[Karen37a]

I used funders cloud a long time ago.

The problems were that the file gets shopped out to multiple funders and you didn't see who they were going to so that could create a huge backdooring problem.And you can lose control of the renewals

on FC side, they didn't want people to sign on to the Funders directly ( to get a few extra points ) so they blocked the names of the funders.( even though a simple search would show you almost all the funders in the nation)


You have to have faith in the software you are using and the company you are going thru because in the end they are the ISO on the file and own the renewal. You have to have a reason to want to stay in the software and it cant just be to shop files out blindly to Funders with no control.

There are solutions to this but this is what the Super Iso does...they have a reason or reasons isos go thru them instead of going Direct.And there is a target market ( sweet spot) for this type of super iso and iso and potential mechants and dollar amount per deal and volume funded.

I do not know how this new software works and if it conquers any of the problems and if there is real value to it other than being a Crm direct to funders ...I didnt test it.

[fundingfloor]

This has been tried before..... just so everyone knows

Didnt last long.

Hopefully they figured out the secret

Making it worth it to broker and funder....and remaining profitable

Yup, Couldn't agree more.

[fundingfloor]

How do you determine who is a legit funder or not? What’s to stop a broker that white labels to list as a funder?

If you head to the site, you can see that there is no automated sign up. When you sign up you go into a queue that alerts us. We verify some basic data (real business email and phone number, etc.) and pull some more complex data (BBB and other ratings, domain registration date, etc.) to determine if a funder is real and if they are a funder. We also get at least 2 industry references that we know, either brokers/funders already using our platform, or we request it from the Funder.

We do a couple of other things as well but if I post it all I'm sure people will use it to sneak on. Then there's always DailyFunder of course, which is how I discovered this forum in the first place.

If someone did manage to somehow trick their way through the entire system, I'm sure our community of brokers would let us know and we'd ban there account instantly.

[fundingfloor]

Hi FundingFloor,

Can you kindly ask your "Business Development Person" who e-mailed me late yesterday to kindly answer my questions in the response sent?

Did they follow up? I was told they did. If not email us hello@thefundingfloor.com and put your DF name in the subject so I can find it.

[Hedley Lamarr]

Did they follow up? I was told they did. If not email us hello@thefundingfloor.com and put your DF name in the subject so I can find it.

Not really-called my cell late yesterday afternoon so obviously read my e-mail as I never post my cell here. I asked to respond to my e-mail so we could schedule a call. Did not do ask asked, but I had another BDO from your organization reach out to me by e-mail late last evening.

[Richard Gomez]

Micah aka Abfunders: How would a funder "submit files" as that is what I wrote? I am trying the "Funding floor" as a broker, geez. Karen you yourself have an extensive background in the financial industry, takes one to know one.

[abfunders]

Micah aka Abfunders: How would a funder "submit files" as that is what I wrote? I am trying the "Funding floor" as a broker, geez. Karen you yourself have an extensive background in the financial industry, takes one to know one.

Sorry if I was confused, Richard. Here's what you said:
"I received a file from them yesterday & one today"

[WestCoastFunding]

If you head to the site, you can see that there is no automated sign up. When you sign up you go into a queue that alerts us. We verify some basic data (real business email and phone number, etc.) and pull some more complex data (BBB and other ratings, domain registration date, etc.) to determine if a funder is real and if they are a funder. We also get at least 2 industry references that we know, either brokers/funders already using our platform, or we request it from the Funder.

None of those things will determine if they’re real or not. None. Determining if someone is a funder, a syndicater, or just some guy participating at 10% is hard. And while a broker pretending to be a funder may be outed eventually on DF, relying on DF at all is a mistake. All it takes is one complaint on here that a broker on your platform is pretending to be a funder to, essentially, ruin your company’s reputation. You have to make sure the funder vetting is air-tight.

[Richard Gomez]

Correct but look what I wrote afterwards, I understand your confusion. To prevent backdooring I am in because this "backdoor bonanza" nonsense is total garbage. Funding floor I wish you nothing but success, keep pushing!

[fundingfloor]

Correct but look what I wrote afterwards, I understand your confusion. To prevent backdooring I am in because this "backdoor bonanza" nonsense is total garbage. Funding floor I wish you nothing but success, keep pushing!

Thanks Richard. We agree. Glad to have you on board!

[Hedley Lamarr]

Funding Floor,

From reading this thread I assume and I can only assume because your website offers little to no information, that you are a technology platform for the alternative funding space focused mainly on cash advances. Based on what has been written thus far, you are vetting out your funding sources and have a variety of funding sources on your platform for which brokers and advisors can submit viable deals in hopes of obtaining the best funding options for their clients/prospects.

Please answer the following:
-Why does your website have very little details about your Company? The people that have e-mailed me in the past two days are ghosts....
-Why would you send unsolicited deal flow to an asset based lender/factor that does not know your firm, has never spoken with anyone at your firm, and does not have a cash advance product. I have received B2C deals from two of your BDOs in the past 2 days unsolicited.
-Why would you share anyone's information about any deal if the deal is NOT appropriate for the receiver?

Gents,

I am a capital markets professional with over 28 years of experience. I work for a very large institution in a regulated environment. Pardon my questioning, but I want to know who I am dealing with before engaging and I just can't connect the dots with you guys thus far.

Putting my investment banking hat on..... No way in hell would I blindly send any of my client's or prospect's deals to anyone I do not know. What exactly are you doing with the information that is submitted by brokers?

Know your customer, know your broker/advisor, and know your capital source...... If you want to play in an institutional environment, you better have your act together.

Best,

Kevin

[fundingfloor]

Funding Floor,

From reading this thread I assume and I can only assume because your website offers little to no information, that you are a technology platform for the alternative funding space focused mainly on cash advances. Based on what has been written thus far, you are vetting out your funding sources and have a variety of funding sources on your platform for which brokers and advisors can submit viable deals in hopes of obtaining the best funding options for their clients/prospects.

Nailed it!

Please answer the following:
-Why does your website have very little details about your Company? The people that have e-mailed me in the past two days are ghosts....

They are definitely not ghosts. We'll all be at broker fair on Monday. Happy to meet with anyone there. As for information on the site, I'm not sure what the benefit is. People who are interested sign up and we give them a call. Or they reach out to us. I'm not really looking for anyone in the world outside of MCA to try accessing the platform. All you really need is a place to log in.

-Why would you send unsolicited deal flow to an asset based lender/factor that does not know your firm, has never spoken with anyone at your firm, and does not have a cash advance product. I have received B2C deals from two of your BDOs in the past 2 days unsolicited.

That's a great question. We are doing our best to make sure that the deals that are submitted are getting the highest funding conversion.

I can remove you from the list, but since I can't see your email based on you DF name, please ask them to stop sending you deals via the email they send. Though we are working on ABL/Factoring filters so even though this may not be for you just yet, it's certainly coming.

-Why would you share anyone's information about any deal if the deal is NOT appropriate for the receiver?

We aren't sharing anybody's information. That's the whole point.

Gents,

I am a capital markets professional with over 28 years of experience. I work for a very large institution in a regulated environment. Pardon my questioning, but I want to know who I am dealing with before engaging and I just can't connect the dots with you guys thus far.

Couldn't agree more. Which is why before anyone get's access to the platform we not only vet them but we call to introduce ourselves, explain the product, the rules, give demos etc. There are exactly zero people on the platform who hasn't spoken to us directly first and have our contact information.

Putting my investment banking hat on..... No way in hell would I blindly send any of my client's or prospect's deals to anyone I do not know. What exactly are you doing with the information that is submitted by brokers?

We show all the brokers what we are doing with the information. Anonymizing it and making it available for Funders in that fashion.

Know your customer, know your broker/advisor, and know your capital source...... If you want to play in an institutional environment, you better have your act together.

Best,

Kevin

The Funding Floor

[MCNetwork]

Seems like a reasonable response. Let's talk to them on Monday

[Hedley Lamarr]

The Funding Floor

Um....If you are vetting people on your platform why are you sending us deals that are not appropriate. Again, I have never spoken to anyone from your firm, yet got deal flow that is not appropriate the first time you guys appeared here.

Ghost..... What is the address of your Company, contact phone number, and names of management team? This information for any legitimate service provider should be easily found on your website or by ding simple searches.....

I believe you picked up my e-mail from this forum. Please do NOT send anymore unsolicited deals until some the questions I asked both BDOs have been answered. They obviously read the e-mail because they magically have my cell phone number.

[Hedley Lamarr]

Seems like a reasonable response. Let's talk to them on Monday

Not even close.....

[WestCoastFunding]

-Why would you send unsolicited deal flow to an asset based lender/factor that does not know your firm, has never spoken with anyone at your firm, and does not have a cash advance product. I have received B2C deals from two of your BDOs in the past 2 days unsolicited.
-Why would you share anyone's information about any deal if the deal is NOT appropriate for the receiver?

This is about as bad as it gets. Brokers are submitting MCA deals to Funding Floor, and Funding Floor is simply blasting the deal out to lenders who aren’t signed up with them. Not even to an appropriate source, either, but to an asset based lender.

I mean, they never even talked to Kevin before sending the deal to his inbox. They simply saw his email on here, and sent him a deal unsolicited.

Seriously, **** this ****.

[Karen37a]

This is about as bad as it gets. Brokers are submitting MCA deals to Funding Floor, and Funding Floor is simply blasting the deal out to lenders who aren’t signed up with them. Not even to an appropriate source, either, but to an asset based lender.

I mean, they never even talked to Kevin before sending the deal to his inbox. They simply saw his email on here, and sent him a deal unsolicited.

Seriously, **** this ****.

I cant even respond anymore ..only .. lol


( there is always hope that this works out...has to be vetted)

[Hedley Lamarr]

This is about as bad as it gets. Brokers are submitting MCA deals to Funding Floor, and Funding Floor is simply blasting the deal out to lenders who aren’t signed up with them. Not even to an appropriate source, either, but to an asset based lender.

I mean, they never even talked to Kevin before sending the deal to his inbox. They simply saw his email on here, and sent him a deal unsolicited.

Seriously, **** this ****.

Bingo! Know your customer, know your broker/advisor, and know your capital source....... Anything less and you get what you give.

[Karen37a]

Bingo! Know your customer, know your broker/advisor, and know your capital source....... Anything less and you get what you give.

I agree

[Karen37a]

Karen you yourself have an extensive background in the financial industry, takes one to know one.

Did you see the slap and hug done wrong ..i almost spit my coffee...talk soon

[WestCoastFunding]

The Funding Floor will be at the fair, handing out files at the front door. Everyone in attendance will get 20 files. VIPs will be handed 50 files. You will also be given a gift packs of 3 files to hand out to friends and family. They will also be standing out front handing out files to passers by. To give back to the community, they’ll be handing out individual files to the homeless.

[Karen37a]

The Funding Floor will be at the fair, handing out files at the front door. Everyone in attendance will get 20 files. VIPs will be handed 50 files. You will also be given a gift packs of 3 files to hand out to friends and family. They will also be standing out front handing out files to passers by. To give back to the community, they’ll be handing out individual files to the homeless.

omg lol

West coast is going to be the entertaniment...comedy act on the lido deck

Maybe they will find the solution and vet correctly...maybe let's see

[Hedley Lamarr]

What exactly are they blindly sending out? The e-mail I received required me to click on a link to access their file room. 1)-No way in hell I am clicking on any links from someone I don't know. My Mother raised ugly children, not stupid ones. 2). Funding Floor obviously needs some education before blindly sending a link to a bank owed finance company. Most are NOT allowed to use file sharing networks. 3). You better not be blasting people's personal information around to un-vetted sources of capital or other brokers. The Secret Service Cyber Crime Lab frowns upon that......

[Karen37a]

What exactly are they blindly sending out? The e-mail I received required me to click on a link to access their file room. 1)-No way in hell I am clicking on any links from someone I don't know. My Mother raised ugly children, not stupid ones. 2). Funding Floor obviously needs some education before blindly sending a link to a bank owed finance company. Most are NOT allowed to use file sharing networks. 3). You better not be blasting people's personal information around to un-vetted sources of capital or other brokers. The Secret Service Cyber Crime Lab frowns upon that......

I refuse to lol again so I am logging off see you all later

[WestCoastFunding]

The technology for matching MCAs with funders: going on DF and grabbing email addresses.

Just think about it: the fact they think Kevin’s financing products have anything to do with MCAs tells you the technology for matching is non-existent. It makes no sense. Worse, it tells you that they really don’t have even a basic understanding of MCAs nor conventional and asset based lending.

But worst of all, there is no vetting process whatsoever. All this talk of a sign-up process, yet you’re sending dealflow unsolicited.