Ace Your Premium Merchant Funding Interview: Insider Tips and Sample Questions

Landing an interview at Premium Merchant Funding is an exciting step forward in joining the company’s driven team. As an established alternative finance provider helping businesses access working capital, competition is stiff for roles at PMF. Performing well in your interview is key to showcasing your qualifications and potential to thrive in this sales-focused fintech environment.

This comprehensive guide shares insider tips and strategies to help you shine throughout the PMF interview stages, from phone screens to in-person meetings. Read on to discover sample questions tailored to different positions along with examples of strong responses. With diligent preparation you’ll be ready to ace assessments and conversations, proving that you have what it takes to excel at Premium Merchant Funding.

Overview of the Premium Merchant Funding Interview Process

Here’s an overview of what to expect during the PMF interview process:

• Recruiter Screen 30 minute introductory phone call reviewing your resume and experience,

• Hiring Manager Interview: 1 hour video call focused on your skills for the role. May involve technical assessments.

• Panel Interviews: Series of 2-3 longer video interviews with relevant managers and team members.

• In-person Interviews: Up to a full day of interviews at PMF’s office, often including mock calls/presentations and meeting executives.

• Reference Checks: Discussions with provided references on your past performance.

The process is rigorous, often lasting up to 6 weeks with multiple discussions and assessments required before receiving an offer. Patience and persistence is key.

Sample Premium Merchant Funding Interview Questions and Answers

Let’s look at common PMF interview questions and strategies to craft strong responses:

For Sales Roles:

Question: How would you go about prospecting and qualifying potential merchant leads? What tools and approaches would you use?

Answer: I would leverage tools like ZoomInfo and LinkedIn Sales Navigator to source targeted lists of prospects within my territory matching our ideal customer profile. When reaching out cold over email or phone, I listen closely to understand pain points around cash flow, growth goals, and challenges with traditional financing. This allows me to customize my pitch highlighting how our products can provide working capital, smooth out seasonality, and improve their margins. To qualify, I probe on monthly/annual revenue, time in business, credit score tiers and financing history to assess if they are a fit. I build quick rapport while qualifying leads efficiently to set solid appointments.

Question: Walk me through how you would position our merchant cash advance product versus a bank loan during a sales call.

Answer: I would position our MCA as the faster, more flexible “funding partner” versus a restrictive bank loan. Where banks require extensive paperwork, perfect credit, and collateral, I highlight how we can approve funding in just days using only sales data. No fixed monthly payments and no liens on personal assets are key benefits versus rigid bank terms. I’d emphasize how our product lets merchants access cash fast then pay back through a small percentage of daily credit card sales, making it easy to fit within their existing cash flow. My goal is showing how our MCA provides the working capital they need in a way that aligns with their business goals and operations.

Question: How would you handle common objections from prospects like concerns about repayment rates or perceptions that MCAs are “predatory”?

Answer: I take a consultative approach focused on transparency when covering repayment rates and APR. I explain how our rates are customized based on the risk model and individual merchant profile, optimized so repayments align with their regular revenue cadence. Addressing upfront any concerns about rates being “predatory”, I point out fair terms like no personal guarantees, the flexibility of payback via a percentage of credit card sales, and how improved cash flow usually offsets the MCA cost. I also share testimonials from satisfied merchants. My goal is building trust that our products, while not free capital, provide flexible working funds that support their growth.

For Underwriting Roles:

Question: Walk me through your process for reviewing an initial application and determining if a merchant qualifies for funding.

Answer: When reviewing a new application, I analyze key factors like time in business, average monthly revenue, average transaction sizes and projected annual sales to ensure they meet our minimum requirements. I’ll look for steady revenue trends without major spikes or dips. Verifying they have valid business licenses, a business checking account and take credit card payments are also critical first steps. If they pass this initial assessment, I’ll pull credit reports and process statements to calculate their repayment risk rating and available funding amount. I evaluate the owner’s personal credit score for any major issues. Throughout the process, I pay close attention to any red flags indicating potential fraud so I can escalate for review by senior underwriters when needed. If everything checks out, I can issue an approval with structured terms.

Question: What steps would you take if a current merchant missed several daily payments or had issues repaying their advance?

Answer: I would immediately contact them to discuss the situation empathetically, determine the reason for the payment issues, and explore options. If it is a temporary hiccup like seasonal dips in revenue, I can adjust the payment plan duration. For ongoing financial troubles, I try to restructure the agreement by lowering the daily percentage taken. As a last resort, I may place the agreement in default and recover payments from the merchant’s future credit card sales. My main priorities are open communication, attempting reasonable accommodations, and upholding the contract terms fairly. I aim to both support the merchant’s success and protect the company’s financial interests.

Question: How would you assess a merchant’s risk level and capacity for repayment? What specific factors are most important?

Answer: When evaluating risk, average monthly revenue, processing volume consistency, time in business, and personal credit score provide key insights. I like to see at least 12 months of steady processing to establish reliable revenue patterns. Drilling into individual statements for chargebacks, returns and other anomalies identifies potential trouble spots. Low-risk industries like restaurants and retailers are generally more dependable. I always verify reported sales figures match actual bank and processor statements to catch inconsistencies. Owners with higher personal credit scores tend to value their business reputation more. By synthesizing these factors, I can develop an accurate picture of the merchant’s ability to handle repayment on any advance amount.

Additional Tips for Acing Your Premium Merchant Funding Interview

In addition to preparing strong answers, keep these tips in mind:

• Highlight relevant sales achievements – Quantify past success at hitting targets.

• Ask thoughtful questions – This shows genuine interest in the company and role.

• Review your resume – Refresh yourself on key details of your background.

• Explain gaps in work history – Being transparent builds trust.

• Send thank you notes – Follow up within 24 hours reaffirming your enthusiasm.

With diligent interview preparation and these strategies, you will be ready to put your best foot forward with Premium Merchant Funding. Showcase how your skills and experiences make you an excellent culture fit ready to take on new challenges and contribute to company success. Lean into the interviews as opportunities to advance towards the next chapter in your career journey. You’ve got this!