[kingcash555]

this makes me want to cry shady shady shady

[The Chosen One]

It's ALWAYS been shady. Years ago it was just way less saturated and we didn't share all the same merchants.

98% of brokers in NYC are backdooring. Tons of crazy **** going on behind closed doors.

It is what it is. Survival of the fittest.

[patrickw]

too many funders these days.

[gaxisa]

Cry to your merchants. They might take your deal outta pity

[fundingsmbs]

this makes me want to cry shady shady shady

you don't have to stay in it. there are other jobs you can do. ?

[FundersFriend]

this makes me want to cry shady shady shady

come work for me

[mcaguru]

I would say a vast majority of our ISO partners are good actors in this industry.

[Esteban2000]

Money is our product, and money reveals character. The majority of people in this business are hard-working and honest, and trying to do their best for their merchants and their company. There are definitely a handful of bad actors who throw a shadow over the whole industry.

[patrickw]

For me it's getting better and better. Just need to understand the product! it;s fun closing the deal myself.

[fundingsmbs]

It's ALWAYS been shady. Years ago it was just way less saturated and we didn't share all the same merchants.

98% of brokers in NYC are backdooring. Tons of crazy **** going on behind closed doors.

It is what it is. Survival of the fittest.

cannibalism

[Enablement Data]

Speaking of shady, we have 110% amazing live transfers from our call center in Mumbai with a conversion rate of 3500% that literally ****s diamonds into your lap when the call comes over.

Also, our "fire data" is actually on fire so when we send them to you, your computer starts to get on fire.

Our "trigger data" literally pulls a trigger to a gun aimed at your head when we send it over.

If you don't like that, we have apps with bank statements that we picked up from our "source" that is 7000% reliable.



Full disclosure: We don't have fire, trigger or app data but we broker our snow shovel business on the side for some extra cash.

[KINGCASH]

Simple:
1. Present yourself with class to your merchants, you'll get better paper.
2. By doing so, you're lenders will respect you. In turn, not look to backdoor.
3. Filter out the garbage.
4. Success
We always get the question- How you get such paper?
Answer- Presenting yourself as a professional, not a used car sales man.

Great example:

https://debanked.com/2018/03/how-a-n...o-the-inc-500/

AND TRUST NOBODY!

Hope this helps.

[KINGCASH]

The ones working a chop shop, trying to make a quick buck instead of building a book and burning bridges all around:
A. Just kills the industry rep
B. Lose much more than gain when choosing this route

Yes, you need to choose your battles in all cases, but that alone will help stick out with your merchants and lender relations.

Don't get me wrong, if you don't move quick, the rug will be pulled right from under. However, if you're a salesman, would most likely know what type of client you're working with, and how to proceed.

[kingcash555]

we have to stand united and put a end to this

[Chambo]

we have to stand united and put a end to this

as long as someone else can come in and make a quick buck, it is highly unlikely that'll happen. With no barrier to entry, you could have stepped right out of prison and start working in this industry.

[J.Celifarco]

as long as someone else can come in and make a quick buck, it is highly unlikely that'll happen. With no barrier to entry, you could have stepped right out of prison and start working in this industry.

People can talk about back dooring, and 20 different problems this industry has, but they all stem from this one thing. If there was any type of barrier to entry we wouldn't have half of these issues

[Michael I]

If you always whine and complain about this industry . Why are you still in it ?
(Not directed at any individual)

[QuickFund]

This thread feels like a group therapy session

[fundingsmbs]

If you always whine and complain about this industry . Why are you still in it ?
(Not directed at any individual)

^this

the allure of quick money and hearing about big rips on commissions may keep individuals interested in the industry, but, if your experience has not led to a good income earning, it may be time to look in that mirror and ask yourself what other industries and jobs you can adapt to. way too saturated out there. it just gets ugly when this happens. a thinning of the herd is needed. funders, we implore you, be a little tougher on who you allow to enroll and represent the business.

[Han Solo]

because the majority of sales reps are far to concerned with where their next 8 ball is coming from and not their relationships with funding companies or whether or not their merchants can afford the insanely high rates they are selling to pad their pockets.

[swiftcloser]

....

[Kevin Henry-Seacoast]

as long as someone else can come in and make a quick buck, it is highly unlikely that'll happen. With no barrier to entry, you could have stepped right out of prison and start working in this industry.

Honestly believe I have been called by some that were in a jail cell........or out on work release......

[Sachip24]

I can't tell if all these NY guys just talk fast, or they are coked out of their minds...

pretty sure these two statements go hand in hand lol

[WestCoastFunding]

MCA industry will clean itself up once we remove money from the industry.

[fundingsmbs]

it's nothing new, does anyone remember the article Bloomberg posted back in '14? Has much changed?

"If Google Ventures and Goldman Sachs represent the prestigious end of OnDeck’s dealings, then merchant cash advance brokers are at the other extreme. The field is rife with unsavory brokerages, staffed by many of the same people who pushed subprime mortgages a decade ago and worked the bottom rung of the stock market in the boiler rooms of the 1990s. One of them is Mario Figueroa, president of Chadwick Cashflow Advances, a brokerage in Saddle Brook, N.J. He got into high-interest small business loans in 2011, shortly after doing time in a Newark halfway house for stock fraud.

OnDeck hired his brokerage to market its loans a few years ago, Figueroa says. Near his office in October, over a lunch of pizza, calamari, and tequila shots, his brand-new BMW 6 Series parked outside, he describes how an OnDeck representative offered to pay thousands of dollars for every borrower he brought in. He could hardly believe it was legal to charge such high rates, until he learned that most states’ usury laws don’t apply to business loans. His salesmen, who spend their days cold-calling businesses to offer easy money, are a colorful lot. The list of Figueroa’s past and present employees includes a former hedge fund manager convicted of stock fraud and a recovering heroin addict on probation for a motel stickup gone bad. One new hire stopped coming to work after he robbed a bank. “I saw an opportunity here,” Figueroa says of working with OnDeck. “The banking world is not using the cheap money the government is giving them to fund small businesses. Thank God we exist.”

OnDeck has teamed up with brokers convicted of stock scams, insider trading, embezzlement, gambling, and dealing ecstasy, according to interviews with the brokers and court records. Brokers have brought $349 million of loans to OnDeck so far this year, already 35 percent more than 2013’s total, according to the prospectus. That represents a risk, the company acknowledges in the filing: If partners “mislead loan applicants or are engaged in disreputable behavior, our reputation may be harmed, and we may face liability.”