[SuperK]

Hello,

I am New to the industry. Do you guys have any advice?

[Karen37a]

(cycles...back to the top. I entered the DF on this question from someone answered and then got jumped)


Its best to learn the business by joining a reputable Iso or use a broker broker because there are so many things to learn, you can only learn some of the things thru the school of hard knocks or by losing money.

read past posts...gives you a glimpse of past years events and past questions

Gl

[showtime73]

find good connections and start a good relationship with a bank you can trust.

[SuperK]

Thanks for the great information.

[Jstarr]

Your Jumping into Shark infested waters, there are many articles online that can provide you the basic information about the industry, make Certain you team up withe the right MCA Funders that will provide you some guidance along the way - alot of the bigger more reputable ones will have on-boarding/ training schedules to assist you, and be careful - there are plenty of people on this forum that will convince you that they are a lender to only steal your deal, be relentless, work nights, weekends and always be available and do your research

- you will have more no's than yes in the beginning so you have to have thick skin -


Here is a good reference: http://www.northamericanmaa.org/category/our_members/

Hello,

I am New to the industry. Do you guys have any advice?

[Karen37a]

Your Jumping into Shark infested waters, there are many articles online that can provide you the basic information about the industry, make Certain you team up withe the right MCA Funders that will provide you some guidance along the way - alot of the bigger more reputable ones will have on-boarding/ training schedules to assist you, and be careful - there are plenty of people on this forum that will convince you that they are a lender to only steal your deal, be relentless, work nights, weekends and always be available and do your research

- you will have more no's than yes in the beginning so you have to have thick skin -


Here is a good reference: http://www.northamericanmaa.org/category/our_members/

This is good advice...not 100% though.

Just like some isos are unethical...some Direct Funders are too. And they are slicker than you will ever be.

So if you do not have Financial Experience find a local reputable iso if you can.


Here is a full list of Direct Funders off of Debanked. Have at it

.
http://debanked.com/merchant-cash-ad...nce-directory/


Plus dont forget the sponsers over there >>>>

[ridextreme]

Hello,

I am New to the industry. Do you guys have any advice?

your a day late and a dollar short.

[dworange]

Hello,

I am New to the industry. Do you guys have any advice?

What company do you work for or are you a iso

[Cashman1]

Hello,

I am New to the industry. Do you guys have any advice?

Marcus will reply any deal you post!
Every funder will DM and sell you the bridge!
Work hard never trust anyone unless they earn it!

[abfunders]

MCAs are tried and tested to be the easiest and quickest money - and someone who needs it, you don't have to do much selling. Honestly, a $500,000 cash-out real estate deal isn't uncommon. The question knowing how to find people that can't/won't go to a bank, and how to get in touch with them.

Work with open-minded people who have a big picture, not just "get them into debt and keep them there so that I can make money." That space is already very crowded. Keep your options open - Once you have a good lead source and/or steady business, then you can focus on what type of business you like doing the best. A $30,000 MCA paying 10 points might take as much work as a $5mm hard money real estate loan paying 2 points.

Look for the BEST unearned income (renewals, CC processing, LOC, factoring, whatever....)

Don't close yourself up to learning about new ideas.
It's worth splitting some commissions at the beginning in order to learn who the best funders are.

Work with those that know how to monetize creative ideas so you have more options up your sleeves. There are many ways to money off of the BANKABLE merchants by giving them a truly bankable products, just just "debanked" merchants who are need sub-prime funding.

Merchants may trust you more if you have other options.
Merchants may not trust you as much if you present them too much information.
As a rule, merchants are stupid about our industry. Don't treat them like that, but don't be surprised when they are willing to pay higher premiums because they don't understand the product you're presenting to them.

Figure out if you should charge PSFs or not. Every ISO out here has their own opinion.

If you have the money, syndicate!!

Watch the "Activity Feed" of DF (just make sure to ignore the ones who post about 15 posts every day - they have nothing better to do). There are some wonderful people here who are either direct lenders who want to help you learn (I'll shout out to Kevin Henry) or finance experts who aren't just selling loans (Richard Gerard), or some nice ISOs who are honestly trying to direct you as a courtesy (CraaaCraaa Radio) I assume because they have plenty of business themselves. However, it's likely worth co-brokering at least until you've built yourself up.

Everyone here has an agenda. I hope it's to make money with you, rather than to steal your business.

[Karen37a]

The most important things are. Learn how to do it yourself before you try to teach or lecture others.And keep a positive attitude. It is the biggest downfall of salespeople.
Everyone wants to have sales handed over to them then place them somewhere and not do the harder part of dialing out to find the merchant, collecting documents,**closing** or creating seo then dialing out to speak to the merchant, or going door to door then following up by dialing out to the merchant.Or getting referrals then dialing out to the merchants. Then the follow up call # 1, # 2, #3-#7...renewal calls , etc etc **closing**

( dialing. If you do not like the phone this isn't for you. Unless you legitimately have money to fund the deals, someone will send you the merchants they find)

The key is in convincing the merchant to follow thru with the IDEA of doing it, and to do it with you and not someone else. Once they are convinced or "sold" and they are a qualified merchant, almost anyone can follow up from that point, and that's where some people want to take over to take a piece of the commission. Most people can only close the merchants who are desperate or one step away from bankruptcy, nonqualified...liens, nsfs etc. When the merchants can go anywhere they want, it takes more skill to get to them...the laydown usually are not qualified.

Numbers talk and bs walks. And the best person on the phone or the ones with the highest production numbers will have rocks thrown at them from jealousy.( like all sales rooms).Sharpen your sales skills. So you can close fairly easily and have time to chat, type..go boating.No matter what this is a tough competitive industry not for the faint of heart. but you are rewarded $$

Be wary of people who say they are experts then ask rookie questions and do not know how to make an effective cold call or warm call because we are in the phone call business.

[mcaguru]

PM me. Happy to help I’m in business since 2005. I am happy to answer any question and help you and then please talk to others as well. PS i don’t ever need s deal sent in return.

[FundersFriend]

Hello,

I am New to the industry. Do you guys have any advice?

Superk, collect as much info as possible - double check everything from what you say to whom you say it to - do not tip your hand.

[therealrichzone]

find someone you trust to teach you the finance niche you want to peruse and then originate your butt off. To be valuable to a mentor you must originate new business and more you originate the more value you will have to a mentor, the more you'll make and the quicker you'll learn. Dailing for dollars is the easiest - hard job I've ever done - there are no tricks or shortcuts that will ever beat hard work. When I started the small ticket equipment leasing space the success formula I was given was to make at least 100 outbound calls a day to a targeted list of business owners and follow up with the same business owners every 60 days. Starting off you don't need to know a lot, you just need to have some very basic sales skills, be likable and build relationships. I wish you the best

[Juan]

It's for sure not easy, but there's light at the end of the tunnel.
Best of luck!

[mcaguru]

It's for sure not easy, but there's light at the end of the tunnel.
Best of luck!

that's a good reply!

[MidnightAdvance]

Hello,

I am New to the industry. Do you guys have any advice?

Never give up. There's always another chance tomorrow.

[DonMcGrath]

Definitely some simple yet profound concepts here, relationships or referrals are always the way to go, but if you don’t have them or can’t create them, your best client is always one simple phone call away.

If you know how to speak well, and can retain new information, you will never become obsolete no matter how digital this world becomes. Years before technology became so prevalent in society, million dollar deals were done over the phone and face to face, and people tend to work with people they like or trust. That feeling that can always be recreated with the right words and the right voice at the right time to the right person.

Whether you go broad or niche, make sure you understand what your target client’s goals and desires are, show them how amazing, enjoyable, smooth, easy you’ll be at getting him there.
It’s easier to do this picking one industry at a time and doing your research into their challenges.

MCAs are tried and tested to be the easiest and quickest money - and someone who needs it, you don't have to do much selling. Honestly, a $500,000 cash-out real estate deal isn't uncommon. The question knowing how to find people that can't/won't go to a bank, and how to get in touch with them.

Work with open-minded people who have a big picture, not just "get them into debt and keep them there so that I can make money." That space is already very crowded. Keep your options open - Once you have a good lead source and/or steady business, then you can focus on what type of business you like doing the best. A $30,000 MCA paying 10 points might take as much work as a $5mm hard money real estate loan paying 2 points.

Look for the BEST unearned income (renewals, CC processing, LOC, factoring, whatever....)

Don't close yourself up to learning about new ideas.
It's worth splitting some commissions at the beginning in order to learn who the best funders are.

Work with those that know how to monetize creative ideas so you have more options up your sleeves. There are many ways to money off of the BANKABLE merchants by giving them a truly bankable products, just just "debanked" merchants who are need sub-prime funding.

Merchants may trust you more if you have other options.
Merchants may not trust you as much if you present them too much information.
As a rule, merchants are stupid about our industry. Don't treat them like that, but don't be surprised when they are willing to pay higher premiums because they don't understand the product you're presenting to them.

Figure out if you should charge PSFs or not. Every ISO out here has their own opinion.

If you have the money, syndicate!!

Watch the "Activity Feed" of DF (just make sure to ignore the ones who post about 15 posts every day - they have nothing better to do). There are some wonderful people here who are either direct lenders who want to help you learn (I'll shout out to Kevin Henry) or finance experts who aren't just selling loans (Richard Gerard), or some nice ISOs who are honestly trying to direct you as a courtesy (CraaaCraaa Radio) I assume because they have plenty of business themselves. However, it's likely worth co-brokering at least until you've built yourself up.

Everyone here has an agenda. I hope it's to make money with you, rather than to steal your business.

The most important things are. Learn how to do it yourself before you try to teach or lecture others.And keep a positive attitude. It is the biggest downfall of salespeople.
Everyone wants to have sales handed over to them then place them somewhere and not do the harder part of dialing out to find the merchant, collecting documents,**closing** or creating seo then dialing out to speak to the merchant, or going door to door then following up by dialing out to the merchant.Or getting referrals then dialing out to the merchants. Then the follow up call # 1, # 2, #3-#7...renewal calls , etc etc **closing**

( dialing. If you do not like the phone this isn't for you. Unless you legitimately have money to fund the deals, someone will send you the merchants they find)

The key is in convincing the merchant to follow thru with the IDEA of doing it, and to do it with you and not someone else. Once they are convinced or "sold" and they are a qualified merchant, almost anyone can follow up from that point, and that's where some people want to take over to take a piece of the commission. Most people can only close the merchants who are desperate or one step away from bankruptcy, nonqualified...liens, nsfs etc. When the merchants can go anywhere they want, it takes more skill to get to them...the laydown usually are not qualified.

Numbers talk and bs walks. And the best person on the phone or the ones with the highest production numbers will have rocks thrown at them from jealousy.( like all sales rooms).Sharpen your sales skills. So you can close fairly easily and have time to chat, type..go boating.No matter what this is a tough competitive industry not for the faint of heart. but you are rewarded $$

Be wary of people who say they are experts then ask rookie questions and do not know how to make an effective cold call or warm call because we are in the phone call business.

[Elliot_Kay]

My names Elliot. I’m a new Funder with Ace and I’m looking to get some money out on the streets TODAY. Send me your deals. Will reply instantly.

I’ll take everything you got; high risk is not a problem. I don’t care how many positions the merchant has already...

Elliot@acefundingllc.com

[MCNetwork]

Now this one DOES belong in Promotions. Hand him a demerit Dave!