Merchant Capital Source

Client Story

Since 2005, MCS has helped thousands of small businesses weather challenges and overcome cash shortages through loans and cash advances. MCS’s online application only takes about 15 minutes, and once approved they can disperse cash within 3 to 4 days. Merchant Capital Source began working with Metric Theory in 2014. At the time, they were running SEM ads and driving plenty of users that expressed interest, but too few of these leads completed the loan application form to request a loan.

loan approved

Growth Strategy: Optimize for Qualified Leads

Step 1: Metric Theory began by implementing lead quality tracking to allow MCS and Metric Theory to see which campaigns and keywords drove leads that ultimately filled out a loan application.

Step 2: Metric Theory analyzed which campaigns and keywords drove the most applications, and which had the lowest cost per application and application rate.

Step 3: Metric Theory shifted spend from poor performing campaigns to top performers, helping to increase revenue and ROI without significantly increasing spend.

From the Client

"Metric Theory’s approach is scientific in that it’s data-based, granular, and always evolving. The open and personable line of communication we’ve developed I think has been the greatest key to our SEM success."

Bradley Stockwell, Director of Marketing Communications


Metric Theory Increased Qualified Leads by 98%

Under Metric Theory management, loan applications increased by 98%, while the cost per application decreased 35%. Overall Return on Ad Spend improved by 32% for AdWords and 140% on Bing Ads from 2015 to 2016. Merchant Capital Source was able to use this extra revenue to invest in other marketing channels to continue to grow. “Revenue increases in 2016 allowed us to invest in more radio marketing and to hire new sales staff,” says Bradley Stockwell, Director of Marketing Communications at Merchant Capital Source.

Performance Results


increase in applications and 35% drop in the cost per application


increase in Google AdWords ROAS and 140% increase in Bing Ads ROAS


increase in direct website leads and 48% drop in cost per lead

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First-year Metric Theory clients grow 68% on average.

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