Social Proof; Why it Matters in the MCA World and What Funder Intel is Doing About It
Shane Mahabir, Funder Intel
Over the last seven years in my ISO relations roles at direct funding companies, one of my key tasks was continuously finding new ISOs to work with. I was on the front lines, seeking to develop and maintain referral partnerships. I’ve seen thousands of broker websites and social media company pages or profiles. An important part of building a successful business loan broker company is being aware of how it is viewed in the marketplace. Helping with the social proof of loan brokers was part of the reason why I started Funder Intel.
Social Proof
A company’s online reputation and ‘social proof’ can be a defining factor for long term success. It can give a positive impression to customers that leads to increased sales, or it can be a negative thing that drags a company down. Social proof isn’t from just one site either. It involves all known, credible information. I have seen ISOs and even some funders change their company name because they have been so damaged online – whether it be dozens of negative BBB complaints, lawsuits, or something else.
Since so many ISOs and funders have wanted more to be done to reduce the unethical, shady, illegal, or otherwise criminal behavior in our space, we should all do something that can make a positive change in the industry. Funder Intel isn’t the end-all that’s going to make everyone operate above board, but it’s a piece to the puzzle that will make an impact by accentuating the positive and reducing the negative. Social proof matters, and we are doing what we can to help make this easier for the industry.
To Wrap it All Up
The industry has changed in the last year (with COVID and the lockdowns) but will survive as funders and ISOs adapt, modify operations, and expand their reach with new/improved products. We are here to put the spotlight on individual companies that operate in a highly professional manner and help the industry learn more about the companies that don’t.
Funder Intel has had incredible support from members of the site, including the team at Elevate Funding, and other partners. We have exciting updates coming to the system, plus much more. So stay tuned!
Shane Mahabir is the Founder and CEO of Funder Intel. He’s been in the alternative finance industry for roughly 8 years working for Direct Funders and as a broker. Contact him via shane@funderintel.com, at funderintel.com, or on LinkedIn.
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Revenue-Based Finance is formerly and alternatively known as Merchant Cash Advance, or MCA.
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