Results 1 to 25 of 58
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07-11-2022, 07:29 PM #1
Reputation points: 1158
- Join Date
- Apr 2015
- Location
- Morristown, NJ
- Posts
- 98
Fundshop
Just caught these guys calling a merchant that I submitted to them, and that someone I submitted to also sent to them apparently. Put my phone number as the merchant number and what do you know, "Chris, from Fundshop's underwriting department" called thinking it was the merchant trying to backdoor me.
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Rich McKellar
www.linkedin.com/in/richardmckellar
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07-12-2022, 12:14 AM #2
this is a practice we used to deal with all the Funders at some point... the bigger Funders that you have a relationship with usually will not happen...sometimes..And now that you know what funder you sent it to than you are aware of the leak? Sad story is that not all Funders have these issues but certain key employees that are on that submissions email are always looking to make some extra money and filter your approvals to sometimes an in house sales team that is directly working for the same funder you are submitting to...
in my past expierence we would create a Google voice number for each funder and have the admins who submit to the Funders change the numbers on app and erase the email in a whole off the application. It is time consuming for the admins but trust me they have the time to get this accomplished. Once you start calling the Funders out, trust me it will cease. They just will backdoor other apps and leave the submissions from you alone...
this is a nasty business we thrive in called the MCA
BUT... everything can be traced and set up for low key spys under the Funders roof..Disclaimer
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07-12-2022, 12:18 AM #3
Reputation points: 81657
- Join Date
- Mar 2014
- Location
- Florida
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- 2,890
So the application that the merchant signed you are deliberately falsifying the application?
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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07-12-2022, 12:23 AM #4
Reputation points: 503040
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- Oct 2016
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- 4,318
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07-12-2022, 06:27 AM #5
Reputation points: 81657
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,890
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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07-12-2022, 08:47 AM #6
I have had nothing but good experiences with Chris.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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07-12-2022, 09:18 AM #7
Richard,
The lack of additional details shows the quickness to call this out as backdoor. Did they have a contract signed?
You cant come with this story with very little details. As an UW, I never trust an applications #, email, or address. If I were to call the number on the app when I am working the deal and it belongs to the broker. It's funny when they attack me as to why am I calling the Merchant. Hey Dumbass how am I suppose to do my job then!?The Brokers Nightmare
I don't want peace, I want problems, ALWAYS!
Florida-Based
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07-12-2022, 09:44 AM #8
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07-12-2022, 09:48 AM #9
Reputation points: 338241
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,464
How about when people forward someone else's application without the prospect's permission? Broker A sends Broker B's application to a lender.......
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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07-12-2022, 10:01 AM #10
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07-12-2022, 10:17 AM #11
Reputation points: 338241
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,464
Just sharing the information without permission can and will get you in trouble.
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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07-12-2022, 10:31 AM #12
Reputation points: 14091
- Join Date
- Mar 2019
- Posts
- 253
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07-12-2022, 10:38 AM #13
Reputation points: 81657
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,890
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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07-12-2022, 10:59 AM #14
Reputation points: 107104
- Join Date
- Aug 2016
- Posts
- 827
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07-12-2022, 11:01 AM #15
Reputation points: 10108
- Join Date
- Apr 2013
- Posts
- 245
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07-12-2022, 11:05 AM #16
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07-12-2022, 11:16 AM #17
Reputation points: 29542
- Join Date
- Jun 2021
- Location
- miami
- Posts
- 437
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07-12-2022, 11:20 AM #18
Reputation points: 1158
- Join Date
- Apr 2015
- Location
- Morristown, NJ
- Posts
- 98
for the places i suspect of backdooring, absolutely. if I get an offer that is being accepted, then i provide the original to them so that they have the correct contact information. You should shut your mouth sometime. I've been around as long, if not longer than you, and I don't just allow scumbag companies to take my clients from me.Last edited by rmckellar; 07-12-2022 at 11:29 AM.
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Rich McKellar
www.linkedin.com/in/richardmckellar
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07-12-2022, 11:28 AM #19
Reputation points: 1158
- Join Date
- Apr 2015
- Location
- Morristown, NJ
- Posts
- 98
I can actually come with this story, because it happened. What is not understood? It's a client that I have had for 3 years, who I have funded over 12 times, and who I am funding now. They called my number thinking it was my client, hung up when I confronted them, have ignored every phonecall thereafter, have ignored emails to their ownership, and I was just letting you all to not send your files there unless you want them stolen.
Hey, if you don't care, doesn't matter to me. There's a reason that I have renewal clients who I have been funding for 10 years now. It's because I'm not a scumbag and because I don't allow scumbags to steal my files just because I gave their 'funding company' a chance.---------------------------------------------------------
Rich McKellar
www.linkedin.com/in/richardmckellar
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07-12-2022, 12:09 PM #20
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07-12-2022, 12:10 PM #21
Reputation points: 4350
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- Jan 2017
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- 65
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07-12-2022, 12:28 PM #22
Reputation points: 23563
- Join Date
- Mar 2021
- Posts
- 182
There are many times I feel my deals are being stolen from me..(from even the big names)
I would be an idiot to believe those feelings all the time... but I would be a bigger idiot if I didn't think that over the years . 10's of thousands of of my marketing dollars didn't directly line other peoples pockets.
best advice: Work hard.. be honest.. believe in g-d.. and keep your list of funders tight.. also ... dont be scum.Last edited by goatFunding; 07-12-2022 at 12:31 PM.
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07-12-2022, 01:52 PM #23
Reputation points: 1158
- Join Date
- Apr 2015
- Location
- Morristown, NJ
- Posts
- 98
What I typically do is I have several funders like Kapitus or On Deck who I know aren't selling my data or backdooring me, I provide them with the application that has the correct info on it. For most other funders, I have a backup application that before the merchant even signs it, auto populates my phone number into those sections and creates a secondary version of the app. If we get an offer and I'm requesting contracts, I provide the application with the correct info on it because I, you know, want the docs to go to the right place. I've personally never had a funder have an issue with it, including this file that I am working to fund right now. I have caught several shops that were 'funders' or who a 'funder' I submitted to forwarded it to, and they've called my merchants trying to steal said files. It is what it is, I've been in this industry too long to hand some shmuck my commissions and I don't care what some douchebag who isnt one of my funders thinks. There's times I have to send files to a new company that I don't have history with and I don't trust them, and this method has served me well to sort out those pieces of garbage who think they have some right to call my merchant, lie to them, and swindle them into a commission.
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Rich McKellar
www.linkedin.com/in/richardmckellar
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07-12-2022, 02:02 PM #24
Reputation points: 81657
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,890
A broker that wipes out a merchant's phone number, email, or changes that info , plus changing the date the application was signed -
Yes those would be red flags for me.
If I'm the guy writing the check (which I'm not) I would not accept applications from that broker.
In my Sales Career I've written Life/Health Insurance, SBA Loans, Credit Card/ACH Processing Applications and would never consider changing
or submitting false information to Underwriting.
I can recall a few times before E-Mail - Docu Sign Era traveling back to an applicants Home/Business because I neglected to secure a signature on part of an application.Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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07-12-2022, 02:06 PM #25Disclaimer
This message brought to you by:
CraaaCraaa Radio ®
http://debanked.com/merchant-cash-ad...nce-directory/
World of MCA
E.V.P Business Development
___________________________
"Success is a lousy teacher. It seduces smart people into thinking they can't lose."