Results 76 to 100 of 146
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05-10-2018, 11:17 AM #76
- Join Date
- Dec 2016
- Location
- Brooklyn N.Y.
- Posts
- 428
Hey westcoast, have you ever tried saying even one positive sentence on this forum? Everything so bitter.
These guys are bringing something new to a market filled with problems, they invested months if not years to bring this software to life, and are trying to customize it so that it works for both parties. What's wrong with that?
As far as a so called fake "lender" signing up to grab some free leads/deals, they got that covered. There's no personal info revealed and they have technology that tracks every move. Even if someone does try to steal, it won't last long.
As far as the file being shot out to multiple funders, well so what? There's only one credit pull.
I personally don't like it, because of the challenge of pricing deals with all those "black boxes" on the statements. I also don't like to fund through a random tech board, without knowing the ISO who's selling the deal, and knowing the complete history of the deal, but again that's a personal preference, but as far as the actual "idea" of this thing and the way they designed the platform, why knock it?
It's a solid idea, god help them succeed.High risk paper
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05-10-2018, 11:20 AM #77
- Join Date
- Oct 2016
- Posts
- 4,318
Last edited by WestCoastFunding; 05-10-2018 at 11:22 AM.
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05-10-2018, 11:26 AM #78
- Join Date
- Jun 2015
- Posts
- 3,325
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05-10-2018, 11:37 AM #79
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,493
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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05-10-2018, 11:42 AM #80Karen37aGuest
I already know why this can and cannot work...what you have to do to make this a success. It has to do with building organizations, which you people love that I point out that I did in the past...1099
You have to start the process with small brokers who can submit deals, or new ones not try to grab BIG ISOS AND ISOS that syndicate.
So you have to recruit individual brokers who have self-employed shops, not isos that are running as a business.( read cash flow quadrant)
Once you do that you are doing everything that an iso or super iso is doing just thru your software and not software that we created on our own ( or basic CRM to direct funder software)
So why does a super iso or iso want to join this software? What do you have to offer? ( back to the bad pitch and sales ability)
Each company has salespeople who have to "recruit" 1099 brokers and some can recruit 100 some can only get 10 because again its 1099 like Amway.
I used to teach people how to recruit 1 person make 1 sale ( in the same month) then 3 by 3 ( same month) 5 x 5 10 by 10 .... 100 by 100
Some of you are trying to recruit someone like me who went 500 by 500 on numerous occasions or funders or brokers who are already set up.
If you have MONEY/ Capital to put in the deals then you might have something to offer some of us.
MONEY/ Renewals...that's it
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05-10-2018, 11:50 AM #81
- Join Date
- Sep 2012
- Location
- New York, NY
- Posts
- 1,780
With all the fraud deals floating around, the funders need to know who the broker is and sometimes where the deal originated from (internet, referral, cold call, etc.) in order to correctly price them. Having funders work in a vacuum and analyze redacted bank statements will not result in quality offers or numbers that will stick.
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05-10-2018, 11:53 AM #82
- Join Date
- Oct 2016
- Posts
- 4,318
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05-10-2018, 11:53 AM #83Karen37aGuest
This will resu;lt in garbage in garbage out..small deal size and very low approval ratios and very low closing ratios
Unless you have a trained killer salesperson /sale trainer bringing their sales force to the table...but why would we give our salesforce to anyone or merchants?
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05-10-2018, 11:56 AM #84Karen37aGuest
Some people who are always chiming in who are the backdoor lunatics better learn how to pick up the phone and bring their own merchants in.
Some of you think you fooled us ...day one in mca i saw what you were doing and i wanted to run the hell out of there.
If this company wants people to send deals to them...a more formal introduction is needed and more vetting on THEIR end not ours
Now that someone talked good about them i am not ever going near there...birds of a featherLast edited by Karen37a; 05-10-2018 at 11:59 AM.
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05-10-2018, 12:03 PM #85
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,976
"Some people who are always chiming in who are the backdoor lunatics better learn how to pick up the phone and bring their own merchants in."
Good Advice - modern technology - pick up the phone and talk to a business owner.
2nd suggestion, Organic SEO.Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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05-10-2018, 12:15 PM #86Karen37aGuest
This also makes it easier to stack....swoosh under the table...no one knows its you
Some new brokers/white label/funders think they are cute...think they had the patent on the backdoor move
Meanwhile we could have swooshed your arse a long time ago...but we have ethics and are trying to do the right thing by the MERCHANTS
and its G for God ..not gLast edited by Karen37a; 05-10-2018 at 12:18 PM.
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05-10-2018, 12:54 PM #87
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05-10-2018, 01:20 PM #88
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,493
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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05-10-2018, 01:24 PM #89
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05-10-2018, 01:36 PM #90
- Join Date
- Sep 2012
- Location
- New York, NY
- Posts
- 1,780
So now brokers who've been banned by various funders for behaving badly can now safely and anonymously submit their deals and get back in the game...
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05-10-2018, 01:52 PM #91Karen37aGuest
Thats what the net result will be on some.
Instead of us firing people on ground level, or catching people backdooring or moles or debt relief they can take in raw applications with out real human screening ,live compliance
You cant replace live salespeople and live human underwriting, compliance
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05-10-2018, 05:26 PM #92Karen37aGuest
I spoke with this gentleman on the phone in regards to the software and the compliance. he definitely has some protocols in place that are different than other systems...and he may be able to safeguard data and applications and curb the backdooring if he implements certain things...and he has things already in place.
The problem I forsee is too many chiefs, not enough Indians, which is something we all have to conquer in sales leadership.
Someone has to lead the charge from the front ( In sales and recruiting)
Great idea ...may work
Good luck going forwards
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05-10-2018, 10:29 PM #93
- Join Date
- Apr 2018
- Location
- Miami
- Posts
- 38
super cool idea and I like the platform a lot, seems to be gaining traction in terms of deal flow as well.
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05-10-2018, 10:30 PM #94
- Join Date
- Apr 2018
- Location
- Miami
- Posts
- 38
This is a good point
Referring to Archies post about shady brokers now being able to submit anon (i guess unless there is correspondence once offer is accpeted??), havent made it that far yet.
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05-11-2018, 08:31 AM #95Karen37aGuest
one of the bigger problems is that once you see a company like "acefundingllc" fund with them, you can sign on with them direct and avoid the system.
Like brokers who create an llc to get away from the original iso to get 2-3 more points.
Something or someone other than software has to keep them going back to it.
Brokers who are part time or submit a deal here or there will most likely continue on....but the ones who can produce fund 3-10 applications a month continuously will tire of it unless again...someone is leading the charge ...a sales motivatior, trainer.
Or you have some other incentive to go into the system...leads ( but nasty brokers steal the leads and then fund elsewhere)Last edited by Karen37a; 05-11-2018 at 08:35 AM.
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05-11-2018, 08:40 AM #96Karen37aGuest
Ive thought all this thru being a super iso...hiring training brokers, trying to retain brokers etc
Ive also thought thru ...why could I build a sales force of 500 brokers before .. now 30-50
#1 Not enough capital for deals
#2 Regulation forces broker to "hang" their licence somewhere, we are unregulated no reason to stay unless you are following the leader or they have $$ for deals or a paycheck
#3 commission is so big and renewals you do not need this herculean effort to get the same pay
# 4 I am an old lady...tired of seeing the same excuses, nationwide in different decades
#5 Funders are not all working with us, some are against us, even if we are their iso..no loyalty
# 6 I do not trust most of the brokers ...they are shady and would fnd almost anything to get a paycheck because it isnt their money
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05-11-2018, 08:45 AM #97Karen37aGuest
There are things you can do to build this sales force...but alas...you are my competition
I hope it works out for you, gl ...it does have some good things that other software doesn't have
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05-11-2018, 08:53 AM #98
- Join Date
- Sep 2012
- Location
- New York, NY
- Posts
- 1,780
All funders are not created equal. Some are notoriously difficult to work with, some will backdoor you and others will change the numbers on you at the five yard line. No software marketplace can ever replace a strong relationship between a broker and his preferred underwriters. The Funding Floor model might be appealing to a newbie ISO who wants to submit a deal, kick back and wait for the system to spit out the best offer regardless of who the funder is. He'll still be at a big disadvantage to a veteran who spent years cultivating the right network and knows how to compete. There are no shortcuts.
Last edited by MCNetwork; 05-11-2018 at 09:03 AM.
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05-11-2018, 08:57 AM #99Karen37aGuest
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05-11-2018, 09:08 AM #100Karen37aGuest
Most Funders also know that when files come thru certain isos they have been screened 5 times and the merchants have been almost interrogated so we do not have defaults
a) cold calling with underwriting in mind
B) jr level processing
C) iso underwriting
D) owner of the iso
Send the file out
Tha system is better for renewals and fewer defaults
the Tops Iso wants that renewal...fights to keep that client
You backdoor stack all this bs you take the incentive away....who the hell wants to go thru massive application to get a one time commission and have fools trying to snag your deal off the back end because they cant cold call because they are bad at it or lazy.
That system will not have the best deals in it...again unless someone is leading the charge
That's why the other systems failed...you can just sit back and want good applications, good isos, good brokers, thru passive marketing, it doesn't work.
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