What Does a Funder Ask on the Verification Call?
The verification call is a short, recorded check where the funder confirms you are the owner, that you understand the amount and the payment, and that the business details in your file are right. It's a short call, and there are no trick questions on it.
Which questions come up on almost every call?
Funders run slightly different scripts, but these come up on almost every call:
- Your full name, your role and the percentage of the business you own.
- The legal name of the business, the address and what the business does day to day.
- Whether you have any other advances or business loans right now.
- The amount you're receiving, the payment amount and how often it comes out.
- Whether anyone promised you something that isn't in the contract.
- Whether you're planning to close, sell or move the business.
Why does the verification call matter?
The call exists because the funder is buying a share of your future sales, and it wants a record that you understood the deal. If something you say on the call doesn't match what's in the file, the funder stops and asks why. That can delay the wire by a day or end the deal outright. The most common mismatch is an existing advance the owner forgot to mention. Funders see those in your bank statements anyway, so honesty on the call is the easy path. The second most common is a surprise about the payment amount, which is why we walk you through the numbers before the call ever happens.
How do you get through the call smoothly?
Take the call somewhere quiet, with the contract open in front of you. Answer plainly, and if you don't understand a question, say so and ask the representative to explain it. That is a normal thing to do, and a funder would rather clarify than fund a merchant who is confused. If anyone on the call tells you something that differs from what we told you, write it down and call us right after. We'd rather sort that out before funding than after.
Is the verification call a negotiation?
It isn't a credit interview and it isn't a negotiation. The price and the payment were settled before the call, when you accepted the offer. The representative is reading from a script and recording your answers so there's a clean record. If you want to change the amount or the payment, do that with us before the call is scheduled, not in the middle of it. It also isn't something to rush. Some owners take the call between customers and answer yes to everything just to get it done. Slow down. If a question describes a payment you don't recognize or a fee you didn't expect, stop and ask. It's far easier to fix a number before the wire than after it.
How can Afterfirst help with this?
If you have an offer in hand and a verification call on the calendar, call us at 877-FUND-654 first and we'll go over the exact numbers you'll be asked to confirm. If you don't have an offer yet, the call is the last step, so start with your bank statements and we'll take it from there.
What else do owners ask about this?
- Who is the actual funder on my MCA offer?
- Do all owners have to sign a merchant cash advance?
- Do I need a business bank account to get an MCA?
More short answers on this topic are on the applying FAQ, and the funder fit checker runs the numbers for your own file.
Have a question we didn't answer?
Ask us on the call. Call 877-FUND-654 with any question. We call you back, usually the same business day, and we always talk with you before we shop your file.