[gftcap86]

Korchak's company Primary Capital sued a merchant on this very day (literally today) over a contract with a 1.42 factor rate and then assessed additional fees making the total factor rate charged to the merchant 1.93: https://iapps.courts.state.ny.us/nys...UUcU/NiivC1w==

Look forward to hearing all about this absolute ridiculous hypocrisy in your next show "homie"

[SmartAdvanced]

Korchak's company Primary Capital sued a merchant on this very day (literally today) over a contract with a 1.42 factor rate and then assessed additional fees making the total factor rate charged to the merchant 1.93: https://iapps.courts.state.ny.us/nys...UUcU/NiivC1w==

Look forward to hearing all about this absolute ridiculous hypocrisy in your next show "homie"

It’s sad and pathetic that a looser like this would open his mouth and cry like a crocodile about “predatory lending”...
What’s not predatory about a 1.93 ???? Why’s he still busy with mca if he’s serious about leaving with regrets ??

This pathetic loser has never funded anything decent, besides crappy small dumb deals.. was never even a player at all.. but tried hard though!
Now he wants to make money off of antisemetic and hateful propaganda when in the same day he files a lawsuit!

Wait really?

Go charge YouTube for the 75 clicks you’ve gotten so far

[Winning]

Korchak's company Primary Capital sued a merchant on this very day (literally today) over a contract with a 1.42 factor rate and then assessed additional fees making the total factor rate charged to the merchant 1.93: https://iapps.courts.state.ny.us/nys...UUcU/NiivC1w==

Look forward to hearing all about this absolute ridiculous hypocrisy in your next show "homie"

GoodCustomerService, I am not judging you, maybe the facts warranted the numbers.

Can you share the backstory on this deal? Industry, Credit Rating, previous defaults, and any other info gathered to help you establish your risk assessment that supported the numbers on this deal?

Also I would love to know the mindset of the merchant that would accept such a deal. Was this their 1st mca? How long had they been in business... etc..

If you can't share the exact details due to legal reasons I understand. Perhaps you or someone here can justify when a deal like this is justified in general. I am sure some other people here have done deals just as high as this one, and higher.

[FlexibleCapitalSolutions]

GoodCustomerService, I am not judging you, maybe the facts warranted the numbers.

Can you share the backstory on this deal? Industry, Credit Rating, previous defaults, and any other info gathered to help you establish your risk assessment that supported the numbers on this deal?

Also I would love to know the mindset of the merchant that would accept such a deal. Was this their 1st mca? How long had they been in business... etc..

the mindset is, I have bad credit, or I have a criminal background, or my business is not able to be funded by a bank, or simply my business can not wait 3 months to get approved for funding at a bank; so its either I get no funding at all and let all my hard work and investment into my business go to hell or I take expensive capital. This is America, everyone should have a choice to do what they deem is necessary.

[pcfunder]

the mindset is, I have bad credit, or I have a criminal background, or my business is not able to be funded by a bank, or simply my business can not wait 3 months to get approved for funding at a bank; so its either I get no funding at all and let all my hard work and investment into my business go to hell or I take expensive capital. This is America, everyone should have a choice to do what they deem is necessary.

Cash advance is definitely an industry that the market created itself. Small businesses and merchants with bad credit needed capital when denied by banks and MCA stepped up to take on that role. My own personal experience in MCA has been really tough. I've worked for 4 brokerage shops that have been run by people who have literally gone to prison for years for serious crimes. I have worked at places where not only my managers but the owners were laughing and smiling about how happy they just screwed/lied to merchants. I have managed hundreds of large and respected ISO shops to continuously find that they will use any excuse/lie in the book to get ANY and I mean literally any deal funded with no regards to whats going to happen to the funders money or to the businesses cash flow. I have seen deals in bank statements that scare me and I have helped merchants get out of them and into better programs. I have seen merchants being told that they need to take out 6 advances because once they take out all 6 the broker will be able to get them into a reverse consolidation which should never be a reason to do a reverse and usually the merchant doesnt even qualify and they default on all funders.

I don't think MCA itself is bad. I think that the unregulated and no barrier of entry aspect of MCA has generated a large amount of misconduct that has been kind of hard for me to personally be involved in.

I have also had merchants thank me years later because no one else was willing to give them money and they used an MCA for the right reasons. I don't see it much but I do see that too.

[GoodCustomerService]

The facts warranted the numbers. You want the details? Call the ISO who upsold the 1.27 Buy Rate to a 1.42. The mindset of the merchant is what his broker told him. His industry, credit, prior history led him to MCA. My company just let him know we are there to support him if he needs us, and to check out our two partners that offer credit repair services and bookkeeping services.

[Winning]

The facts warranted the numbers. You want the details? Call the ISO who upsold the 1.27 Buy Rate to a 1.42.

Reminds me of an old English proverb.

"Too many cooks spoil the broth."

I guess the cooks would be the broker, iso, funder. The broth would be the deposit made into the merchants bank account. The merchant would be the guy choking at the table. Choking on those repayment draft and that the business could not afford.

The fact that there is an old proverb that can be loosely applied to this situation means that this type of stuff has been going on for ages in some form or fashion. The MCA space is not immune to the "If you are buying, I'm selling" mind set. And there in lies the rub,,, and where regulation steps in, to sometimed prevent the buying and selling.. Because we all know human nature when left unchecked... You "educate" the buyer and still sell them the deal right?

[BROKER TIME]

Reminds me of an old English proverb.

"Too many cooks spoil the broth."

I guess the cooks would be the broker, iso, funder. The broth would be the deposit made into the merchants bank account. The merchant would be the guy choking at the table. Choking on those repayment draft and that the business could not afford.

The fact that there is an old proverb that can be loosely applied to this situation means that this type of stuff has been going on for ages in some form or fashion. The MCA space is not immune to the "If you are buying, I'm selling" mind set. And there in lies the rub,,, and where regulation steps in, to sometimed prevent the buying and selling.. Because we all know human nature when left unchecked... You "educate" the buyer and still sell them the deal right?

dont you have a business to run?

[Winning]

dont you have a business to run?

Due to covid, It's like I am semi retired (technically unemployed)... Crazy times indeed.

I have blogged my entire journey thus far. If you are interested, check my thread at https://dailyfunder.com/showthread.p...payment-drafts!

BTW, I dont want to hijack this thread, so let's try to keep it on track. Any other questions you have for me regarding how I am weathering these times, please reply on my thread, or send me a private message.

[SmartAdvanced]

If it sounds like a duck, walks like a duck, acts like a duck, and screams that ducks are predatory, then put in the psyche..

Mr Korchak or whoever you are here’s the reality-

You found yourself in a space that is super ugly for any outsider, that tries to understand what you do. You’re coping with your own conscious by looking at people that are somewhat “worse” than you and bashing them as the true predators, so in return you’re the “saint” legit good and honest player.

This is an old Russian Lennon tactic.

Bottom line, you and your pairs and the 1.49ers and the 1.39ers are all in the same industry, and in the same boat.

Y’all sell expensive money. Stop lying to yourself.

You wanna stop being a predator? Get the f out of mca! Go sell doughnuts.

[Franklin]

dont you have a business to run

That made no sense. Everyone on this topic has a business to run.


Oh......you meant, he’s a merchant, this conversation is for funders and brokers and other actual players in this industry.....except that merchants (The treatment of), are the catalyst for this whole conversation in the first place.


I guess you were implying that he’s an outsider looking in, he has no experience In This space and therefore provides an irrelevant point of view....except that he has taken and paid off multiple cash advances, and is exactly the example of a perfect customer in this space.

I’m trying to pull a valid meaning out of a ridiculous statement but Im having some difficulty, maybe you can help me out.










www.B2BRecon.com

[BROKER TIME]

That made no sense. Everyone on this topic has a business to run.


Oh......you meant, he’s a merchant, this conversation is for funders and brokers and other actual players in this industry.....except that merchants (The treatment of), are the catalyst for this whole conversation in the first place.


I guess you were implying that he’s an outsider looking in, he has no experience In This space and therefore provides an irrelevant point of view....except that he has taken and paid off multiple cash advances, and is exactly the example of a perfect customer in this space.

I’m trying to pull a valid meaning out of a ridiculous statement but Im having some difficulty, maybe you can help me out.

so because hes paid multiple cash advances off makes it normal for him to be spending time on this forum?

how about you understand this

you and good customer service take your middle fingers sit on it and rotate

[Michael I]

GoodCustomerService, I am not judging you, maybe the facts warranted the numbers.

Can you share the backstory on this deal? Industry, Credit Rating, previous defaults, and any other info gathered to help you establish your risk assessment that supported the numbers on this deal?

Also I would love to know the mindset of the merchant that would accept such a deal. Was this their 1st mca? How long had they been in business... etc..

If you can't share the exact details due to legal reasons I understand. Perhaps you or someone here can justify when a deal like this is justified in general. I am sure some other people here have done deals just as high as this one, and higher.

its a purchase just like anything. will this make you money or not?Is keeping the lights on for your business worth it or not.I will go old school on the example , If a restaurant takes this expensive money to expand and add a couple of tables. They do the math , each table will make me x amount more per night so after y a mount of months i will be in the positive.

[Yankeeman07]

Korchak's company Primary Capital sued a merchant on this very day (literally today) over a contract with a 1.42 factor rate and then assessed additional fees making the total factor rate charged to the merchant 1.93: https://iapps.courts.state.ny.us/nys...UUcU/NiivC1w==

Look forward to hearing all about this absolute ridiculous hypocrisy in your next show "homie"

The Complaint Filed states "Interest" that would indicate it was a loan, not an MCA.

[FlexibleCapitalSolutions]

The Complaint Filed states "Interest" that would indicate it was a loan, not an MCA.

Interest from the time he defaulted, nothing to do with contract