Under the leadership of CEO Billy Morrissey, NYC based Merchant Solutions Group has provided over 1,500 small business owners across the United States with a total of $200 million dollars in merchant cash advances. And while not everyone has CNBC’s star of the hit show “The Profit” Marcus Lemonis on speed dial, Billy Morrissey is a man who can be called to provide cash to businesses without taking a percentage of their company in the process.
How did you get into the finance industry?
I started as a stockbroker, telecommunications sales specialist and then became a real estate broker. After the housing market crash, I saw the opportunity in merchant cash advances and wanted to be a leader in the industry. It’s easier to give money than ask for it.
Tell us about Merchant Solutions Group. What inspired the idea and what is your vision for the company?
I was sick of working for other people and them making money off of my hard work and great ideas. I wanted to go all-in myself and started my company in 2007. Continual growth every day, month and year is my vision.
What strategic partnerships have you implemented that have attributed to MSG's success?
Our network of lenders including Strategic Funding Source, On Deck and Can Capital has made us a juggernaut in the industry. Before we became a lender ourselves, we were always concerned about our strategic partners and protecting them. Because of that, they’ve been our biggest advocates.
What industry trends are you noticing and how do you capitalize on them?
We noticed that a lot of vendors are charging exorbinent fees. We’re bucked that trend and because of that more and more small businesses come to us first.
Work hard, play hard
When Banks Say No, We Say Yes
Your greatest success as founder of MSG?
Changing the lives of my 30+ employees in our New York City and Chicago offices.
Your advice to an aspiring entrepreneur?
Be prepared to go from a 9 to 5, to a 24/7. It’s not meant for everyone.
How do you motivate your employees?
We have morning motivational meetings, a bonus system, and regular staff outings.
One food and drink left on earth, what would you choose?
If it’s food, anything Italian and for my drink of choice, Grey Goose
What literature is on your bed stand?
It’s my laptop with the New York Times on the homepage and ESPN.com as my second go to
Role model – business and personal?
My father's my role model in all aspects of life
My beau Brittany Brown
Most interesting headline you've read this week?
A-Rod admiting to doping
What's next for MSG?
To grow our lending platform. To date we’ve helped thousands of small businesses with over $250 million dollars in merchant cash advances and we’d love to open our doors to thousands more.
Over 1,500 restaurateurs, franchisees and small business owners from a wide spectrum of industries around the United States turned to Merchant Solutions Group to secure over $200 million in cash advances. This type of alternative loan option is increasing in popularity and CEO Billy Morrissey expects that his company will provide more than $30 million dollars to business owners in 2014 alone.
With banks being more conservative when it comes to small business loans, Merchant Solutions Group is able to step in to save the day, offering affordable funding, from under $5,000 to over $500,000. “Business men and women are turning to Merchant Solutions Group for many reasons, including the current economy and the fact that the process to secure a loan, the paperwork and requirements, is far from simple. At Merchant Solutions Group, we are accessible and pride ourselves on the speediness of the procedure,” explains Morrissey. “The fact that we have had $200 million distributed to American businesses demonstrates the need for this type of alternative loan. A business can expect to receive funds within 24 to 48 hours of processing, which alleviates much of the stress, anxiety and time lost when waiting for a traditional bank loan.”
A variety of service industry vendors including a franchisee at the iconic ice cream chain Dairy Queen and the owner of NYC fine dining establishment Remi Restaurant have relied on Merchants Solutions Group to provide cash advances throughout the year. With traditional financial institutions and banks turning down loan applications, there are hundreds of thousands of businesses that are looking for alternative cash advances to grow and expand their businesses during a difficult economic environment. To keep up with the increasing demand for merchant cash advances, Morrissey has a staff of 40 junior brokers, brokers and administrative employees, which doubled to keep up with demand. For each merchant, members of the team ask a number of questions and can provide an approval if the applicant meets requirements in two days or less.
Merchant Solutions Group is one of the nation's leading providers of Merchant Cash Advances to small and mid-sized businesses. Since 2007, Merchant Solutions Group has provided more than 1,500 businesses in all 50 states with $200 million in working capital. Owners use Merchant Solutions Group capital to renovate, purchase new equipment and supplies, fund advertising, manage unexpected expenses and seasonal downturns and free themselves from second mortgage liens and personal guarantees associated with loans. For more information about Merchant Solutions Group innovative working capital solution visit www.MerchantSolutionsGroup.com.