Every MCA shop has to decide how much to spend on inbound leads and how much time to spend on cold outreach.
Cold outreach
UCC lists and data lists are cheap, but those merchants did not ask to hear from you. Contact rules are stricter, conversion is low, and reps burn out faster.
Inbound leads
Merchants who asked about funding. They cost more per lead and convert much better, because the need is real and the timing is now.
The mix
Many shops use inbound leads to keep closers busy and profitable, then use referrals and renewals to grow margin. Whatever you do, track cost per funded deal for each channel.
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