SME funding is in high demand, but customers won’t hesitate to move on if they’re not getting the service and solutions they need.
That’s why customer experience (CX) becomes the game-changing driving force behind the success of your MCA funding business.
If you’re not currently fully investing in every customer interaction, you’re not just missing out on opportunities—you could be actively losing valuable clients to your competitors. Every moment you delay could be a lost chance to stand out, build loyalty, and evolve your operation.
Below, we define what customer experience truly means, share the many business advantages of prioritizing every touchpoint, and outline the critical steps every MCA funder should take to enhance their own CX strategy.
Defining the Customer Experience (CX)
First, let’s clarify what customer experience actually is.
Also referred to as CX, it refers to:
- Everything a business does to deliver exceptional experiences and value to customers.
- How a customer feels about the entirety of their dealings with that business.
Customer experience isn’t limited to just customer service, although that’s an important component. Rather, CX encompasses every single interaction a customer has with a company, including its staff, systems, and products.
For example, when a small enterprise (SME) owner visits your website, easily finds the information they need, and enjoys a seamless checkout experience, this contributes to a positive CX.
Similarly, when a product meets or exceeds a customer’s expectations, this enhances the person’s overall satisfaction and perception of your brand.
A Great Customer Experience Is Good for the Bottom Line
From a merchant cash advance funding perspective, delivering an exceptional customer experience is more than just a nice-to-have. Today, it’s a powerful driver of profitability.
According to McKinsey, companies who improve their customer experience enjoy a number of benefits:
- Increase sales revenues by 2-7%.
- Boost profitability by 1-2%.
- Generate better returns for shareholders, ranging from 7-10%.
The numbers make sense. After all, happy SME owners are much more likely to return for their future funding needs as well as to refer others.
Moreover, the more repeat customers you have, the better for your long-term growth. That’s because acquiring new customers can cost up to 25 times more than retaining existing ones. What’s more, repeat customers spend up to 67 percent more than new customers.
Put another way, prioritizing CX isn’t just about being customer-friendly—it’s a savvy business strategy that leads to increased revenue, higher profits, and sustained growth for your MCA funding operation.
Why the MCA Funding Customer Experience Matters to SMEs
While low rates may initially attract attention, it’s the customer experience that truly sets funders apart in the crowded alternative funding market.
SME owners are deeply invested in their operations, to the point of many using personal savings to fund their operations.
Because of this, they seek funders who not only offer fast and flexible solutions, but also understand and anticipate their unique needs and goals.
This presents a challenge for many merchant cash advance providers, who primarily interact with customers online rather than in person.
While face-to-face conversations naturally build trust and rapport, the digital nature of MCA funding may sometimes leave business owners feeling disconnected from the personal touch they desire.
To address this need, MCA funders must continuously find innovative ways to create and deliver exceptional, loyalty-building customer experiences within a digital funding framework.
3 Steps for Funders to Improve the MCA Funding Experience
To truly stand out and deliver an exceptional customer experience, MCA funders must focus on personalization, speed, and agility at every stage of the funding process.
Here are three strategies to enhance your customer experience and stay responsive to the evolving needs of SMEs.
1. Leverage Data to Create Personalized Experiences
Applying for funding is a deeply personal endeavor, and each interaction with your customers should reflect that reality. A personalized CX ensures SME owners feel valued, understood, and supported throughout the funding process.
The key to personalization lies in accurate, actionable data.
By leveraging customer data you already have, you can gain insights into customer behaviors, preferences, and past interactions. This empowers you to make more informed decisions that enhance the customer experience.
When analyzing your data, consider these questions:
- What are the most common pain points for your clients?
- What trends can you identify in repayment behavior or MCA amounts?
- Which digital funding channels do your SME customers engage with most?
- How do seasonality and financial fluctuations affect their funding needs?
Using this data will enable you to tailor your offerings to meet each SME’s unique needs—ensuring a more relevant and responsive experience with every interaction.
2. Move On From Legacy Systems
Today’s SME owners expect quick, seamless service. With digital communication channels at their fingertips, they value fast responses and efficient processes that save them time and improve their productivity.
As such, an exceptional CX is now built on speed, efficiency, and personalization. However, these expectations are incompatible with funders’ outdated legacy systems, which are often plagued with paper trails, manual errors, and slow processing times.
Put simply, MCA funders stuck in the past must evolve.
Modern funding platforms like Onyx IQ offer the power to meet and exceed borrower expectations by quickly streamlining workflows and automating routine tasks and communications.
More importantly, these platforms also free up valuable time for MCA funders to engage in deeper, more meaningful one-on-one interactions with their clients.
3. Remain Responsive to Shifting Customer Needs
SME owners often deal with fluctuating income, seasonal sales, and unexpected challenges that affect their cash flow. As their financial situations change, so do their funding needs.
To provide an exceptional customer experience, it’s vital to stay ahead of these constant shifts. By adapting your services quickly and efficiently, you can ensure you’re always ready to offer the right support, at the right time.
Digital funding software allows MCA funders to respond to these fluctuations in real-time. Platforms like Onyx IQ enable funders to easily assess an SME’s current financial status and automatically adjust repayment schedules.
Ultimately, by tailoring solutions and terms based on real-time data, MCA funders can create a seamless and personalized CX that fosters trust and boosts customer satisfaction—setting them apart in a highly competitive market.
Revolutionize Your Customer Experience With Onyx IQ
Creating an exceptional CX is the key to unlocking growth and staying ahead as a merchant cash advance funder.
To truly elevate your MCA funding business, Onyx IQ is the solution you need.
Our all-in-one automated MCA funding platform is designed to enhance every aspect of the customer journey by:
- Offering real-time insights that enable smarter, data-driven decisions.
- Providing tailored online experiences that deliver true customer value.
- Cultivating personalized relationships with each SME client.
- Uncovering growth opportunities with precision and ease.
With Onyx IQ, you’re not just optimizing your operations—you’re building a customer-centric culture that propels your business forward.
The future of MCA funding is at your fingertips! Request your Onyx IQ demo today and begin transforming your customer experience.
