[MCNetwork]

Thomas Edison failed 1,000 times. Look how he ended up!

[WestCoastFunding]

Thomas Edison failed 1,000 times. Look how he ended up!

He ended up dead!

[WestCoastFunding]

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?

[MCNetwork]

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?

Pretty much nothing. A broker can pose as a funder and throw lowball factor rates to win deals. Then try to pull a bait and switch.

[Winning]

Pretty much nothing. A broker can pose as a funder and throw lowball factor rates to win deals. Then try to pull a bait and switch.

What good does that do? Wouldn't that just waist everyone's time?
Or is there a method to that madness?
Bait the merchant in, hook them on the line, pull & fight to tire them out, then reel them in easy.. (offer them another product, higher rates, but they just accept it because they have been beaten & are tired of fighting)???

[WestCoastFunding]

Pretty much nothing. A broker can pose as a funder and throw lowball factor rates to win deals. Then try to pull a bait and switch.

Better yet, This!

[Winning]

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?

Based on my limited understanding...
I would think that "it would come out in the wash"..
Can a broker that white labels compete with a true funder?
The offers received would separate the Men from the Boys so to speak..?

[WestCoastFunding]

Based on my limited understanding...
I would think that "it would come out in the wash"..
Can a broker that white labels compete with a true funder?
The offers received would separate the Men from the Boys so to speak..?

I picture the white labelers (and even some shady funders) to give great offers to win a bid, get access to the docs, then contact merchant directly offering a deal cutting out the brokers upsell.

[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.

[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.