78% Increase in Closing Rate Using Applications with Bank Statements
How Premier Funding transformed their sales process with pre-qualified prospects
Executive Summary
Premier Funding, an established alternative lender founded in 2009, partnered with Master MCA to improve their closing rates and sales efficiency. By implementing our applications with bank statements, they achieved a remarkable 78% increase in closing rate within just 7 months.
The implementation resulted in 42% shorter sales cycles, 156% revenue growth per sales representative, and a 42% reduction in customer acquisition costs. This case study explores how Premier Funding transformed their sales process and dramatically improved their bottom line using Master MCA's applications with bank statements.
Company Background
Founded in 2009, Premier Funding has established itself as a trusted provider of alternative funding solutions for small and medium-sized businesses. With 95 employees and headquarters in Phoenix, Arizona, they specialize in merchant cash advances, equipment financing, and working capital loans for businesses across the United States.
Prior to partnering with Master MCA, Premier Funding was struggling with inconsistent closing rates and lengthy sales cycles. Despite having competitive products and experienced sales representatives, they were losing deals to competitors who could close faster and more efficiently.
Company Facts
- Founded: 2009
- Employees: 95
- Location: Phoenix, AZ
- Industry: Alternative Lending
- Products: MCAs, Equipment Loans
The Challenge
Before partnering with Master MCA, Premier Funding faced several significant challenges that were limiting their growth and profitability:
Low Closing Rates
Their closing rate was only 18%, significantly below industry standards, resulting in wasted effort and missed revenue opportunities.
Long Sales Cycles
Average sales cycle was 12 days, during which many prospects would find alternative funding or lose interest in the process.
Inconsistent Performance
Sales representatives had widely varying performance levels, with top performers closing 3x more deals than average performers.
High Acquisition Costs
Customer acquisition costs were $1,250 per funded deal, significantly impacting profit margins and limiting growth potential.
The Solution
After evaluating several lead providers, Premier Funding chose Master MCA's applications with bank statements for their pre-qualified nature and verified financial data. The implementation included:
Pre-Qualified Applications
Master MCA provided 300 applications with bank statements monthly, each including completed funding applications with verified financial documentation.
Financial Verification
Each application included actual bank statements showing cash flow, average daily balance, and transaction history for accurate qualification.
Sales Process Redesign
We worked with Premier Funding to redesign their sales process to leverage the pre-qualified nature of the applications and reduce qualification time.
Team Training Program
Master MCA provided comprehensive training for Premier Funding's sales team on how to effectively work with pre-qualified applications and maximize closing rates.
Implementation Timeline
Initial Assessment & Integration
Analyzed existing sales process and integrated applications with bank statements into CRM system.
Sales Team Training & Process Design
Trained sales team on new qualification methods and developed optimized sales scripts.
Process Refinement & Optimization
Refined sales process based on initial results and optimized lead handling procedures.
Performance Monitoring & Adjustment
Implemented performance tracking systems and made data-driven process adjustments.
Team Expansion & Scaling
Expanded sales team and scaled successful processes across all representatives.
Technology Enhancement & Automation
Enhanced CRM capabilities and implemented automated qualification workflows.
Full Optimization & Results Analysis
Achieved full process optimization and analyzed comprehensive performance metrics.
The Results
Within 7 months of implementing Master MCA's applications with bank statements, Premier Funding achieved remarkable results that transformed their business:
Performance Analysis
Before Implementation
- Closing rate: 18%
- Sales cycle: 12 days
- Revenue per rep: $125K/month
- Customer acquisition cost: $1,250
- Team satisfaction: 65%
After Implementation
- Closing rate: 32% (+78%)
- Sales cycle: 7 days (-42%)
- Revenue per rep: $320K/month (+156%)
- Customer acquisition cost: $720 (-42%)
- Team satisfaction: 92% (+27%)
Future Plans
Following their success with Master MCA's applications with bank statements, Premier Funding has developed an ambitious growth strategy:
Scale Application Volume
Premier Funding plans to increase their monthly application volume by 75% over the next 6 months to support their expanding sales team.
Market Expansion
They're targeting new geographic markets and industry verticals based on insights gained from application data analysis.
Process Automation
Implementing advanced CRM automation and AI-powered qualification tools to further streamline their sales process.
Product Diversification
Exploring additional lead types from Master MCA to complement their applications with bank statements strategy.
Get Similar Results
Want to achieve the same impressive closing rate improvement as Premier Funding? Get started with our applications with bank statements today.
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