Need a Funder or Vendor? START HERE

Page 1 of 2 12 LastLast
Results 1 to 25 of 31
  1. #1

    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.F
    Last edited by mrmcfadden; 11-12-2014 at 01:10 PM. Reason: Overwhelming

  2. #2
    Senior Member Reputation points: 1815
    Join Date
    Jul 2014
    Posts
    128

    a few Novice Questions

    If you need to ask these questions, you should not be running your own company.

  3. #3
    Member Reputation points: 723 CHAMP3's Avatar
    Join Date
    Sep 2014
    Location
    El Dorado Hills
    Posts
    94

    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..

  4. #4
    Senior Member Reputation points: 23702
    Join Date
    Jul 2014
    Posts
    1,746

    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?

  5. #5
    be nice to the newbie

  6. #6
    Quote Originally Posted by CHAMP3 View Post
    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..

    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

  7. #7
    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,

  8. #8
    Banned Reputation points: 17587
    Join Date
    Sep 2014
    Posts
    720

    Quote Originally Posted by mrmcfadden View Post
    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.F
    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.

  9. #9
    Member Reputation points: 11
    Join Date
    Oct 2014
    Location
    NJ
    Posts
    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.

  10. #10
    Veteran Reputation points: 134971 Chambo's Avatar
    Join Date
    Sep 2012
    Location
    New York City
    Posts
    3,174

    Quote Originally Posted by mrmcfadden View Post
    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,
    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....

  11. #11
    Thnak's for the information. I know I may be all over the place just like getting question from many source.

  12. #12
    Senior Member Reputation points: 47257
    Join Date
    Apr 2013
    Location
    Basalt CO
    Posts
    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.

  13. #13
    Senior Member Reputation points: 16735
    Join Date
    Jul 2013
    Posts
    350

    Quote Originally Posted by skideeppow View Post
    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.
    Spot on. I've had merchants forward me emails from brokers that are atrocious.

  14. #14
    Banned Reputation points: 10108
    Join Date
    Apr 2013
    Posts
    245

    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?

  15. #15

  16. #16
    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,

  17. #17
    Senior Member Reputation points: 23702
    Join Date
    Jul 2014
    Posts
    1,746


  18. #18

    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.

  19. #19
    HAHAHA, I guest everyone was born an expert on D.F. Damn, I wasn't that lucky!!!!!

  20. #20
    Banned Reputation points: 10108
    Join Date
    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.

  21. #21

    a few Novice Questions

    I love it!!!!
    Last edited by mrmcfadden; 11-13-2014 at 08:53 AM.

  22. #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.

  23. #23
    Senior Member Reputation points: 1815
    Join Date
    Jul 2014
    Posts
    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??

  24. #24
    Quote Originally Posted by Drizzle View Post
    Here's a relevant question.... Is anyone having issues collecting commission from Amerimerchant??? I had to chase them for weeks, then they underpay? WTF??
    I don't fund there but I know David Goldin well and he's not like that, he's a good guy.

  25. #25
    A forum user Reputation points: 2147483647 Sean Cash's Avatar
    Join Date
    Aug 2012
    Location
    New York City
    Posts
    1,878

    Quote Originally Posted by Jared_Weitz View Post
    I don't fund there but I know David Goldin well and he's not like that, he's a good guy.
    Ditto on that. I never hear complaints about AmeriMerchant

Similar Threads

  1. 2 Questions re: Doctors, Dentists & other medical practices
    By MDpartners in forum Merchant Cash Advance
    Replies: 8
    Last Post: 01-10-2015, 08:56 AM
  2. Replies: 1
    Last Post: 10-13-2014, 03:11 PM
  3. Docs First...Ask Questions Later
    By FUNd in forum Merchant Cash Advance
    Replies: 6
    Last Post: 09-15-2014, 03:31 PM
  4. Using Microsft Dynamics as a CRM but have questions
    By JMKFunding in forum Merchant Cash Advance
    Replies: 1
    Last Post: 07-28-2014, 09:20 AM


Posting Permissions

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


INDUSTRY ANNOUNCEMENTS

BoA launches business loan marketplace
Quickbooks adds new LOC product
Dext Capital upsizes corp note


DIRECTORY