[Lmonus]

[QUOTE=rmckellar;97389]It's not the UNDERWRITER's job to close YOUR merchant. If you are getting merchants to sign docs while they are willfully ignorant of the cost of funds, you don't belong doing business in this industry. I can't comprehend why an underwriter for a large direct funding company would respond "oh you know what, I'm not sure, I think you have to call your rep about the cost of funds' when being asked what the rate was unless they were looking to lose their job and never work as an underwriter again. On a funding call, an underwriter is supposed to go over the terms of the agreement, which includes the amount being purchased, how much that purchase of receivables will cost the merchant, and the daily amount or split percentage being taken from their sales. You do realize that most people would assume A) you've sold the merchant on the contract YOU GOT HIM TO SIGN, and B) that if they are going over the terms of the agreement, where it's printed in black and white, that the merchant isn't a complete ****ing idiot and can do the math themselves.

Also, a merchant cash advance is not a loan, it is a purchase of future receivables for a discounted price. 40% is the discount aka factor rate. Sure you can 'convert' it to an APR, but A) that APR is not going to be the same as the factor rate, and B) interest is not being collected so providing an APR is misleading and selling the funding company short.

Do your job. It's not ANYONE at Snap Advance's job to mislead or white lie to the merchant for you, nor is it anyone's job to sell your merchant. And stop calling this product a loan.

OP's post right here speaks to some of the most blatant truths about this industry.

edit: I just read this ****:


Who the hell trained YOU? The only people here who are incompetent or poorly trained are the people on your team. I have worked with Snap on and off for 6 years and have no complaints compared to the **** shows that are a lot of other companies, but that is besides the point. IT IS NOT A LOAN. No one from SNAP should have had the call the merchant back and explain what a purchase of future receivables is, THAT IS YOUR JOB. Underwriters aren't trained to help you manipulate a merchant into an advance they didn't want or understand. What planet do you live on?[/QUOTE
This^^

[Christian]

[QUOTE=Lmonus;97473]

It's not the UNDERWRITER's job to close YOUR merchant. If you are getting merchants to sign docs while they are willfully ignorant of the cost of funds, you don't belong doing business in this industry. I can't comprehend why an underwriter for a large direct funding company would respond "oh you know what, I'm not sure, I think you have to call your rep about the cost of funds' when being asked what the rate was unless they were looking to lose their job and never work as an underwriter again. On a funding call, an underwriter is supposed to go over the terms of the agreement, which includes the amount being purchased, how much that purchase of receivables will cost the merchant, and the daily amount or split percentage being taken from their sales. You do realize that most people would assume A) you've sold the merchant on the contract YOU GOT HIM TO SIGN, and B) that if they are going over the terms of the agreement, where it's printed in black and white, that the merchant isn't a complete ****ing idiot and can do the math themselves.

Also, a merchant cash advance is not a loan, it is a purchase of future receivables for a discounted price. 40% is the discount aka factor rate. Sure you can 'convert' it to an APR, but A) that APR is not going to be the same as the factor rate, and B) interest is not being collected so providing an APR is misleading and selling the funding company short.

Do your job. It's not ANYONE at Snap Advance's job to mislead or white lie to the merchant for you, nor is it anyone's job to sell your merchant. And stop calling this product a loan.

OP's post right here speaks to some of the most blatant truths about this industry.

edit: I just read this ****:


Who the hell trained YOU? The only people here who are incompetent or poorly trained are the people on your team. I have worked with Snap on and off for 6 years and have no complaints compared to the **** shows that are a lot of other companies, but that is besides the point. IT IS NOT A LOAN. No one from SNAP should have had the call the merchant back and explain what a purchase of future receivables is, THAT IS YOUR JOB. Underwriters aren't trained to help you manipulate a merchant into an advance they didn't want or understand. What planet do you live on?[/QUOTE
This^^

So you believe that it is correct to train someone conducting a pre-funding call to give out an APR for a product that does not have an APR? Maybe train them to also refer to the advance as a "loan" just to make the merchant comfortable too?

[DonMcGrath]

Merchant comfort is so overrated. You gotta keep them pressurized, you don’t want al dente, you need them feeling roasted charcoal down their pants.
This is a speed game; create urgency and make them commit.

At www.dumbleads.com, you can smell the discomfort with every merchant you speak to. They just want it to be over. Are you man enough to give it to them?









[QUOTE=Christian;98822]

So you believe that it is correct to train someone conducting a pre-funding call to give out an APR for a product that does not have an APR? Maybe train them to also refer to the advance as a "loan" just to make the merchant comfortable too?

[Cfairbank]

[QUOTE=Christian;98822]

So you believe that it is correct to train someone conducting a pre-funding call to give out an APR for a product that does not have an APR? Maybe train them to also refer to the advance as a "loan" just to make the merchant comfortable too?

No reason they can’t give projected APR id qualified that it assumes payments are made on schedule. TBB has proven u can do this. Smartbox offers this ability.

Folks can call it not a loan all they want, but that doesn’t mean you can’t compare the projected cost. Plus, how many times are stackers actively doing true ups on cash advances?