakes and how to avoid them can save you time and potential frustration.
This article is designed to provide you with a step-by-step roadmap for submitting MCA deals. Whether you’re a seasoned broker or new to the process, following this guide will help you navigate the submission process with confidence. From setting up your account to tracking your application’s status, every detail is covered to ensure you can focus on what matters most—growing your business and helping your clients.
Preparing for the Submission Process
Gathering Necessary Documentation
Before starting the MCA submission process, it’s essential to gather all the necessary documentation. This usually includes the business’s financial statements, bank statements for the past few months, and identification documents of the business owners. You may also need to provide the business’s tax returns and proof of business ownership. Having all these documents ready will streamline the submission process and ensure you have everything needed for a smooth application.
Understanding the Funding Criteria
Understanding the funding criteria is crucial. Each wholesale funding source, including TMR Now, has specific criteria that must be met for approval. This can include minimum revenue thresholds, the time the business has been operating, and the type of industry. Familiarize yourself with these criteria to ensure you submit only qualified deals. Knowing the requirements in advance will help you avoid unnecessary rejections and focus on deals that have the highest chance of approval.
Common Mistakes to Avoid
Avoiding common mistakes can save you a lot of time and increase your chances of a successful submission. One common mistake is submitting incomplete or incorrect documents. Double-check all the required documentation for accuracy and completeness. Another mistake is failing to meet the minimum funding criteria, which can result in immediate rejection. Always ensure that the business you are submitting meets all the necessary requirements before starting the application process. Lastly, avoid submitting outdated financial information. Ensure that all documents reflect the most current financial status of the business.
Creating Your Account and Portal Navigation
How to Set Up Your Account
Setting up your account on the submission portal is the first step. Visit the TMR Now website and navigate to the sign-up page. Provide your basic information, such as your name, email address, and contact details. Follow the prompts to create a username and password. Once you have submitted this information, you will receive a verification email. Click on the verification link in the email to activate your account.
Navigating the Submission Portal
Once your account is set up, take some time to familiarize yourself with the submission portal. The portal is designed to be user-friendly, with clear sections for different types of actions. You will find areas for uploading documentation, filling out submission forms, and tracking the status of your applications. Make sure to explore the portal so you understand where everything is located. Knowing how to navigate efficiently will save you time and make the submission process smoother.
Utilizing Support Resources and FAQs
TMR Now provides various support resources and FAQs to assist you. If you encounter any issues or have questions, these resources can be invaluable. The FAQ section typically covers the most common questions about the submission process, account setup, and document requirements. Additionally, you can contact customer support for more specific inquiries. Utilizing these resources ensures that you have all the information needed to complete your submissions accurately and efficiently.
Filling Out the MCA Submission Form
Step-by-Step Instructions for Each Section
When filling out the MCA submission form, follow the instructions carefully. Start with the basic information about the business, such as its name, address, and contact details. Proceed to the financial section, where you will need to enter the business’s revenue, bank statements, and other relevant financial details. Make sure to fill out each field accurately to avoid any delays in the approval process. Double-check that all required documents are attached before moving to the final submission.
Tips for Accurate and Complete Information
Accuracy is crucial when completing the submission form. Double-check all the information you provide to ensure it is correct and up-to-date. Incomplete or inaccurate information can lead to delays or even denial of the application. It’s also helpful to keep a checklist of required documents and information handy to ensure nothing is missed. Providing clear and concise answers will make the review process smoother and quicker for both you and the funding source.
Importance of Supporting Documents
Supporting documents play a significant role in the approval process. These documents verify the information provided and demonstrate the business’s financial stability. Ensure that all documents are clearly labeled and easy to read. Typical supporting documents include bank statements, tax returns, and profit and loss statements. Keeping these documents organized and readily accessible will help streamline your submissions and increase your chances of approval.
Monitoring and Managing Your Submission
Tracking Application Status
After submitting your MCA deal, it’s important to track its status. The submission portal of TMR Now allows you to monitor the progress of your application in real-time. You can log in at any time to see updates and the current status of your submission. This transparency helps you stay informed and prepare for any additional steps you may need to take.
What to Do if Additional Information Is Required
Sometimes, additional information or documentation may be required for your submission. If you receive a request for more information, respond promptly to avoid delays. Check the request details carefully and provide the necessary documents or clarifications as soon as possible. Timely responses can speed up the approval process and demonstrate your commitment to securing the funding.
Post-Approval Next Steps
Once your submission is approved, there are a few steps to follow to finalize the process. You will receive an approval notification with details on the funding amount and terms. Review these terms carefully. Next, you might need to sign some agreements or documents to formalize the funding. Once everything is signed and submitted, the funds will be disbursed to the business account. Keep in touch with your funding source for any follow-up actions or support needed during the funding period.
Conclusion
Submitting merchant cash advances for approval can seem daunting, but with the right approach, it is straightforward and manageable. By preparing meticulously, filling out the forms accurately, and providing all necessary documentation, you can greatly enhance your chances of approval. Utilize the tools and resources available, such as the submission portal and support team, to make the process as smooth as possible.
Remember, the key to a successful submission lies in the details. Overlooking small aspects or failing to meet criteria can lead to delays or denials. Stay proactive and diligent throughout the process to ensure your applications are handled efficiently.
For MCA brokers ready to simplify their submission process and secure reliable funding, partnering with a trusted wholesale funding source is essential. Sign up with TMR Now today to start submitting your Merchant Cash Advance deals and access the capital you need. Join us now and take the first step toward growing your business successfully!
