Quote Originally Posted by Fund_It View Post
https://youtu.be/YTkvTwkecpE


Go watch this.

You spent 15 years in an industry that you suddenly want to promote as "predatory".

You were considered "a guru" by some rich guy you can’t say because of legalities.

You have someone on your panel on the podcast that got fired for backdooring deals.

You have someone who moderated a cash advance closer's group.

The only reason you are doing this is because you either:

A. Got Fired.
B. You weren't as successful as your mind thought you were.
C. You just want some attention.

YOU were predatory for 15 years, suddenly have a change of heart? Lmao. But you waited until the pandemic where the industry is at an all-time low to start this? Alternative Financing News, you guys are absolute jokes, and need to hang it up.
Dave

If you don't mind me asking is this the only video? I tried finding other videos, blogs, website etc. With the video being to short, I wanted to better understand the theory of Dave (GoodCustomerService) and what his opinion or theory of how do we go about weeding out the bad apples or making the industry better. Its easy to point fingers and say its bad but tell us how to make it better.

I have had my fair share of being backdoor, stolen applications, apps being passed around all of that mumbo jumbo and we have created processes to prevent it. I get calls all day of companies (which I will not name) asking for Wally and how they can get Wally working capital, they are a direct funder, mom and pop shop, investment bank, private investor, etc. Sadly Wally(we never got him funding) has been out of business for 2 years, but it shows me that my application/data has been passed around.

My company does provide advances and it is NEVER our first choice. When a merchant reaches out to us and they need money yesterday/today/tomorrow/this week/ or inside 30 days and cannot provide a financial documents or show profit, it is sad to say but an Advance is sometimes their only choice. We tell them this and what to expect and to SURPRISE they know this or accept it because of either low credit score/cant provide financials/not in business long enough/been turned down by banks/many other reasons etc/etc/etc/

Its case by case, but we have better options such as term loans or lines of credit etc. etc etc that benefit them other than an advance, (for example we just provided a vending machine provider who we have been working with and got them an advance for 30K in Jan 2020 at a 1.49 factor over 12 months, but advised how to improve their options and they followed it and we just got them last week of June 75k/payback 86K, monthly payments 24 months.

Dave (GoodCustomerService) can you advise what is your theory/opinion on how to make the industry better? To point fingers and just say that it is predatory lending is not a solution and to point them to a community bank that has to follow the regulatory regulations like a large banking institution (Not like back in the day when they can just walk into their local bank and just say they need $$$$ and it was in their account that day because of a relationship) is not an answer. As we all know a majority of the businesses that work with providers/brokers in this forum cannot qualify for these traditional banking options.