Results 1 to 21 of 21
  1. #1
    Senior Member Reputation points: 73563
    Join Date
    May 2015
    Posts
    4,825

    Newbies Entry into Cash Advance

    Some people make a grand entrance into cash advance. Please watch this video to see where you are going wrong..


    Pretend like I am Sharon, West coast is Louie and I won't tell you who is Simon.


    https://www.youtube.com/watch?v=oeQ0kHZ9svM


    Heres another one for you


    https://www.youtube.com/watch?v=rrNbLBS1D2Q

    smh

    Please stop...I do not like laughing at people...it makes me feel guilty dirty or bad lol


    There are many isos or mentors/ trainers.. funders willing to help people if they are coachable
    Optimal thinking is multidisciplinary, luck is the result of design; the more skillful you become, the luckier you get.

  2. #2
    Senior Member Reputation points: 73563
    Join Date
    May 2015
    Posts
    4,825

    Put in the work to build a 90-day sales pipeline and the sales will come.
    Last edited by Karen37a; 07-15-2018 at 01:13 PM. Reason: typo queen
    Optimal thinking is multidisciplinary, luck is the result of design; the more skillful you become, the luckier you get.

  3. #3
    If people cold call from 9am-7pm every day they are bound to close deals and learn. Thankfully peoples work ethic arent high which means more money for the ones that are willing to work harder and longer.

  4. #4
    Senior Member Reputation points: 73563
    Join Date
    May 2015
    Posts
    4,825

    Quote Originally Posted by Mcasalesgod View Post
    If people cold call from 9am-7pm every day they are bound to close deals and learn. Thankfully peoples work ethic arent high which means more money for the ones that are willing to work harder and longer.
    I agree

    I can Feel it. Money is going to come...to some... BOOM millions in commission.

    I am going to start paddling out
    Last edited by Karen37a; 07-22-2018 at 03:40 PM.
    Optimal thinking is multidisciplinary, luck is the result of design; the more skillful you become, the luckier you get.

  5. #5
    Senior Member Reputation points: 67621
    Join Date
    Jul 2015
    Posts
    1,031

    Quote Originally Posted by Karen37a View Post
    I agree

    I can Feel it. Money is going to come...to some... BOOM millions in commission.

    I am going to start paddling out
    Curious about this. Is there a shortage of money (liquidity) out there by the existing funders of MCAs? No. Seems to me that the shortfall, if any, is in new SMBs who need to be sold on the product or any coming enhancements. No?

    Or are the current band of funders sub-par in some way?

  6. #6
    Senior Member Reputation points: 73563
    Join Date
    May 2015
    Posts
    4,825

    Quote Originally Posted by HDF View Post
    Curious about this. Is there a shortage of money (liquidity) out there by the existing funders of MCAs? No. Seems to me that the shortfall, if any, is in new SMBs who need to be sold on the product or any coming enhancements. No?

    Or are the current band of funders sub-par in some way?

    There is never a shortage of money for A paper ...or A plus. ( low commission)

    Its when you get into the b/c range.

    D Paper, you have companies but you are going to pay for it ( which I don't object to, it's their money, high risk)

    In the grand scheme of things...when you had certain A paper saying " we funded 1 billion in 15 years" ...half of that was renewals I am assuming? so you are averaging 35 million a year new business? Nationwide? For all your internal sales force and also outside? How much is allocated for me? I wanted the whole 35 million lol.

    Some funders were/are really really small...1 million a month? Nationwide?

    Then add in defaults, operating expenses etc

    The more cash in the market the lower cost ...bigger allocations.

    Anyone can sell A paper and drop your drawers down to no commission. That's not what I am here for. If that's what I wanted I would have continued to sell loans..etc 1 point

    And I am looking to hang onto the renewals...the book of business, not get tossed out like yesterday's news when I get 3 million on the books. I also do not like doing business with people who throw people under the bus...even if its not me, I hate watching it... I am just thinking..it will be me next or soon. Like wearing a blood diamond that some kid got his arm chopped off for. Id rather not have it.

    To each their own

    More money makes the cost of money go DOWN....its easier to get. I really want the investment money to syndicate ... and i do not like begging for money
    Last edited by Karen37a; 07-23-2018 at 05:55 PM.
    Optimal thinking is multidisciplinary, luck is the result of design; the more skillful you become, the luckier you get.

  7. #7
    Senior Member Reputation points: 73563
    Join Date
    May 2015
    Posts
    4,825

    When they have less money and it costs more its the equivalent of everything getting stepped down a grade or 5 points 7 points

    That makes it harder to sell... fewer merchants, fewer brokers.

    Which is why I said years ago...if you can't sell between 1.30 and 1.45 get out now ...and i was attacked.

    Companies coming in( and some here) swinging the other way to gain market share, dragging the cost below profitability and sustainability. I guess they get some money and play broker..pay salaries...try to get more then go under

    (it's almost like the merchants getting 2-3 cash advances can't make their monthly nut and eventually go under)

    I had said back then to someone* ..What are you a referral broker for $100 ...$300...you can't make it with the cost of acquisition on the merchants..plus the drama and risk...ugg
    Last edited by Karen37a; 07-23-2018 at 06:23 PM.
    Optimal thinking is multidisciplinary, luck is the result of design; the more skillful you become, the luckier you get.

  8. #8
    karen37A are you a lender? If not do you syndicate? If you do syndicate what's your personal underwriting guidelines to determine if you will or not?

  9. #9
    Member Reputation points: 2237
    Join Date
    Sep 2017
    Location
    Scottsdale, AZ
    Posts
    35

    Newbie Manie

    We are 45 days in and have funded one deal but seemed to have hit a wall. That first taste was great but we want more now. Much more. Making mad daily calls targeting Phoenix market. Is this our mistake? Huge smb market here but seems conservative for MCA product. Any ideas from the room?





    Quote Originally Posted by Karen37a View Post
    Some people make a grand entrance into cash advance. Please watch this video to see where you are going wrong..


    Pretend like I am Sharon, West coast is Louie and I won't tell you who is Simon.


    https://www.youtube.com/watch?v=oeQ0kHZ9svM


    Heres another one for you


    https://www.youtube.com/watch?v=rrNbLBS1D2Q

    smh

    Please stop...I do not like laughing at people...it makes me feel guilty dirty or bad lol


    There are many isos or mentors/ trainers.. funders willing to help people if they are coachable
    David Fears
    Business Development Mgr
    GIGATT Business Solutions
    dlfears@gigattbizsolutions.com
    www.gigattbizsolutions.com
    (602)935-3667

  10. #10
    Senior Member Reputation points: 56918 J.Celifarco's Avatar
    Join Date
    Oct 2012
    Location
    New York
    Posts
    2,040

    Quote Originally Posted by Karen37a View Post
    There is never a shortage of money for A paper ...or A plus. ( low commission)

    Its when you get into the b/c range.

    D Paper, you have companies but you are going to pay for it ( which I don't object to, it's their money, high risk)

    In the grand scheme of things...when you had certain A paper saying " we funded 1 billion in 15 years" ...half of that was renewals I am assuming? so you are averaging 35 million a year new business? Nationwide? For all your internal sales force and also outside? How much is allocated for me? I wanted the whole 35 million lol.

    Some funders were/are really really small...1 million a month? Nationwide?

    Then add in defaults, operating expenses etc

    The more cash in the market the lower cost ...bigger allocations.

    Anyone can sell A paper and drop your drawers down to no commission. That's not what I am here for. If that's what I wanted I would have continued to sell loans..etc 1 point

    And I am looking to hang onto the renewals...the book of business, not get tossed out like yesterday's news when I get 3 million on the books. I also do not like doing business with people who throw people under the bus...even if its not me, I hate watching it... I am just thinking..it will be me next or soon. Like wearing a blood diamond that some kid got his arm chopped off for. Id rather not have it.

    To each their own

    More money makes the cost of money go DOWN....its easier to get. I really want the investment money to syndicate ... and i do not like begging for money
    Why do you say A paper has low commission??? Buy rates on these deals are lower which allows me to upsell higher. Most A paper banks are paying 10-12 points. For A+ deals some banks might cap the upsell at 7 or 8 when going out 15 months or longer but most are 10-12. I disagree with that statement completely that these deals are lower commission
    John Celifarco
    Managing Partner
    Horizon Financial Group

    3423 Ave S
    Brooklyn, NY 11234
    T: (347) 773-3990 | F: (718) 795-1990
    Linkedin: Profile
    Email: john@thehorizonfinancialgroup.com

  11. #11
    Senior Member Reputation points: 41851
    Join Date
    Mar 2015
    Location
    Boynton Beach, FL
    Posts
    1,250

    Quote Originally Posted by GIGATT50 View Post
    We are 45 days in and have funded one deal but seemed to have hit a wall. That first taste was great but we want more now. Much more. Making mad daily calls targeting Phoenix market. Is this our mistake? Huge smb market here but seems conservative for MCA product. Any ideas from the room?
    Drill down into a few industries you know well and go after them.
    Seacoast Business Funding, a division of Seacoast Bank
    Kevin Henry-VP Business Development
    Kevin.Henry@SeacoastBF.com
    561-623-1872
    www.seacoastbf.com
    Boynton Beach, FL

  12. #12
    Senior Member Reputation points: 26295
    Join Date
    Jul 2014
    Location
    FLORIDA
    Posts
    806

    Quote Originally Posted by GIGATT50 View Post
    We are 45 days in and have funded one deal but seemed to have hit a wall. That first taste was great but we want more now. Much more. Making mad daily calls targeting Phoenix market. Is this our mistake? Huge smb market here but seems conservative for MCA product. Any ideas from the room?
    You can start by making your logo a bit smaller. I want to joke around but serious...

    Many of the newer sales/brokers may have the gift of gab on the phones but everything else lacks the "official" look and feel of a real deal Company. ESPECIALLY online. An email goes out with a link or an application? So many of the website/landing pages are out of control and the applications are no different. The authorizations on applications are even worse on some. You are running the foundation of your business without the essentials. It's a lot more than signing up with a bunch of companies and dialing until you can't speak.

    What would a "Merchant" do? Who is also a human being - as a human being we are cautious and first look for what is "out of place" or "incorrect" which makes them either proceed or delete.
    Amanda Kingsley

  13. #13
    Senior Member Reputation points: 157412
    Join Date
    Oct 2016
    Posts
    2,433

    Quote Originally Posted by WhoisKingsley View Post
    You can start by making your logo a bit smaller. I want to joke around but serious...

    Many of the newer sales/brokers may have the gift of gab on the phones but everything else lacks the "official" look and feel of a real deal Company. ESPECIALLY online. An email goes out with a link or an application? So many of the website/landing pages are out of control and the applications are no different. The authorizations on applications are even worse on some. You are running the foundation of your business without the essentials. It's a lot more than signing up with a bunch of companies and dialing until you can't speak.

    What would a "Merchant" do? Who is also a human being - as a human being we are cautious and first look for what is "out of place" or "incorrect" which makes them either proceed or delete.
    This.

    Put yourself in a business owner’s shoes. Person calls me saying they handle business financing, the very first thing I’m going to do is Google said company. I Google “Gigatt Business solutions” and the initial online footprint that I see in Google results look solid. So far, so good. Next step, I click on website link. First impression on mobile is that the initial view looks sort of broken, and page is mostly black. Black pages are cool if your selling web hosting, but not finance. Additionally, when I scroll to bottom is says your using a Godaddy website builder.

    My suggestion, if you know HTML, but a premium theme and use something more appealing and scalable. Or, spend $500 - $5,000 and have a developer do it.

  14. #14
    Member Reputation points: 2237
    Join Date
    Sep 2017
    Location
    Scottsdale, AZ
    Posts
    35

    Great points and thanks.
    David Fears
    Business Development Mgr
    GIGATT Business Solutions
    dlfears@gigattbizsolutions.com
    www.gigattbizsolutions.com
    (602)935-3667

  15. #15
    Senior Member Reputation points: 73563
    Join Date
    May 2015
    Posts
    4,825

    Quote Originally Posted by kevinhenry0527 View Post
    Drill down into a few industries you know well and go after them.
    This is good advice ( Kevin seems to be on point lately)

    Having to hang out in the trenches with the sales people makes you see a different vantage point, that is something that college or an MBA can never learn in school or from a book.

    Now Kevin with his stockbroker knowledge, loans, advances, factoring, marketing, sales, underwriting recruiting ( in the trenches as the bombs went off) etc...is going to be hard to beat
    __

    Also who is Kingsley is correct
    __

    John...MY, a paper is not YOUR a paper...this is why sometimes I say (a plus) to make the distinction...those have rates of 6%-13% 3-5 years. All this drama and I found a funding /lending source in Calif in that range. I have to decide if I want to go into the state with the extra threat of lawsuits and litigation

    __

    Kevin, I do syndicate ( i made a rule at first to never go in more than 25%-50% on a deal so I do not get cocky bet the farm and implode myself) ...so "technically" I could have run around all over town saying " I am a Direct Lender/Funder"...and I didn't syndicate a lot . I am unable to handle the deal flow if I really wanted to open the floodgates. ( so I focus on retention and renewals)

    Underwriting is a tricky thing. Id rather take Vito the pizza guy with great pizza ., loyal following, no tax returns and bad credit then the guy with the 750 scores and the food in his restaurant sucks.

    That is something that black box automated algorithm underwriting can never factor in...there are more human factors that I look at as well


    ** Everyone who survived the initial blast down...learned a lot. Those people as well are hard to beat...automated algorithms vs a live sales force. Let's make a bet and I get to choose teams...I can pick 10 people from the df . 1 million bet ( each person wins 1 million). It would be a slaughter
    Last edited by Karen37a; 09-13-2018 at 11:32 AM.
    Optimal thinking is multidisciplinary, luck is the result of design; the more skillful you become, the luckier you get.

  16. #16
    Senior Member Reputation points: 41851
    Join Date
    Mar 2015
    Location
    Boynton Beach, FL
    Posts
    1,250

    Quote Originally Posted by Karen37a View Post
    This is good advice ( Kevin seems to be on point lately)

    Having to hang out in the trenches with the sales people makes you see a different vantage point, that is something that college or an MBA can never learn in school or from a book.

    Now Kevin with his stockbroker knowledge, loans, advances, factoring, marketing, sales, underwriting recruiting ( in the trenches as the bombs went off) etc...is going to be hard to beat
    __

    Also who is Kingsley is correct
    __

    John...MY, a paper is not YOUR a paper...this is why sometimes I say (a plus) to make the distinction...those have rates of 6%-13% 3-5 years. All this drama and I found a funding /lending source in Calif in that range. I have to decide if I want to go into the state with the extra threat of lawsuits and litigation

    __

    Kevin, I do syndicate ( i made a rule at first to never go in more than 25%-50% on a deal so I do not get cocky bet the farm and implode myself) ...so "technically" I could have run around all over town saying " I am a Direct Lender/Funder"...and I didn't syndicate a lot . I am unable to handle the deal flow if I really wanted to open the floodgates. ( so I focus on retention and renewals)

    Underwriting is a tricky thing. Id rather take Vito the pizza guy with great pizza ., loyal following, no tax returns and bad credit then the guy with the 750 scores and the food in his restaurant sucks.

    That is something that black box automated algorithm underwriting can never factor in...there are more human factors that I look at as well


    ** Everyone who survived the initial blast down...learned a lot. Those people as well are hard to beat...automated algorithms vs a live sales force. Let's make a bet and I get to choose teams...I can pick 10 people from the df . 1 million bet ( each person wins 1 million). It would be a slaughter
    Karen-Thanks, but one correction. I was never a stockbroker. I have spent my entire career on the institutional side of the business. Not knocking stockbrokers, but there is a mindset difference between stockbroker-retail and institutions.
    Seacoast Business Funding, a division of Seacoast Bank
    Kevin Henry-VP Business Development
    Kevin.Henry@SeacoastBF.com
    561-623-1872
    www.seacoastbf.com
    Boynton Beach, FL

  17. #17
    Senior Member Reputation points: 73563
    Join Date
    May 2015
    Posts
    4,825

    Quote Originally Posted by kevinhenry0527 View Post
    Karen-Thanks, but one correction. I was never a stockbroker. I have spent my entire career on the institutional side of the business. Not knocking stockbrokers, but there is a mindset difference between stockbroker-retail and institutions.
    I just label everyone "stockbroker" it's easier to say than "institutional trader" or "principal Venture Capital" " osj compliance" etc
    Optimal thinking is multidisciplinary, luck is the result of design; the more skillful you become, the luckier you get.

  18. #18
    Quote Originally Posted by Karen37a View Post
    Put in the work to build a 90-day sales pipeline and the sales will come.
    Agreed, its always a numbers game
    East Shore Equities, LLC
    Submissions@EastShoreEquities.com
    516-231-5595

  19. #19
    Quote Originally Posted by Karen37a View Post
    Some people make a grand entrance into cash advance. Please watch this video to see where you are going wrong..


    Pretend like I am Sharon, West coast is Louie and I won't tell you who is Simon.


    https://www.youtube.com/watch?v=oeQ0kHZ9svM


    Heres another one for you


    https://www.youtube.com/watch?v=rrNbLBS1D2Q

    smh

    Please stop...I do not like laughing at people...it makes me feel guilty dirty or bad lol


    There are many isos or mentors/ trainers.. funders willing to help people if they are coachable
    Agreed. Newbies who accelerate their growth path the fastest are coachable in that they use determination to learn as much as possible and implement immediately. Listen to everyone, learn from everyone, be open to others' guidance.

    It is a training and conditioning process, and the best Newbies understand that Sales, in general, is a high failure, high rejection game. Here, at times, even more so. Embrace the pain in the beginning --> fail Forward. This is how you get better, this is how you build your skill and your stamina.

    Your greatest asset in the beginning is Humility - own that you are at the beginning, and that you may not be very good. But with Consistent practice and work at it, you will become a Funding Pro.


    -FundingStrategist
    https://fundingstrat.com

  20. #20
    Senior Member Reputation points: 73563
    Join Date
    May 2015
    Posts
    4,825

    Quote Originally Posted by FundingStrategist View Post
    Agreed. Newbies who accelerate their growth path the fastest are coachable in that they use determination to learn as much as possible and implement immediately. Listen to everyone, learn from everyone, be open to others' guidance.

    It is a training and conditioning process, and the best Newbies understand that Sales, in general, is a high failure, high rejection game. Here, at times, even more so. Embrace the pain in the beginning --> fail Forward. This is how you get better, this is how you build your skill and your stamina.

    Your greatest asset, in the beginning, is Humility - own that you are at the beginning, and that you may not be very good. But with Consistent practice and work at it, you will become a Funding Pro.


    -FundingStrategist
    https://fundingstrat.com
    Whoever you are I like your attitude. I haven't heard "Fail Forward" in awhile

    Somehow real sales and the positive mindset needed to make them and deal with rejection long term; got lost in backdooring, bullying, regulation and dropping rate and instant online sales.

    I can see it's turning around a bit.

    And positivity is contagious,


    No one wants to follow a dull disillusioned dang gone crybaby....art Williams
    Last edited by Karen37a; 09-27-2018 at 11:03 AM.
    Optimal thinking is multidisciplinary, luck is the result of design; the more skillful you become, the luckier you get.

  21. #21
    Thank you and likewise!


    -FundingStrategist
    https://fundingstrat.com

Similar Threads

  1. Replies: 15
    Last Post: 03-04-2016, 07:21 PM
  2. Replies: 6
    Last Post: 10-03-2015, 04:57 PM
  3. Is Your Data Entry Department Using DataMerch?
    By DataMerch in forum Promotions
    Replies: 0
    Last Post: 08-25-2015, 09:50 AM
  4. AVP Cash Solutions--Merchant Cash Advance
    By AVP Solutions in forum Merchant Cash Advance
    Replies: 0
    Last Post: 10-31-2013, 01:57 PM


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •