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  1. #26
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    Quote Originally Posted by Winning View Post
    No differance when getting multiple bids for a home renovation, multiple bids for cc processing, multiple bids for a MCA.. What's the differance?

    .
    one big difference is you need to worry about your credit

  2. #27
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    Quote Originally Posted by Michael I View Post
    one big difference is you need to worry about your credit
    I beg to differ..

    Why would I not have to worry about my credit on a $30K home renovation or a $200 circuit install? I don't pay for anything with cash. I use a credit card or charge card to reap the benifits of the points and have more protections in the event something goes awry, plus if the card is compromised, my real bank accounts are not compromised. But doing it that way, I still have to worry about my credit. Because what if I cant pay the bills when they are due?

    And how is that different than a MCA?

  3. #28
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    Quote Originally Posted by Winning View Post
    I beg to differ..

    Why would I not have to worry about my credit on a $30K home renovation or a $200 circuit install? I don't pay for anything with cash. I use a credit card or charge card to reap the benifits of the points and have more protections in the event something goes awry, plus if the card is compromised, my real bank accounts are not compromised. But doing it that way, I still have to worry about my credit. Because what if I cant pay the bills when they are due?

    And how is that different than a MCA?
    Lol u misunderstood me.when you get a quote for home renovation, they do not pull your credit like an MCA does .
    I will never forget I had a merchant a bunch of years back insisting his credit was 700 plus ,I sent him to an a lender who declined for sub 500 credit.merchant went nuts calling me a liar etc. I told him to pull a free credit report send it to me and let's see what is going on . Merchant got his credit and saw that from shopping he had over a hundred inquiries which dropped his credit from 700 plus to under 500. When you are dealing with credit pulls you need to be more cautious when shopping
    Last edited by Michael I; 06-26-2020 at 02:36 PM.

  4. #29
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    Quote Originally Posted by Michael I View Post
    Lol u misunderstood me.when you get a quote for home renovation, they do not pull your credit like an MCA does .
    I will never forget I had a merchant a bunch of years back insisting his credit was 700 plus ,I sent him to an a lender who declined for sub 500 credit.merchant went nuts calling me a liar etc. I told him to pull a free credit report send it to me and let's see what is going on . Merchant got his credit and saw that from shopping he had over a hundred inquiries which dropped his credit from 700 plus to under 500. When you are dealing with credit pulls you need to be more cautious when shopping
    Yeah, I thought you were talking about hurting your credit by not being able to pay..

    But even in this scenario in regard to acquiring credit or a MCA. I still had to worry about my credit when I applied for the credit cards that I use. I think the credit aspect that you mention has no bearing on if a merchant wants to understand exactly how parties involved are compensated in regards to something that the merchant is purchasing.

    A couple of years ago I took abfunders advice that he mentions here in regard to 0% Low Interest Credit Cards being the cheapest access to funds. I had to worry about my credit, to think I would be able to get the highest approvals for the longest amount of 0% promotions. Also I had to understand that my credit would also take a hit for the new inquires, then also take a hit when I use the credit that they give me due to my utilization sky rocketing!

    To paint a clear picture regarding the 0% CC...
    Those cards have been a gift that keeps on giving! I have since paid off all those cards, so my credit score is now higher than what it was before hand. Plus the credit limits on the card have been raised even higher, plus they send me those blank checks in the mail with more 0% interest promotions!! After we come out of this covid situation, it may be time for me to re-leverage my credit score and go for a new round of 0% CC approvals.
    Last edited by Winning; 06-26-2020 at 03:06 PM.

  5. #30
    Quote Originally Posted by Daily Fun View Post
    (Complete nube here, to the forum, to the alternative-lending industry, and to finance in general. Just got set up and started mktg)

    Q: Do you volunteer your commission? Wait for them to ask?

    Some ISO agreements require you to disclose it. When do you do it, and what do you say?

    Thanks in advance
    “I do not get paid a commission. I get paid a salary, and a good one at that. My job is to provide you with the best possible deal for which you qualify...not try and make a quick buck off of you!”

  6. #31
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    You don’t volunteer your commission unless you want to lose the deal.

    Never had a client even ask me my commission. If one did, I would remind them that it would require 15-20% of a lenders budget to market their product. Rather than market their product themselves, they pay us to do it for them at a cheaper price. But that’s never come up yet.

  7. #32
    "You don’t volunteer your commission unless you want to lose the deal.

    Never had a client even ask me my commission. If one did, I would remind them that it would require 15-20% of a lenders budget to market their product. Rather than market their product themselves, they pay us to do it for them at a cheaper price. But that’s never come up yet."

    Thanks WCF! Love this: "Rather than market their product themselves, they pay us to do it for them at a cheaper price." So we're saving you even MORE money, Mr. Jones—because we want repeat customers. Everything we do is geared toward making you a repeat customer, like most of my clients. When you come back for more funding because you're happy, then the lenders and I are happy. When YOU win, everyone wins! Makes sense, doesn't it." Heheheh

  8. #33
    Quote Originally Posted by CROSULTING View Post
    “I do not get paid a commission. I get paid a salary, and a good one at that.”
    Thanks for replying, though this advice doesn't apply to my situation.

  9. #34
    Quote Originally Posted by NoBigDeal View Post
    You can always turn the conversation and say something along the lines of, "not as much as you will once you flip the money." On $0.40 for ever dollar they borrow, they BETTER be making at least 100%-300%
    Yes sir, absolutely. Thanks!

  10. #35
    Quote Originally Posted by abfunders View Post
    Another thought here.... If they ask me, "What's your fee for doing this?" If I don't have a fee agreement in place beforehand, my answer would be: "The funder pays me directly directly." I've even told some of them that up front some times.

    Most merchants understand that there are margins and when was the last time that they went into a supermarket and asked, "How much are they making on this pasta? I'm going to go to the manager and make them drop the price." Yes, we can drop the price, but they don't know that. They also understand we're all in this to make money, and, like was said above, their bottom line should be able to support your fees.

    What I don't like is springing last minute fees or PSFs that hurt the funder and the client.

    See what Winning said above, prices for financing are not different than quoting an electrician. How many people with 780 FICOs have taken an OnDeck offer when they could go to the bank and get a 0% APR business credit card? Whether they were lazy or "sold" on something doesn't mind, as long as there wasn't trickery or foolery involved.
    Thanks again Micah!

  11. #36
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    I have been asked that question by clients before. I say that the lender pays me a small portion for my services. Most merchants usually don't ask this question they are just concerned as to when there money is hitting the account.
    FUND3R1

    "Everyday is a bank account, and time is our currency. No one is rich, no one is poor, we've got 24 hours each. --Christopher Rice"

  12. #37
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    Quote Originally Posted by Winning View Post
    Yeah, I thought you were talking about hurting your credit by not being able to pay..

    But even in this scenario in regard to acquiring credit or a MCA. I still had to worry about my credit when I applied for the credit cards that I use. I think the credit aspect that you mention has no bearing on if a merchant wants to understand exactly how parties involved are compensated in regards to something that the merchant is purchasing.

    how you are compensated, is a fair question. how much you are compensated, is no one business as you also have all your other costs.

  13. #38
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    Quote Originally Posted by Michael I View Post
    how you are compensated, is a fair question. how much you are compensated, is no one business as you also have all your other costs.
    Typically the "how you are compensated" is actually a moot point.. If it is something I am buying or consuming, vaguely I kind of already know how you are compensated.... From my bank account.. Right?

    I say typically, because apparently businesses that are deemed "to big to fail", dont play by the same rules. Those companies can operate at huge deficits but it's executives can still make millions, and the employees still get there paychecks... I digress...

    Back on topic...

    As an employeer and business owner how much people are compensated is my business. It just depends on if I feel the compensation amount, what ever that amount is, is justified and of value to me..

    On the other hand, who am I to dictate what someone should or should not make... The answer to that is using the free market to help settle the dust... That's why there is great benefit to shopping the deal, getting 2nd opnions, evaluating the offers, then letting the best man/woman win..

    All these same fundamentals apply when getting an MCA, renovating a house, hiring an electrician, or getting an elective surgery...

    Again what's the differance?
    Last edited by Winning; 07-01-2020 at 08:22 PM.

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