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1) What questions Should I ask a ISO Shop that will help me find the best shop to work with
2) Can I ask them to disclose what they made on my deal Yes or No ?
3) What is a fair split % for deals I close I am new to MCA but not new to direct sales on phone or door to door
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i split 50/50 with my iso on whatever i make . pm me if you want to work together
I'm in BOLD
Quote:
Originally Posted by IamGrateful
John
i am brooker and have two types of iso . One is a banker that declined a merchant and then refers them to me and the other ones cant close **** for the life of them , so they rather send to me and have me close it .
if you can close deals yourself and are in the mca business than john is 100% correct
that last post pretty much sums it up
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"Your employee on my payroll"? Who came up with that smoke & mirrors line?
COME ON!!!!!!!!!!!!!!!!!! MR. Frenchman! Have a heart..
Quote:
Originally Posted by Chambo
John. Let's assume he figures out who is who in the space and develops an adequate funding network. First off, how long did that take you? Second, do you think he is going to get the same quality approvals as an office with real deal flow and long-time relations? I feel like there is a lot of value to working with the right firm. The energy is flowing, people are making money around you, everyone is making each other better, and all you have to focus on is closing. As far as the commission split question - it all depends on the value that brokerage has to offer. You can make more money on a 25% payout at one place than another paying 70%, it's all relative.
Best way to interview an ISO shop is to take a look in their parking lot and at the people working there. Should tell you all you need to know.
Not long. I started out only sending files to one Funder based on a strategy of targeting higher premium clients with better rates than the general market. I realized fast that I would need to add more lenders who took on lower credit grades in exchange for higher factor rates. I started to figure out that some files were A paper, some were B/C paper, and some were C/D paper, so would have 1 - 2 reliable sources for each type of paper I would get.Quote:
Originally Posted by anonymous
Plus back then, as a new entrant into the space, I didn't have a Forum like Daily Funder or a major industry resource such as deBanked, that pretty much has exposed a lot in terms of the industry and how to operate within it.
A new entrant today has exposure to all of this information to where they can honestly "train" themselves pretty quickly on the products. Plus, considering that a lot of Funders usually will allow you to broker their products if you just have a heartbeat and a pulse lol, there's no high barrier to entry.
I'm not sure why he wouldn't? An A Paper file is an A Paper file, an B/C Paper file is an B/C Paper file, I'm not sure why a Funder would not want to approve a particular file based on it's risk profile grade just because it's coming from a new Broker? If the file works out, it should be approved based on the Funder's regular/normal operating standards no matter if the Green Rookie brought it in or if the 8 year Vet brought it in.Quote:
Originally Posted by anonymous
Well, I know MCNetwork mentioned this to me before, that there's Large Broker Shops in New York that brokers apply to work for because those shops have huge marketing budgets, and all brokers need to do is come in, sit down, call warm leads, and "close".Quote:
Originally Posted by anonymous
If that's the setup, then that would make sense to be a Broker to a Broker, because they are providing a competitive advantage that you can't easily duplicate.
But if you have to go out and do your own marketing, generate your own leads, pay for your own dialer, etc., then why be a Broker to a Broker?
What do you consider to be "not long?" It's taken me 2 years so far and while I like to think I'm pretty good at placing deals, I'm still learning things every day as the industry continues to evolve. It's not just about finding the lenders, you need to know how to underwrite in order to place them. It's basic math, but not without any guidance, going in blind. There will be a lot of time spent finding lenders, learning the business, and underwriting your own deals, trust me. No comment on the difference in approval quality. What kind of company would required a new hire to get their own dialer? Lol
Has this become a DF promotional thread btw? Haha
A good broker will get preferred rates with some lenders based on volume and the portfolio performance. They will provide leads in to good conversations with interested parties after you are fully trained and proven as an asset. (Don't expect expensive leads until you are trained to handle them properly.)
In the absence of these attributes, there should be a base salary to compensate you for your time in cold calling. If you are cold calling, you better be absolutely outstanding at it and a real cut above. If you're not a phone superstar with a 5 star personality, you will get eaten alive.
God luck to you sir, see you on the battlefield.
I agree with John. I am also a newbie but the DF has really helped me out. As soon as I heard about this industry, I started doing research but without the DF it would have taken me a lot longer to figure some of this stuff out. I am only still learning but the information here and on deBanked has shortened the learning curve quite a bit.Quote:
Originally Posted by anonymous
I believe the OP is trying to find a job as an inside sales rep, not open his own ISO shop. I think it would be good for him to find a good ISO shop and learn the business there. Then he can go do his own thing. DO NOT STEAL LEADS WHEN YOU LEAVE!
OP, of course you can ask your ISO shop how much they made on a deal. That is how you are going to get paid your commission. I figure that when I start hiring sales reps, I will pay 20% commission and I will provide all the marketing and training.
Thanks to everyone here for feedback and great advice.... should I post all my other questions here to make this a discussion or should I create new posts with my new questions. What ever is best for members and administrator :confused:
I have plenty of more questions but not sure how to proceed, and will not proceed till I get the green light as to what is acceptable and not with older members and newer members like myself
IamGrateful - Most noob questions have been answered multiple times on the forum here, if you do a simple keyword search, you can probably find answers to the fundamentals.
I heard Zach at WBL will train you for free, too. Might want to shoot him an email. You have seen him post his offer to help on here quite a bit.
If you're looking for the most important components, meaning specific marketing strategies and scripts, you likely won't find anyone here willing to give you their secret recipe. We all have one.
Hope this helps. Good luck to you.
Hey there. Check out this newbie friendly book: www.amazon.com/gp/aw/d/B01068FOYC/Quote:
Originally Posted by IamGrateful
An ISO with larger volume and a book that performs well will 100% get better rates and a preferred level of service than a newbie or smaller independent broker. This isn't debatable, this is a fact in this industry.
I'm not an Admin, but if I were you I would keep everything on this thread here so you can also easily go back and read over previous comments to previous questions that you had. It would be like starting a journal in some ways.Quote:
Originally Posted by IamGrateful
I totally agree with the level of service upgrades which includes better attention being made to your deals, Underwriting being more lenient on deals, having a dedicated Account Manager, etc.Quote:
Originally Posted by funda21
I'm not sure if I agree with you on the rates though. Sometimes the internal sales team might have lower "base rates" to play with than the external brokers in "general", just to increase the Funder's individual profit on internal deals, but the average marketed factor rates (no matter if it's internal or external) is usually within the market pricing strategy of the Funder.
I don't know of an A/B Funder that has a File submitted by a guy with 1 month in the business (rookie) and after doing the initial underwriting they see the file is a clean A Paper file, but they aren't going to provide the rookie with "as competitive" A paper premium pricing that you can because he's been in the business for 1 month?
Even after the rookie tells you the merchant is shopping this around?
You aren't going to "make an exception" for this file only and provide those secret lower base rates that you have, knowing your competitors will, and potentially lose the A Paper merchant because a rookie brought him in, and not an 8 year vet or a PPC ad lol?
I have no idea how that would make any sense, but hey there's a lot of things that some Funders do that don't make any sense, so I'm not saying there aren't Funders out there like this.
The lower base rates aren't really a secret, many lenders have multiple levels of pricing. Then it goes beyond that... You make a lot of great points John, sorry to hear you're stuck with standard pricing though lol.
Joe there are lower buy rates . And don't forget the bonuses . The large shops hit the million marks with lenders every month for the extra 3 points or what ever bonus they have
See, I have found that the ISOs submitting to me prefer to know that regardless of the deal I am paying them points on the RTR. This way they know what they are making upfront and whether or not it makes sense to fund the offer I sent them. It also helps that I have a gfreat relationship with the underwriters I use so that I can get exceptions on the files my ISOs send.
BUHAHAHAH! Couldn't close a door and he is telling folks how to sell cash advance?Quote:
Originally Posted by YuliyaG
Chambo,Quote:
Originally Posted by Chambo
The book doesn't much cover closing... It's more foundational learning for newer brokers mainly. But he did close a nice sized consulting deal with an investor who picked up the book recently... That guy knows other guys who knows other guys... So we will see.
Also, each time a major media outlet publishes a piece on MCA his book sales go up. Funder Pair, Inc. sold more books in October than all titles combined for all books published. The result is, newer brokers are paired with brokers we trust for mutual long-term financial benefit. We pair them with beasty CLOSERS who are profiting from our non UCC data.
When you can make money from supplying folks with data + capacity, why deal directly with merchants when that doesn't scale as well? The key now is to get more of those juicy consulting deals... Many ways to skin a cat...
I guess those who can do, and those who cannot teach. I know the guy....he is NOT a closer and should be ashamed of himself trying to pitch sales to other brokers.Quote:
Originally Posted by YuliyaG
There's another book out there for sale: "Brain Surgery for Idiots". Tell the whole f*ing world how to get into MCA to make $10 on a book sale. smh
Nope. Not the best MCA closer at all. Poor guy spent more time analyzing deals and running funnel experiments than actually trying to close... And you're right, those that cannot do, teach particularly when it's more profitable. I guess at some point you have to cash in your curiosity...Quote:
Originally Posted by Chambo
By the way, he has always thought highly of you. Admires your toughness.
The book is a way to attract great people to work with. It's working wonderfully.Quote:
Originally Posted by FUNd