Activity Stream

how does this work ?

understood. jc, what % of the cost would you say are your leads?

Well said.

Hold on....... wait just a second here.... you don't have the ability to reverse ACH's??? Or was this sent as a wire? Most all lenders have that function I thought?

haha no one is going to let him live that one down

makes sense if you are completely live leads . i do not make any money on live leads if they do not renew

I would agree maybe even more than half :-)

Everything ,keep in mind I have a full marketing team ,a full time bookkeeper, monthly accounting fees ,openers ,closers ,renewal reps ,crm phone system ,processor, manager.but the main cost is leads.we are completely inbound. I have spoken to big funders that spend the same as me and they are running the broker shop at a loss just to bring good deals to their funding side . I am sure I can cut expenses but why fix what is not broken

optimum is the best for funders imo

560k was gross commission brought in by your reps ? you were left with 58k after what expenses? Rep portion of comm split, salary, rent, lead cost ?

half the peeps on here who claim to be "funders" are white labeled brokers or affiliates of the actual funder who created a new brand to get the business. am i right or am i right

There was never a relationship if he stiffed you all. be very careful who you board.

Wow you must not spend much on marketing and your reps not making that much.In April my gross was 560k with a net of 58k

Did you try offering him condoms? You know a funder ain't funding shit if they can not reverse an ach and have to come on here to cry about a commission not being returned

ACHWorks is the best in the industry and only one we've used for the past 4 years since inception. Ask to speak w/Ryan McCurry -- he's the CEO. Really nice guy.

Call Ari Gatoff Esq. (646)-328-0120 I've used him twice in the past to attempt to go after the commission clawback where the ISO was not cooperating. He'll charge a 25% contingency fee, but better than nothing. Good luck.

That's always #1 first thing we do, but sometimes there's nothing there and then raises suspicions about other hidden accounts.

Seems like in the beginning you had communications going. as a strong advocate for ISO's and Brokers, my first conversation would be about send more deals and what do you feel is the best way to deal with the error?....and if he ran away you need to look at it like a merchant defaulted -- "Money has no memory" in a funding business where the loss came from either a merchant or an iso.

Have you changed your guidelines? I work with a guy...if you charge 15% success fee and we get 8 points on it. Through TFG.

Hello, this is Thomas Dionne and John McCauley owners of TFG AND PFG. Wanted to chime in and make sure people understand what's happening here. We are the same company at this point. Combined, we are doing 1000's of apps a month which allows us to be on the cutting edge or what's working best today. We absolutely did that deal, we do not put actual clients name/business out there. These days we are doing lots of deals north of 400k, most with single digit rates and the low monthly payments that allow small businesses to grow. We value our relationships with our partners and affiliates. We pay 2.5% for a lead, for a name and a number. We do everything else from the consultation, doc collection, close, processing etc. The only reason for this is that it has proven to work better and result in more $$ being paid to everyone! This is because with us you have commission based sales AND processing people with a HUGE incentive to make deals fund AND pay. I know for a fact that if you do not have seasoned sales consultant explaining this product/process to the client, YOU ARE MISSING almost 75% of your deals! PFG is the best in the country at this, hands down. If you have anyone with good credit (or a cosigner) that would like access to the cheap funding that wont kill their credit or cash flow, please think about us in addition to what you are already doing for them.

I believe most funders place a UCC when the deal is having issues or goes into default, not so much when they fund the deal anymore. Placing a UCC when it funds was a 2012-2017 thing I feel like but then funders noticed the brokers hit up the UCC list and then try to stack the merchant. Filing a UCC back in the day was an easy target since you know the merchant received funding already. Another reason everyone moved to CSC since it's vague, prior, everyone had their own UCC tag name so you knew who funded it and could target certain funders like On Deck or Credibily as an example.

ez loan? your name conflicts our industry as an MCA is a sale not a loan so good luck dealing with Shane H when he comes after your company.

Request a bank statement from the merchant for the month that the UCC was filed and see who made a deposit.

Look more closely.

Commissions on renewals are paid the same.

I have worked with Advance America in the past - never had any issues with them.

How much was it for?

That's a pretty bold structure. If that is net profit, then I need to learn from you. For every 100k, I'd plan to keep ~25-32k after all bills are paid. Broker revenue only

Hes just getting away with it because there are funders and other higher-ups that don't care or look the other way or stay quiet like its part of the business. People with lots of influence support what he does.