Unjustified NAMAA Tag
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  1. #1
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    Unjustified NAMAA Tag

    I have a client whose paid off 2 MCA's within the last 12 months with MCC. He was looking for a different option, applied with a competitor who then proceeded to NAMAA tag the account.

    The business has only been open for 1.5 years of which I've personally had the account for a year, no downtime for the competitor to be involved. Turns out the previous owner at the same address had a a deal go south back in 2002-2012 (not certain on the timeframe). Company operates under a similar name as they wanted to use the same signage and notability in the area but no affiliation with the previous business.

    The competitor refuses to speak with anyone in regards to this and is leaving the file on the NAMAA list though the current owner/operators were not involved.

    Any suggestions?

  2. #2

    Unjustified NAMAA Tag

    This seems to be a flaw within NAMAA's system. The fate of that merchant shouldn't rest in the hands of one company with a grudge, there should be checks and balances to prevent a situation like the one you described. I would say you should contact NAMAA directly through the contact info on their website. Hopefully they will do something about it, though it is also possible they will side with the company who is paying $3,000 a month to be a part of the organization.

  3. #3
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    Quote Originally Posted by SuperFunds View Post
    The fate of that merchant shouldn't rest in the hands of one company with a grudge
    If we see a merchant tagged in NAMAA, we usually reach out to a contact at the other company to find out more info. The company looking at the deal might be comfortable with the information they got from whoever put them in the database.

  4. #4
    Quote Originally Posted by GRP Funding View Post
    If we see a merchant tagged in NAMAA, we usually reach out to a contact at the other company to find out more info. The company looking at the deal might be comfortable with the information they got from whoever put them in the database.
    This is a good way to handle it, though not every company handles it that way. Isn't there a way for the business name to be cleared somehow, especially in a situation where the ownership may have changed?


    Edited 7/31/14 2:28 for phrasing
    Last edited by SuperFunds; 07-31-2014 at 02:28 PM.

  5. #5
    NOT
    Allowing
    Merchant
    Another
    Advance
    NAMAA!!!!!

  6. #6
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    Quote Originally Posted by SuperFunds View Post
    This is a good way to handle it, though not every company handles it that way. Isn't there a way for the business name to be cleared somehow, especially in a situation where the ownership may have changed?
    There is a pretty good line of communication between members. The company that added them would have to remove them. Just because the ownership changed doesn't mean that the new owners are in the clear. I understand that they could be, but there must be something that the reporting company isn't comfortable with.

  7. #7
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    How do you other Sales agents get NAMAA access?

  8. #8
    Quote Originally Posted by Quickfunder View Post
    How do you other Sales agents get NAMAA access?
    By paying $3,000 a month!

  9. #9
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    I agree Brian, this other company is choosing to not return phone calls or comment on the matter. MCC is left without options forcing us to sit back and wait.

    My biggest gripe is that the deal has paid 2 advances back already, ahead of pace and we can't renew within weeks of paying off. Mind blowing.

  10. #10
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    It sounds to me that even having a NAMAA is bad for business period. They seem to have set themselves up as yet another regulatory agency to micro manage yet another aspect of this industry. All businesses have down times and up swings. Its a part of the idea behind currency. How it ebbs and flows. They have surreptitiously become a type of credit bureau for non credit related services. All a bunch of buffoonery. All business owner no matter how bad things were before have families to support and obligations to their business and their community and NAMAA and any bad relations that a company experienced when lending or collecting on an advance should simply be scored. And scored fairly and not based on the opinion of 1 MCA provider. There is no corroboration of how they have handled experiences among different circumstances. To black list anybody is pure evil...and we wonder why the MCA industry has gotten such a bad rap from all of the media and alot of the merchants who have been victims to predatory lending.

    Do something positive NAMAA - contact me for a way to use a scoring model for this and then you will have earned a decent wage. LOL

  11. #11
    To be clear, there is no "blacklist." The NAMAA database is simply a sharing of information among members. We have funded deals for merchants that other member companies have had issues with.

    Every NAMAA member underwrites independently and makes their own business decisions.

    Quote Originally Posted by BSCI 504 View Post
    It sounds to me that even having a NAMAA is bad for business period. They seem to have set themselves up as yet another regulatory agency to micro manage yet another aspect of this industry. All businesses have down times and up swings. Its a part of the idea behind currency. How it ebbs and flows. They have surreptitiously become a type of credit bureau for non credit related services. All a bunch of buffoonery. All business owner no matter how bad things were before have families to support and obligations to their business and their community and NAMAA and any bad relations that a company experienced when lending or collecting on an advance should simply be scored. And scored fairly and not based on the opinion of 1 MCA provider. There is no corroboration of how they have handled experiences among different circumstances. To black list anybody is pure evil...and we wonder why the MCA industry has gotten such a bad rap from all of the media and alot of the merchants who have been victims to predatory lending.

    Do something positive NAMAA - contact me for a way to use a scoring model for this and then you will have earned a decent wage. LOL

  12. #12
    Senior Member Reputation points: 148 Capital Stack's Avatar
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    JB your not only a member but officer is that correct?

    Quote Originally Posted by jbrown View Post
    To be clear, there is no "blacklist." The NAMAA database is simply a sharing of information among members. We have funded deals for merchants that other member companies have had issues with.

    Every NAMAA member underwrites independently and makes their own business decisions.

  13. #13
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    Quote Originally Posted by jbrown View Post
    To be clear, there is no "blacklist." The NAMAA database is simply a sharing of information among members. We have funded deals for merchants that other member companies have had issues with.

    Every NAMAA member underwrites independently and makes their own business decisions.
    Same here. I don't think any members consider it a "black list". It's just another helpful underwriting tool.

  14. #14
    Correct

    Quote Originally Posted by Capital Stack View Post
    JB your not only a member but officer is that correct?

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