Before getting that Contract Out, we must have an Application In –> Submission –> Approval.
This is the process of Pre-Closing.
We all want to make the big CLOSE, get that Contract Out and In and race to Funding! But there is not one big close in this game – hear me – there is Not one big close.
Funding a deal is a series of a lot of small closes strategically stacking on one another.
This is how human psychology and Influence works. Every Big Decision you’ve made in your life came down to many smaller evaluations and decisions that lead up to it.
If you feel like you have to drop the hammer over the merchant’s (Business Pro’s) head as soon as you get the Approval, there hasn’t been enough Pre-Closing done.
When you get the Application In, along with the rest of the docs you need for a proper Submission –> Pre-Close.
Ask the Business Pro (merchant) to reiterate what they are looking for (from earlier conversations). Ask them to verify the amount, their timetable for funding, and the project the capital will be funding/use of funds.
It is crucial to ask and get them talking about the project/use of funds. The more the BP (merchant) talks about the use of funds/the benefits the money will provide, and less about the actual money – the more frictionless the transaction becomes.
At the end of the day, every BP (merchant), does NOT want the Funding – THEY WANT WHAT THE FUNDING WILL PROVIDE THEM AND THEIR BUSINESS.
After submitting and getting the Approval/multiple offers, you cannot go straight into pitching. C’mon, you’re a Funding Pro. Pre-Close.
After you get the numbers from Underwriting, reach out the BP (merchant) – let them know you will have options for them shortly. Just because you are not an Underwriter, does not mean you cannot ask them questions as if you were. Ask them again about their timetable for funding, and more importantly, ask them to explain their use of funds again.
Have them elaborate on their project, and what kind of positive impact they believe it will have on revenue. Before you pitch the Approval, the BP (merchant) will be in the process of closing themselves on the importance and urgency of the funding in between conversations with you.
Wait about 30-60 minutes for proper marinating time, and now you are both ready.
Get in there and Close!