Always looking for innovative ways to help our Partners, we’ve got a brand-new product to announce.
Accessed via our Partner Platform, MWBS has created the first white-label, Pre-Approved Merchant Cash Advance (MCA).
These MCA offers are already fully underwritten and can be offered to Merchants in Partner branding, direct from the Platform. Even better, every two weeks, the offers refresh, giving Partners a constant supply of fresh leads.
Why It Matters
For our Partners, this is another way we’re utilising the latest technology to empower them in building their own business. In 2019 Open Banking laid the foundations for API data transfers of financial information, and in 2024, we’re taking it one step further.
The transaction data from Merchant card terminals is anonymised, and passed over to our funding provider Recap. Recap assess loan eligibility based on the anonymised data, and send us back the MCA offers each Merchant would qualify for. If a Merchant accepts the MCA, they’ll begin the onboarding process with Recap, and their data will only be de-anonymised once they’ve passed the mandatory Privacy Policy checkbox.
From a Merchant perspective, everything happens behind the scenes so there’s no hit to their personal or business credit score. If they don’t want the MCA, nothing happens. If they do take advantage of the MCA, they’ll benefit from increased cash flow, without the hassle of applying for a loan. The repayments are easier too. MCAs are repaid through a percentage of the daily card settlement being withheld, and most Merchants qualify for a renewal after they’ve paid back the first 30%.
More Context
The best part is that the MCA offers are constantly updated with new transaction data. Since the data transfers are happening behind the scenes, there are constantly new MCA offers being pre-approved. Every two weeks, new offers are pushed into the Partner Platform for our Partners to take advantage of.
As usual, we’ve focussed on making these offers easy to sell. Offer emails can be sent to Merchants straight from the Partner Platform, with the MCA branded as the Partner’s own, in their colours. When a Merchant receives the offer email, they can access a dedicated page with a full breakdown of all the figures, and a CTA where they can accept the offer.
The Bigger Picture
Open Banking data transfers changed the way Consumers interact with the financial industry at large, giving them instant access to a range of financial services at their point of need. We’ve built our Pre-Approved MCA on the foundations laid by Open Banking, and its sibling; Embedded Finance.
We already offer MCAs as part of our Merchant Services, but this time round we’ve pre-approved them.
The MWBS Pre-Approved MCA Offers are:
- Easy to access for Partners,
- A seamless journey for Merchants.
The Bottom Line
As a Payments ISO, our core offering is Merchant Services and the ability to take payments, but our Partners help us get those services to market. Leveraging technology is how we deliver on our values of trust, transparency and freedom for Merchants and Partners.
- Partners can find more detailed information on how the Pre-Approved MCA works here.
