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11-12-2014, 11:18 AM #1
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- Nov 2014
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a few Novice Questions
I am a new agent for North American Bancard who's the owner of Capital for Merchant.
I am more focus on selling the MCA vs the C.C processing when it comes to cold calling.
I have a few questions as a novice.
How do you schedule your day & the night before do you prepare a cold call list?
How many hours & the amount of calls you average a day?
What the best SIC # that you have a higher success selling MCA?
I notice many lenders states that they throw out numbers on what they can lend at what cost. How do you know if their receiving the correct amount in C.C receivables?
Do anyone have any opening lines they would like to share or initial approaches for MCA?
On the initial called do you try to close or set an appointment?
I just want other people with experience and out side of the company I work view point. Of course in house will sell you on a million dollar dream for motivation. If one person answer a question of choice I am sure all my questions would get answer.
Thank D.FLast edited by mrmcfadden; 11-12-2014 at 01:10 PM. Reason: Overwhelming
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11-12-2014, 11:40 AM #2
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- Jul 2014
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- 128
a few Novice Questions
If you need to ask these questions, you should not be running your own company.
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11-12-2014, 11:42 AM #3
NOVICE is someone whom has experience.
CAPITAL FOR MERCHANTS you would think would provide these answers for you out of the gate since they have been around for some time. Another ball drop on NAB..
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11-12-2014, 11:43 AM #4
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- Jul 2014
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Does North American Bancard provide any training at all, or do they just leave it up to your competitors to educate you on best practices?
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11-12-2014, 12:03 PM #5
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11-12-2014, 01:05 PM #6
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- Nov 2014
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I am new to the MCA not wording my man!! Thanks by the way all information can be good information.
nov·ice
ˈnävəs/Submit
noun
noun: novice; plural noun: novices
a person new to or inexperienced in a field or situation.
"he was a complete novice in foreign affairs"
synonyms: beginner, learner, neophyte, newcomer, initiate, tyro, fledgling; More
antonyms: expert, veteran
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11-12-2014, 01:08 PM #7
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- Nov 2014
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- 62
By the way thanks, If each one of you would of responded back with one question answer from the list. Then all my question would of been answer by now.
Best Regards,
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11-12-2014, 01:49 PM #8
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- Sep 2014
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- 720
Don't focus on any one product in particular, different products suit different consumers and you want to close every deal possible, no?
Not sure what you mean by scheduling your day/list? Get a dialer, it will schedule for you.
Hours/Calls - as many as possible for as long as possible, I've made over 1,400 calls (including recycles) in a day
There is no best SIC code, there are other filters that are much more relevant - but I doubt anyone will share that information with you
Not sure what you mean by receiving the right amount of receivables - that would be outlined in the offer?
As for opening lines, don't use them, throw your script away and talk to the person as though they were sitting in front of you
You don't set appointments, appointments are for pikers - ABC
With that being said, I would have to agree that you SHOULD NOT be in business for yourself if you have to ask these questions. Hope you have 6-12 months of expenses in reserves. Also worth noting that you won't get anywhere working with 1-2 lenders. You have to go through dozens, familiarize yourself with all of their underwriting guidelines, and know what they will offer before they offer it. This will take 3-6 months (conservatively) on it's own.
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11-12-2014, 01:50 PM #9
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- Oct 2014
- Location
- NJ
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- 13
I feel for you man. Easy to understand why no one would share their international proprietary info on the science of MCA with you. I can help by suggesting that amount of CC receivables is mostly irrelevant in the ACH environment. Don't sweat it unless the merchant expresses interest in being collected in that way.
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11-12-2014, 02:42 PM #10
Love the snot nose kid response.....
But, to fill in the newbie here....
He is asking seasoned professionals how best to compete with them and thus get at their clients and their leads. Any moron who gives them his guy an answer should just sell off their book and disappear into the horizon now
But once again, this is obviously someone who doesn't know what they walked into here, so as Isaac said, he should be given some slack. This time....
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11-12-2014, 03:26 PM #11
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- Nov 2014
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Thnak's for the information. I know I may be all over the place just like getting question from many source.
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11-12-2014, 04:33 PM #12
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- Apr 2013
- Location
- Basalt CO
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- 867
Just another hack entering the market with not a clue of what to do. I would suggest that he brush up on his English first.
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11-12-2014, 04:38 PM #13
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11-12-2014, 05:50 PM #14
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- Apr 2013
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We were all newbies once, and a lot of these guys won't help you because let's face it you will become one more competitor in an already flooding industry.
How do you schedule your day & the night before do you prepare a cold call list? I first start by putting my east coast leads until about lunchtime, then I work the Midwest, then West coast.
How many hours & the amount of calls you average a day? A lot of hours (8hrs+) and a lot of calls (400+)
What the best SIC # that you have a higher success selling MCA? There is no sic code that is truly successful, as long as they have cash flow I'll call them.
I notice many lenders states that they throw out numbers on what they can lend at what cost. How do you know if their receiving the correct amount in C.C receivables? it's based on the price of the money they get it, the commission, the profit on the money. They do it mathematically based on the average of the cc and they can up it/lower it based on different factors (credit score, liens, bankruptcies etc.)
Do anyone have any opening lines they would like to share or initial approaches for MCA? inbox me I'll help out (can't let everyone see my sweet lines :-) )
I hope this was of help to you, if you have more questions feel free to inbox me.
On the initial called do you try to close or set an appointment?
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11-12-2014, 05:57 PM #15
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- Nov 2014
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Thanks
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11-12-2014, 05:58 PM #16
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- Nov 2014
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No problem will do pal!!! I know sometimes that can be abrasive when terminology not precise. I appreciate the feedback one should never have a myopic view on constructed criticism.
Cheers,
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11-12-2014, 06:11 PM #17
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11-12-2014, 06:20 PM #18
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- Nov 2014
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a few Novice Questions
Fetachini,
I must say your response was priceless speaking with people on D.F is like a crab in the bucket model I love it. I guess many can't figure out transparency. Just finish law-school at UMICH, I always had this top sales/stock trader fantasy (don't judge me). I must say I no longer chase them dreams but I will work for my own check and by lending/merchant services is one way of doing that. I am veering from being an attorney unlike my 3 siblings and both parents in the family tree. I thought it's enough funding out here for everyone.
Cash For Merchant and NAB literally throw you to the wolves with an outdated agent portal. When you new to something you learned by asking questions. I read a book where it stated learning is earning, hahahaha. I will be contacting you, thanks!!!
Cheers,Last edited by mrmcfadden; 11-13-2014 at 08:52 AM.
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11-12-2014, 06:21 PM #19
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- Nov 2014
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HAHAHA, I guest everyone was born an expert on D.F. Damn, I wasn't that lucky!!!!!
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11-12-2014, 07:11 PM #20
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- Apr 2013
- Posts
- 245
a few Novice Questions
Im glad I can be of service. Like i said inbox me if you need further advice, I learned a lot on my own with trial and error and was lucky enough to have a few friends in the industry. But live and let live is my motto.
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11-12-2014, 10:17 PM #21
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- Nov 2014
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- 62
a few Novice Questions
I love it!!!!
Last edited by mrmcfadden; 11-13-2014 at 08:53 AM.
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11-13-2014, 09:33 AM #22
Welcome to the shark tank McFadden.
Be prepared for continued smack talk and joking.
But there are some solid folks on here that are open to sharing ... But hand holding will come from your partners.
Good luck.
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11-13-2014, 10:23 AM #23
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- Jul 2014
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- 128
a few Novice Questions
Here's a relevant question.... Is anyone having issues collecting commission from Amerimerchant??? I had to chase them for weeks, then they underpay? WTF??
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11-13-2014, 10:50 AM #24
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- May 2014
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- 317
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11-13-2014, 12:01 PM #25
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