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Today, 12:57 PMFinance replied to a thread Ontap capital: Scamming brokers - breach of agreement in Merchant Cash AdvanceGood afternoon Newcdam, To answer your question regarding safeguards aimed toward preventing this very outcome, you have no external safeguards outside of legal actions, legal actions that will end up costing you more than the very commission you're taking action to garner, and by the time you've spent thousands on said legal action, the 3 months will have passed and if your conviction in the client proves to be valid, you'll get paid. As a result of this reality, your only protection is internal, your internal adjudication regarding the funders you choose to place your files with. You said this platform was your only means to funding the deal due to the terms checking off the required boxes to secure the transaction and had no others routes to take, forcing you to go in this direction, which ultimately holds the answer to your own question; if you're in a beggars can't be choosers scenario, is it conducive to give up on the deal and lose all opportunity of commission, or is it conducive to use whatever means necessary to secure the transaction despite the potentiality of getting stiffed on the commission? You chose the latter, which was correct, because even if you didn't get a commission, you achieved for a client what nobody else could, securing enough credibility for future transactions that will make you money. But, the example above isn't nearly as drastic as your current scenario because you have a funder saying they will pay after 3 months vs the typical situation when someone gets stiffed where the "lender" completely disappears once the transaction finishes, which opens the door to a few questions you shouldn't ask the forum, but should instead ask to yourself: Is failing to understand that mostly all lenders will be reluctant to pay a commission to a brand new ISO they've never worked with if a client immediately starts bouncing payments before the figurative ink on the contract dries and then proceeding to publicly shame the lender with name drops and transaction details that are specific enough for them to identify the transaction and further identify exactly who it is that's publicly shaming them conducive to your goal of receiving this commission? Or have you successfully decreased your likelihood of being paid whilst simultaneously burning your relationship with a resource that has proven the ability to provide something nobody else could essentially providing you the option to make money that would never have been made without them. Don't let hyper vigilance ruin your credibility because the only reason you should make a thread regarding this is if the client didn't immediately bounce payments and you still weren't being paid despite this. I'm a broker as well, but I understand the actions they took and would do the exact same thing they did, put yourself in their shoes. It doesn't matter if the client made up the payments, what matters is that the client immediately deviated from the agreement they just committed to before the ink even dried, ultimately invalidating everything from the start and giving everyone a bad taste in their mouth because I'm sure they've experienced the same scenario in multiples where they DID pay the commission and got double burned, so they learned from their mistakes and are hedging themselves against another iteration of what's already occurred with a different client and broker in the past.
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Today, 12:46 PMBR-Nightmare replied to a thread Ontap capital: Scamming brokers - breach of agreement in Merchant Cash AdvanceBy the sound of that, it wasn't a good file then if Reputable FUNDERS are passing on it. Disclose the term of that deal
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Today, 12:19 PMNEWCDAM replied to a thread Ontap capital: Scamming brokers - breach of agreement in Merchant Cash AdvanceThey got them the seemingly best terms and the merchant was happy. Reputable lenders weren't offering those terms to them. We really went above and beyond to get this deal done, and now are on the shortest end of the stick with a breached contract for hypothetical reasons. But again my thing is, where is our real protection as a broker because apparently our simple contracts are basically meaningless to these lenders.
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Today, 12:07 PMdiditevenfund replied to a thread Ontap capital: Scamming brokers - breach of agreement in Merchant Cash AdvanceThis is so spot on. It blows my mind how everyone wants to "give the funder a shot". Just use the real ones that are in banks often. Why risk your clients info and relationship sending to randoms?
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Today, 12:02 PMridextreme replied to a thread Ontap capital: Scamming brokers - breach of agreement in Merchant Cash AdvanceOf course it's your problem. They stiffed you, didn't they? It's not about making sure the merchants pay. It's trusting the funder to actually pay you. Just use reputable funders, there's enough of them out there that we don't have to rely on these fly by night shops.
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Today, 11:57 AMsimonwein12 replied to a thread Ontap capital: Scamming brokers - breach of agreement in Merchant Cash AdvanceAlways ask around about the company & people before just signing up if you never heard of them before.
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Today, 11:52 AMNEWCDAM replied to a thread Ontap capital: Scamming brokers - breach of agreement in Merchant Cash AdvanceThat isn't our problem if we are doing what is necessary to make sure they stay on track and they are paid. Most brokers don't even do that. What are we working for, nothing? How do they get to breach their contract with us? They are in default with us! How do we enforce that like they are enforcing their contract with the merchant?! It's blatant disregard.
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Today, 11:46 AMDavid6ix replied to a thread Ontap capital: Scamming brokers - breach of agreement in Merchant Cash Advancemost likely a white label "funder" and they dont want to get left holding the bag on the commission if the real lender does a clawback
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Today, 11:46 AMNEWCDAM replied to a thread Ontap capital: Scamming brokers - breach of agreement in Merchant Cash Advance2nd position - 70k . 12pt
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Today, 11:42 AMNEWCDAM replied to a thread Ontap capital: Scamming brokers - breach of agreement in Merchant Cash AdvanceDecided to give them a chance and even called the merchant to make sure they got back on track. None of our clients ever defaulted because we keep communication. Apparently something minor happened, and the lender was ok with it. The merchant has triple the funds sitting in their account. But when it comes to paying us, they basically don't even care to. Like they are penalizing us for something that isn't even our fault. We actually aided the situation.
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Today, 11:42 AMMCA Simplified replied to a thread CRM Recommendations (Sales Force or Centrex) in Merchant Cash AdvanceWe understand your concerns. We can assure your data is secure. You can check our privacy policy to better understand our encryption and firewalls. We have numerous ways on our platform for you to visibly track the security of your data. Of course though, We can talk about safety and how secure data is, but no one would believe until you see for yourself. We have multiple safety measures in place. Reach out, we would be happy to discuss further. We promise you won't be disappointed. MCA Simplified MCAsimplified.com Sales@MCAsimplified.com 718.557.9554
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Today, 11:37 AMsimonwein12 replied to a thread Ontap capital: Scamming brokers - breach of agreement in Merchant Cash AdvanceWhy on earth would you even work with a company like that? No one has ever heard of them
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Today, 11:29 AMZonefund replied to a thread Ontap capital: Scamming brokers - breach of agreement in Merchant Cash AdvanceTheir websites down it seems
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Today, 11:28 AMZonefund replied to a thread Ontap capital: Scamming brokers - breach of agreement in Merchant Cash AdvanceWhat position was this, term, factor, commission?
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Today, 11:24 AMNEWCDAM started a thread Ontap capital: Scamming brokers - breach of agreement in Merchant Cash AdvanceWho wants to do broker deals with a scammy lender? How does a canadian lender get to go against their own contract just because they are in canada? The broker agreement says lender must pay commission within 7 business days with a 30day clawback. Told us (the broker) we won't get paid on a deal until it's paid off. It has been 19 days now but they are telling us because a few payments bounced (but were paid) they are withholding for 3 months until the loan is majority paid because the account is in default, but the account never defaulted. How is that even possible?
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Today, 10:58 AMDailyCloser replied to a thread CRM Recommendations (Sales Force or Centrex) in Merchant Cash AdvanceHave you not seen the recent incident with Centrex? Extremely safe isnt the correct wording I'd use. https://dailyfunder.com/showthread.php/26895-Centrex-Software-Security-Incident
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Today, 10:48 AMCan you explain how you protect your data? Centrex and salesforce are extremely safe.
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Today, 10:33 AMMCA Simplified replied to a thread CRM Recommendations (Sales Force or Centrex) in Merchant Cash AdvanceIf you need a CRM that won't break the bank and has similar features and functionality as the above listed. Check out MCA Simplified. We are a All-In-One Solution pre-built for MCA. Anything from Lead Management To Marketing, we got you covered. Our New Client Portal which should be completed in a few months will also allow for advance tracking as well as criteria matching for funder submissions. Check us out. We offer a Free Trial as well MCA Simplified MCAsimplified.com Sales@MCAsimplified.com 718.557.9554
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Yesterday, 09:14 PMWho are these guys? There isn't an address on their website. Is it Mantis, rebranded?
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Yesterday, 05:30 PMabfunders replied to a thread Change to Prejudgment Remedy (PJR) in MCA Collection Actions in Connecticut in Merchant Cash AdvanceI heard about this through the grapevine, Connecticut will no longer be a safe haven for a bunch of fraudulent funders with this new law taking effect.
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Yesterday, 05:14 PMMCSlay replied to a thread Change to Prejudgment Remedy (PJR) in MCA Collection Actions in Connecticut in Merchant Cash AdvanceSuccinct and brilliant
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Yesterday, 04:12 PMCloudSquare Broker (formerly BrokerSuite) is specifically designed for brokers in the Merchant Cash Advance (MCA) industry, leveraging the capabilities of the world's leading CRM platform, Salesforce. This robust solution enables seamless integration with your online application and thousands of third-party applications available on the Salesforce AppExchange. It facilitates submission to lenders via email or API, while also providing comprehensive tracking of offers, commissions, renewals, and more. With CloudSquare Broker, you can have peace of mind knowing your data is securely protected. Feel free to email me to set up a live demo. dmikhailov@cloudsquare.io
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Yesterday, 03:50 PMlrocklin started a thread Change to Prejudgment Remedy (PJR) in MCA Collection Actions in Connecticut in Merchant Cash AdvanceNeubert, Pepe & Monteith, P.C. is a law firm in Connecticut that represents MCA funders in collection actions. The Prejudgment Remedy (PJR) law in Connecticut is scheduled to change on July 1, 2024, per Public Act 23-201 (Act). We have published an article that outlines the changes to the PJR law for MCA collection actions, as we presently understand them. A link to the article is here: https://npmlaw.com/article/public-act-23-201-change-to-prejudgment-remedy-pjr-in-merchant-cash-advance-mca-collection-actions-in-connecticut/ In summary, the Act as drafted (i) does not change the PJR waiver attachment procedure in cases where the MCA financing amount is more than $250,000, and (ii) limits the use of a PJR waiver to after commencing litigation, and not upon, in cases where the MCA agreement is entered into on or after July 1, 2024, and the amount of financing is $250,000 or less. Note: The article contains our understanding and opinions as of the date of the article. It is not known how the courts will interpret the Act, including if in accordance with our article. No attorney client relationship exists by reading our article. Lucas Rocklin, Joseph Dunaj, John Szalan Neubert, Pepe & Monteith, P.C.
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Yesterday, 03:12 PMVader, Bitty, Superfast, Epic, EBF
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Yesterday, 02:18 PMAn SBA would help. If the merchant is looking for an MCA bridge with a low cost, we could help. The merchant could pay 1% per week and pay off at any time, 10 months is the max dylan@regiumfunding.com 786-991-2997
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Yesterday, 02:15 PMJust thought I'd update this thread, I called the guys at Flagler Advance and asked them about some of the questions here. I spoke with James, and asked them about this thread specifically lol - And long story short, everything made sense, they hired a website development team, that used a template, and the developers pretty much copied previous work from a previous client. I also will attest they funded a high risk deal, that went bad on them first payment, merchant was a POS, but I helped resolve the issue for them. Merchant was a former owner of Iron Addict gym(google), anyways they still paid me 2 points on the deal, even though they only got 1.07(however, it was paid back in 3 weeks). I was not upset at all, I thought it was fair play to be honest, and I will be sending them more deals. They overlooked this guys previous default and criminal record, and when the deal went bad after they collected paid me 2 pts. they're stand up.
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Yesterday, 01:15 PMStill lending
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Yesterday, 12:22 PMBitty
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Yesterday, 11:50 AMSam@electrafunding replied to a thread 15 points to first deals funded together in June!!! in Promotions1st
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Yesterday, 11:26 AMWe fund Merchant's that bank with BlueVine