[mcaguru]

happened to to many files recently but ended up getting funded elswhere

so taking a break from you guys for a bit

if we decide to continue will let you know

Please do. I need you.

[WestCoastFunding]

happened to to many files recently but ended up getting funded elswhere

so taking a break from you guys for a bit

if we decide to continue will let you know

May be an anomaly. While I try to refrain from publicly praising Marcus (because he praises himself enough) I can honestly say I’ve never had Mantis kill a deal after contracts were back. ****, their underwriters have been known help gather stips for me directly from the merchant after the login call. One of the easiest companies to deal with. Now if they could just up their tech game a little.

[fundingsmbs]

we don't have issues too much with companies on the first round of business. it may be the funders we use or the persistence of staying on top of those files all the way through. It's the renewals that is somewhat of a concern. If anyone understands marketing, it is 5-12X more expensive to acquire a new customer, hence, the funder pays the generous commissions to acquire the customer. But, when communication breaks down and the feeling overall is there is not a desire to pay on renewals, there is a problem. Maybe management at these companies feels they have paid to play, but, that's not how this works. There was real dollars to acquire that new customer on the brokers side as well. As one funder once said, if we can't renew the business, we might as well turn off the lights. That applies to both sides of the fence. It's either pay on renewals as expected, or, stacking will continue to rise.

[patrickw]

Marcus, same here. My starting was pretty good with Mantis. After a while start getting declines 95% of files for dumb reasons. Where other companies approved and funded pretty smooth. So I stopped sending files to you guys.

[mcaguru]

Marcus, same here. My starting was pretty good with Mantis. After a while start getting declines 95% of files for dumb reasons. Where other companies approved and funded pretty smooth. So I stopped sending files to you guys.

I hear you. I would see to try again. I know we made a few adjustments last few weeks that allow us to take "extreme" risk again. After all we are funding dozens of files a day so someone out there are getting a funded notice email every 10-15 minutes.

[BROKER TIME]

i hear you. I would see to try again. I know we made a few adjustments last few weeks that allow us to take "extreme" risk again. After all we are funding dozens of files a day so someone out there are getting a funded notice email every 10-15 minutes.

unless the changes were from july 1st...........

[fundingsmbs]

if you see a trend of high declines, especially once contracts are signed, albeit not because of decision logic /bank logins showing a recent funding or negative banks, it may be time to search for a new funder. the stories we used to hear from "x" funder's at the last minute was unbelievable with 90% of them getting funded elsewhere without any of the same issues.

[TheShitzuofMCA]

Good afternoon all,

We have been in the MCA industry for a couple of years now and we are strictly brokers with the occasional syndication
My company receives paper work from a-z and of course we don’t just submit the files to every lender in our arsenal we send A-A B-B ETC….
We do it the right way by cold calling
We do not purchase “special leads” that have bank statements as we are in it for the long haul and look to do right by our clients and our lenders so when we lose a file to these practices it stings a lot harder
Lately I have seen my files have been backdoored at an all-time high
I have tried everything changing phone numbers email addresses etc.. on my applications it doesn’t change a thing

I know most of you will say build a better relationship with your client which is what we emphasize to all of our reps but when they get a call from someone saying MR john doe I have your bank statements in front of me I don’t care how much you think you have built a relationship that client will entertain the new person on the phone
It’s a shame that that’s what we are going up against, but it is reality

I know that a lot of you have a lot more experience on the back end of things and have some good advice, so your input would be appreciated
Below is a list of lenders we are currently working with


On deck
Strategic
Can capital
Quarterspot
Principis
Iou
1st global
BFS
Expansion capital
Uplift capital
In advance
Lendini
Mantis
Yellow stone


Of course, we don’t submit every file we have to all the lenders on the list these are just the people we are signed up with
If you want to post or private message me of who you truly believe the submissions should be going to and who not to send to
I would really appreciate it

A few of the companies on this list broker files out to other lenders that could be the cause of it. Unless you have a mole in house.

[jcoop]

InAdvance... we had to cut them off tooo

[fundingsmbs]

so is this all happening because of the high cost of acquisition of new customers, or, is it simply greed taking over? What has propelled so much backdooring and stealing of files.

[WestCoastFunding]

so is this all happening because of the high cost of acquisition of new customers, or, is it simply greed taking over? What has propelled so much backdooring and stealing of files.

Many factors I think. I think this industry has become saturated with both funders and brokers - many competing over the same pool of UCC generated leads.

[fundingsmbs]

def saturated. when merchants state you are the 10th person calling, it says something.

[Kevin Henry-Seacoast]

def saturated. when merchants state you are the 10th person calling, it says something.

When you see the same deal 10 times from various sources because the first guy either lied and said he was a "direct lender" and e-mail blasted it our or he lied and said he knows the direct lender and e-mail blasted it out to 10 other "direct lenders". I am closing a deal now for a company that I cold called. He said he has been speaking with 3 other "direct lenders" that offer factoring. I asked him for the names of said "direct lenders"....they were all brokers. Spoke to him this morning.....he is getting flooded with calls now from "direct lenders"..... I am getting calls too on the same deal.