[helpinghand]

Just spoke to a client that we are sourcing a deal for. We knowingly are competing with a well known broker shop out of California and they REFUSE to give the client the payback amount in their presentment of the offer. I requested it in good faith so I can try to beat the pricing, but the other broker refuses to disclose the payback to the client.

How the heck can someone sell a deal and not give the payback? How deceptive is that? This is where regulators need to step in, to stop scumbag sales guys like this. If you pull tactics like this -- refusing to disclose material terms of a deal, lack of transparency, creating an artificial sense of urgency -- you're an absolute scum bag and a disgrace to this industry.

[nrh1lp]

Tell the client to get the contract. I have been doing this for years and have yet to see an agreement where the full payback amount is not explicitly written on the first page. Then tell the client to use it as tp

[gail_waters]

woww, ask them the daily and over what time period

[Anthony@torro]

Are you sure it's the broker? My bet would be it's the merchant not disclosing the payback so that they can see what you come in at and then have you both compete. I just don't see how they can close deals not disclosing a payback to the merchant, doesn't sound like a great sales tactic.

[EBLM]

Why would a broker release an offer to a competing broker?

[Michael I]

wow someone is sore that they cant sell . do you honestly believe someone can sell a deal and fund a merchant without giving the payback amount?

[TheFunda]

MCA is high paying these days so if i am a broker and have deal in hand why would i release any info i don't have to?

Pretty Obvious the person you are up against has a much higher dollar amount offer or this convo wouldn't have happened.. now you are trying to sell him on the lower amount cause of the better rate. good luck

[Sachip24]

tell him to send you his original contract he signed with them. That will tell you everything, call lender with merchant on the phone ask for their customer service and ask them what the pay off is. There is many ways to get a pay off. Im pretty sure its merchant not wanting to give it up to try and lowball you so he gets best cost on the money.

[ryan $]

Creating an artificial sense of urgency is SALES 101.

Wtf are you talking about

[ridextreme]

I requested it in good faith so I can try to beat the pricing, but the other broker refuses to disclose the payback

So you requested the payback, in good faith, from another competing broker and they wouldn't tell you? Oh my God how awful of them!

Are you for real or what?

Why should he do anything but hang up on you? That's prob what I would have done if another broker called me regarding an approval I have for a mutual customer so he can try to out sell me...

[ryan $]

So you requested the payback, in good faith, from another competing broker and they wouldn't tell you? Oh my God how awful of them!

Are you for real or what?

Why should he do anything but hang up on you? That's prob what I would have done if another broker called me regarding an approval I have for a mutual customer so he can try to out sell me...

Refuses to provide client - but i just think client is lying

[helpinghand]

I asked the client for payback amount, not the broker. She said the broker refused to give it to her. Client didn't request contracts without knowing. Broker was being shady, that's all there is to it. Awful

[MCNetwork]

Then I guess there's no pricing to beat. Just give her your best deal and get it done.

[WestCoastFunding]

I asked the client for payback amount, not the broker. She said the broker refused to give it to her. Client didn't request contracts without knowing. Broker was being shady, that's all there is to it. Awful

Your client is lying to you. Why would a broker hide the payback? To guarantee they don't close it?

The merchant is attempting to play you. It may be working.

[Nikkiclean06]

did you request the term or even the payment

[ridextreme]

I asked the client for payback amount, not the broker. She said the broker refused to give it to her. Client didn't request contracts without knowing. Broker was being shady, that's all there is to it. Awful

Something's not right. It sounds like your customer knows how much she's approved for, but either never asked or was not told the payback. Had she asked specifically what the payback was, there's no way it can be hidden since it's in the contract. Something got lost or misunderstood in the communication.

And furthermore, if she did ask him specifically what the payback is and he refused to tell her, than why would she even consider doing business with him? You would automatically win the deal, no?

[Sachip24]

nothing wrong merchant is probably trying to get the lowest cost on her money and not telling op the competing offer to see the best they can do. Will get an offer use it as leverage and close with whoever giving her lowest payback.

[fromano590]

People like OP make my job easier.

[Karen37a]

edit*

[MCNetwork]

Believe it or not, you can close many deals without mentioning the payback. Many merchants are more concerned about affordability of the daily payment so you can steer the discussion there. It's no different than selling a car loan or a home mortgage. Even though the total payback on a 30-year mortgage is disclosed somewhere in the closing paperwork (in 8 point fine print), it's not mentioned at all in the broker's numbers presentation. They focus on the monthly payment and get the customer to buy in. From there, the total payback is just a formality and will be disclosed on the contract anyway. Same principle can apply to selling cash advances. Focus on the use of funds, return on investment and affordability of the daily payment and you've won half the battle. If you focus on trying to sell the payback, the merchant will have a severe case of sticker shock and he'll most likely avoid your phone calls.

[Karen37a]

edit

[HFS]

Get back on the phone and off daily funder

[helpinghand]

This forum is the best

[dworange]

his default ratio is going to be out the roof you have to let your guys know every thing. How the hell is he even closing deals lol. he must be telepathically relaying the numbers lmao should be a easy win on the deal for you unless the merchant is the one hiding numbers witch does happen often. look in deeper... merchant may be bsing you to get your best offer....

[Yankeeman07]

Just spoke to a client that we are sourcing a deal for. We knowingly are competing with a well known broker shop out of California and they REFUSE to give the client the payback amount in their presentment of the offer. I requested it in good faith so I can try to beat the pricing, but the other broker refuses to disclose the payback to the client.

How the heck can someone sell a deal and not give the payback? How deceptive is that? This is where regulators need to step in, to stop scumbag sales guys like this. If you pull tactics like this -- refusing to disclose material terms of a deal, lack of transparency, creating an artificial sense of urgency -- you're an absolute scum bag and a disgrace to this industry.

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