Results 26 to 46 of 46
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06-30-2022, 11:25 AM #26
- Join Date
- Jan 2017
- Posts
- 65
That's not always true... how is 'the boss' supposed to create 50 new leads a day for his staff? There needs to be some sort of dialing at one point to generate these leads... otherwise buying 50 qualified leads a day in this market can also hurt, as we all know its a numbers game... you win some, you lose some.
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06-30-2022, 11:44 AM #27
- Join Date
- Dec 2019
- Posts
- 158
Thank you,
Joseph Vaknen
Business Development
SuperFastCap
Direct: (646) 546-3866 (Text or Call)
E-mail: Joe@superfastcap.com
www.superfastcap.com
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06-30-2022, 11:51 AM #28
- Join Date
- Jun 2015
- Posts
- 3,325
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06-30-2022, 11:59 AM #29
- Join Date
- Jun 2022
- Posts
- 24
disagree,
if someone is calling 300 ppl a day and on avg it will take 60 seconds to get the number, dial it, a few rings and do their pitch & vm/email/ text. That is already 5 hours of your day. where is there much more time to have a good conversation, shop a file out, work the funder on approvals?
(dont say that broker cuts out time since they dont need to shop a file out since there is an office admin. the brokers that have good relationships with funders get better approvals and more deals done)
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06-30-2022, 12:19 PM #30
- Join Date
- Jul 2014
- Posts
- 92
OP, if you're funding 50% of your approvals you should be making 6 figures. If I were you, my concern would be my average deal size being only $13k. Either you're not getting strong enough leads and should demand better (or go somewhere that can provide them), or you're not closing the larger deals and need to fix why you're only appealing to the smaller / lower quality merchants. The split seems low if you're commission only (you didn't specify) but it'll be hard to make real money funding $120k/mo even if you fix that.
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06-30-2022, 01:19 PM #31
- Join Date
- Dec 2016
- Posts
- 379
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06-30-2022, 01:41 PM #32
- Join Date
- Jun 2015
- Posts
- 3,325
even with your math you still got another 5 hours for everything else .
Also your naïve if you think submitting as opposed to having an api and click a button so they do not have to enter everything gets you a better approval and more deals done.
Having a low default rate ,syndicating, big volume and not wasting a funder time is what gets you bigger and better approvals . in that order
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06-30-2022, 01:56 PM #33John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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06-30-2022, 02:55 PM #34
- Join Date
- Dec 2021
- Posts
- 637
At Capybara Capital you don't need to just have BIG volume with us or need to syndicate to get a 250K or 2.5M offer. Try us marcus@capybarausa.com (its end of month slammed here but will try to get agreement over latest tomorrow -- unless you will lose a merchant).
Marcus Clapman
Capybara Capital
marcus@capybarausa.com
www.capybarausa.com
646-708-5986 (Text Friendly!)
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07-01-2022, 10:31 AM #35
- Join Date
- Mar 2016
- Posts
- 907
Thank you,
Lior Monus
Business Development Manager
CFG Merchant Solutions
Direct: (646) 880-6764
Cell: (516) 319-5826
Fax: (646) 278-7322
Lmonus@cfgms.com
180 Maiden Lane New York, NY 10038
www.cfgmerchantsolutions.com
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07-01-2022, 12:54 PM #36
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07-05-2022, 09:39 AM #37
- Join Date
- Apr 2013
- Posts
- 245
Here's some advice.. find a different industry, this one will take your soul. But if you decide to stick it out then
- don't trust anyone that includes merchants, everyone is a ****ing liar except the underwriter (just wrong sometimes)
- It's not hard to open up your own broker shop, why split the commission? I opened up my first broker shop after being 6 months in the industry. (Then again most of the good funders aren't taking on anymore isos so the funders you are left with you need to do research on. If you never seen them in bank statements, most likely they are not a funder) That's the only way you'll achieve commission you are looking for.
- LEADS are everything, lot of bull**** out there, so don't go buy big batches always get small samples of leads to test out. (I have a great connection for one but they are pricey)
- if you decide not to open you own shop, look around for other brokers to work for and see who offers something better. If you are a top closer then negotiate your commission.
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07-05-2022, 10:45 AM #38
Some underwriters actually happen to be spies for OTHER ISOs. Take that from me. I can't say it enough. So when the guy said "trust no one," you might as well include yourself in that. Literally, don't even trust yourself, as you may get attached to a dead deal @ times, & that deal will eat up valuable time that could have been spent working on 3-4 other deals that would have all gotten you paid a lot more.
There's so much advice people can give you about this industry, but Fetachini said what were my 1st thoughts: "Find a different industry." This one can get quite disappointing, when you realize many folks have absolutely no respect whatsoever for your hard work. They'll backdoor a deal, sometimes even in your face, if that's even possible. They do it in a way that you won't even doubt it was them who did it.
Others feel you're their own personal rep once you submitted a deal to them. They'll give you a crappy offer, but expect you to "just sell it!" as though you're really working for them. They think you're stupid & don't know there are other funders who can do better; that you were just giving them a chance to earn your submissions.
There's so much to this business, I swear the best way to go about is to cross your fingers, work as hard & as smart as you can, & expect some losses. Write them off to the game. But guaranteed, you'll find straightshooter funders & brokers along the way. Those people will be the blessing. They will make the journey worth it.
Good luck!
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07-05-2022, 10:56 AM #39
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07-05-2022, 11:16 AM #40
- Join Date
- Jun 2015
- Posts
- 754
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07-05-2022, 11:32 AM #41
- Join Date
- Jun 2015
- Posts
- 3,325
a year ago that would have been good advice , now most of the shady ones switched their addresses and the ones that have a Brooklyn address are more legitimate ( obviously not all).
Stay away from any that does not have a real address that you can walk into. You will be surprised how many funders if you google their address you will see that it is a post office
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07-05-2022, 12:12 PM #42
- Join Date
- Oct 2014
- Location
- Naples, FL
- Posts
- 474
Names like Fundyman... Fetachini... they have YEARS here. The advice they give you is REAL. This game is cold and no one cares about you. Expect to get sued. Lied on. Robbed.
BUT... there's nothing more rewarding than finding your own lane.
So, don't let anyone deter you from doing whats right for you. Just remember, that there is a balance in what you get - you also give up.
Balance kid.
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07-05-2022, 12:14 PM #43
- Join Date
- Dec 2015
- Posts
- 610
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07-06-2022, 02:45 PM #44
- Join Date
- Mar 2019
- Posts
- 28
The best advice is to watch this 25 minute video (and repeat watching it a few times until you understand what he is saying), and then go to another industry as a 23 year old young guy.
https://youtu.be/KX1BesAdrDU
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07-06-2022, 06:50 PM #45
Sorry Kevin but there's a vast dichotomy between making hundreds of calls a day vs spending quality time on a smaller amount of allocated leads in terms of a reps ability to scale their growth & skillset. I think an appropriate platitude for this scenario is: "You can't cheat the grind".
Now, let me explain what exactly the dichotomy is:
For one, if your underlying substructural mental drive is correlated with the mentality of spending more quality time into each individual lead in aspiration for the acquiring of long-term mastery and knowledge vs having the substructural values of "hammering the phone", if you took two identical people with the same intelligence and had one practice your previously exclaimed values over 5 years while the other person practiced the hundreds of calls a day value over the 5 years, the results would be absolutely staggering.
The reason why is because somebody practicing your admonishments wouldn't be able to retain and apply the 5 years of "work effort" to another industry or leadership or intelligence or most importantly in our discussion here, the industry, the same way that someone who calls hundreds of times a day would for one, and for two, the person who doesn't aspire to make hundreds of calls but rather aspires to spend quality time, will always have down time, and in the course of that down time you would incoherently sit around because of the underlying behavioral pathological values that methodology has taught your brain vs the guy who makes hundreds of calls a day. The guy who makes hundreds of calls a day will develop the 6th sense knowledge acquired over time to know when it’s beneficial and appropriate to put "quality time" into valuable leads when those leads present themselves because they'd have developed the aptitude to do so, but someone who practices the opposite narrative that you've advised above will naturally slack because their entire working life is putting "quality time" into things and the reality of this game is quality time isn't nearly as common as the opposite, and if you've spent your entire career building off values of quality time, you won't possess the aptitude to know when to not put that quality time in which will result in you actually putting less quality time into things over time because you've had so many disappointing instances of putting quality time into things with no result which will naturally exhaust somebody's ambition over the course of years and cause a mental blending and ineptitude in terms of differentiation between a quality time file and not.
The guy who makes hundreds of calls a day and doesn't let themselves have ANY down time because they're always on the phone not only develops next level skill over time, but it'll promote the neuroplasticity required to be a master of this business and make a lot of money, and what I mean by neuroplasticity is the ability for you to have every single answer at the snap of a finger no matter what a client throws at you, but not only that, also having the skill and ability to propagate said answer to said client in such a quick manor that it implies superfluous knowledge whilst simultaneously coming up with an answer that's adequate and not unprofessional or coming off in a bad fashion, which also requires psychological mastery which a guy who makes hundreds of calls a day will incoherently develop without direct study without them even realizing because of the thousands and thousands of interactions they've accumulated in such a short amount of time, you can't teach that to anyone. The best part about this is that the guy who makes those hundreds of calls a day develops (without even directly realizing sometimes), a very high level of drive that begins to become insurmountable which further sparks their interest to pursue more correlated knowledge regarding this industry like psychological fundamentals that can be applied for example.
None of these characteristics will even remotely develop in the guy who doesn't choose to do this from the beginning and tries to cheat the grind by practicing the behavior you're discussing, and the guy who participates in your advised behavior will inevitably be crushed because you're teaching yourself from the beginning to not rely on yourself and you haven't went through the trials and tribulations to a high enough magnitude compared to the guy who makes a ton of calls which means you have a much lower ability to retain things because the mental sanctity associated with whatever item of knowledge you're trying to retain won't be present, so you won't view it the way a guy who makes the calls would view it which results in it being pass through knowledge vs being a tattoo in your brain, and this compounds over years and years and years which is exactly why at the end of 5 years in our example here, the man who makes the calls will undoubtedly run circles around their counterpart.
Bottom line, can't cheat the grind.
OP: My suggestion here, forget about your commission, you won’t be at this company forever, it’s a short term concern when you should really be concerned about long term cultivation of skill because you won’t always be a strapping 23 year old eager to learn. Which means you should be questioning why it's okay in your company for you to siphon through leads rather than hitting the phone hard. Why? Because it implies that your leaders aren’t concerned for your long term skill set development but rather are concerned about you bringing in business, but a true leader and business owner knows that proper fundamental outlining for a new rep with guidelines set for growth will incoherently produce more money over time for everyone. As a new guy you have no understanding of that principle which is why you should be questioning why your leaders aren't holding you to that standard because that standard (as blatantly broken down and explained above), is what's going to bring you actual success, actual capability in terms of articulation over time, actual capability to GENERATE your own business without relying on anyones hand outs or siphoned CRM leads. These are principles many don't possess in this game and if they do, it's extremely hard to convey and dig into a new guy because it's considerably complicated when you incorporate all of the implications involved. Take it from someone who does very well in this industry and runs a large office with guys I put the same time into as I've done on this post. The reason why for me is because at the end of the day educating and building somebody up possesses far more fulfilling elements compared to squeezing whatever profits you can generate from someone.Last edited by Finance; 07-06-2022 at 07:37 PM.
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07-07-2022, 10:46 AM #46
It sounds as if you've never grinded the phones for 8 hours a day, but obviously if you get someone on the phone who loves to talk and brag about his business, you speak with him longer to dig in to see what he's using the money for, how much he's profiting on it, etc., but you don't always get people on the phone!
If you're given 20 "quality" leads per day, and can only get a hold of 5 of them, what do you do for the rest of your day?
Unless you're too busy chasing stips and closing deals, if you don't make at least 200 calls per day you're just a mediocre below average slacker, not a top closer by any means.
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