[SmartAdvanced]

The real issue with these Shady funders is that the merchants end up committing similar or greater crimes in response to them getting scammed or ripped off.

I’ve seen this so many times. Merchants taking out money and defaulting out the gate, just to “get even” with the MCA space, due to them getting scammed a week or month prior, from one of these shady funders.

So by the time legal gets involved both parties have engaged in a scheme to defraud.

The only ones losing out are the funders who operate above and beyond the law and try keeping themselves to the rules, because they ultimately pay the big picture price.

However, companies like OnDeck or Square are no saints either. Look up their multi billion dollar shinanigins.. puts these $10K scammers to shame.

[SmartAdvanced]

Funny how not one of the funders on this list, are registered in Virginia.

What does it say about them?

https://www.scc.virginia.gov/getatta...4eb4/sales.pdf

[fundingsmbs]

There needs to be an overhaul of this industry. licensures, verifications of funder's actually being funders and having a physical office location, recourse for backdooring, recourse for brokers who stiff funders, etc etc. DF/Debanked is in a unique situation to assist in this effort as they collect banner and sponsor advertising $ and there should be a vetting process before allow these companies to market to brokers. as regulations in states are cracking down, the industry needs to figure out internally, how it's going to fix a lot of these problems on it's own as well.

[goldenhippo80]

Funny how not one of the funders on this list, are registered in Virginia.

What does it say about them?

https://www.scc.virginia.gov/getatta...4eb4/sales.pdf

That they can't pass background checks lol. All the washed up wall street criminals turned funders

[Sean Cash]

Licensing - this is happening in some states but it only applies at the company level, not the individual sales rep level. I'm not familiar with any initiative for individual licensing unfortunately, which would probably serve the industry better.

Verification of a funder being a funder, recourse for backdooring, recourse for brokers who stiff funders - This is basically all just governed by contracts. Does your ISO agreement stipulate what the other party can or can't do with the file you send them? And if caught breaching it, does it offer a remedy? Same with the other way around. So how do you hold the other party accountable if they breach? Well, you can sue them and this is where people in the industry give up 90% of the time because lawsuits cost money and take time and may lead to unwanted discovery. So people tend to write off the experience as a cost of doing business. Regulation won't solve basic b2b contract disputes that people just refuse to pursue on their own.

There are some very big brokers in this industry who stress very strongly how important it is to have lawyers redline agreements before establishing a business relationship. It takes time. It costs money. It may prevent some relationships from actually moving forward. But it will prevent a lot of headache.

Take the care to perform due diligence, negotiate contracts, conduct background checks, and then only then decide to move forward if it makes sense. Too many people skip these steps because they prioritize speed of forming the relationships to get the deals funded above all else.

[Hedley Lamarr]

Licensing - this is happening in some states but it only applies at the company level, not the individual sales rep level. I'm not familiar with any initiative for individual licensing unfortunately, which would probably serve the industry better.

Verification of a funder being a funder, recourse for backdooring, recourse for brokers who stiff funders - This is basically all just governed by contracts. Does your ISO agreement stipulate what the other party can or can't do with the file you send them? And if caught breaching it, does it offer a remedy? Same with the other way around. So how do you hold the other party accountable if they breach? Well, you can sue them and this is where people in the industry give up 90% of the time because lawsuits cost money and take time and may lead to unwanted discovery. So people tend to write off the experience as a cost of doing business. Regulation won't solve basic b2b contract disputes that people just refuse to pursue on their own.

There are some very big brokers in this industry who stress very strongly how important it is to have lawyers redline agreements before establishing a business relationship. It takes time. It costs money. It may prevent some relationships from actually moving forward. But it will prevent a lot of headache.

Take the care to perform due diligence, negotiate contracts, conduct background checks, and then only then decide to move forward if it makes sense. Too many people skip these steps because they prioritize speed of forming the relationships to get the deals funded above all else.

Sadly...Most times the first question asked is "How much money do I make"? That should be far down the list before asking who? what? why? How?
99.9% of the posts on the forum is about somebody screwing somebody else. You rarely see a post about successes. 100% of the time somebody got screwed is because they did little to NO research on whom they were attempting to do business with......

[mistamca]

Isn't this what funder intel does or do I have a new programming project because a verification/review platform sounds like a neat project

[OC Funder]

Sadly...Most times the first question asked is "How much money do I make"? That should be far down the list before asking who? what? why? How?
99.9% of the posts on the forum is about somebody screwing somebody else. You rarely see a post about successes. 100% of the time somebody got screwed is because they did little to NO research on whom they were attempting to do business with......

Max commission shouldn't be the end all, but I don't think it's crazy for a broker to make sure compensation will cover their marketing expenses. When you applied for your job there might've been many factors that went into your decision but potential income was probably pretty high on the list. I do agree that you need to be careful whom you do business with!

[ADiamond]

All the washed up wall street criminals turned funders

Don't even give them that much credit. Wall street nothing, lacking education and basic human decency. Straight up grime balls. They'd rip off their own mother.

[Friendly funder]

definitely some really bad funders in this industry, But the ridiculous amount brokers promising the LOC pending a 30 day 1.499 with 20% fees is getting out of control.

funders need to start asking the merchants on funding call if any LOC or term loan was promised in any way in the presentation of their mca offer.

But than what about the guys who actually do sba loans and get the merchant an mca to have during the 1-3 months it takes to close an sba loan

[Bcooper]

But than what about the guys who actually do sba loans and get the merchant an mca to have during the 1-3 months it takes to close an sba loan

As someone who has actually used an MCA as a bridge successfully 9 times out of 10 the broker has no relationships with sba banks and is speaking out their ass. Before funding a mca as a bridge always have the bank verify if they can purchase the debt before funding it and get an EOI out with the MCA incorporated before funding the mca. If you have questions on how to do it properly without ****ing your merchant please feel free to reach out.

[admin]

We will be implementing something soon to increase transparency on this forum.

[Bcooper]

We will be implementing something soon to increase transparency on this forum.

can we have a sneak peak as to what that will be?

[CharlieConway96]

united funds usa
Gold Capital
City Capital

Interesting you grouped the together....
giphy.gif

[BB_Cooper]

Saw "United Funds" carrot a merchant with 20K (14K NET - 6K FEE) debit his bank for 2x $1k pmts, and had the merchant wire back $29,990 the same day

It doesn't matter what their name is - they have a million different labels, these are mostly Brooklyn guys (you know who) using and abusing Metropolitan Commercial Bank

I would go to far as to say that M.C.B. is in on it at this point, but that's speculation and circumstantial.

What they're all doing is committing fraud, money laundering, among a ton of other things - and it will catch up to them eventually.

Shine a spotlight on Metropolitan Commercial Bank if you really want to nip it in the bud, for starters.

It's really just sad to see them all get away with it for this long and straight up take advantage of ordinary working people.

Just saw this same scam

[downtownfunding]

Saw "United Funds" carrot a merchant with 20K (14K NET - 6K FEE) debit his bank for 2x $1k pmts, and had the merchant wire back $29,990 the same day

It doesn't matter what their name is - they have a million different labels, these are mostly Brooklyn guys (you know who) using and abusing Metropolitan Commercial Bank

I would go to far as to say that M.C.B. is in on it at this point, but that's speculation and circumstantial.

What they're all doing is committing fraud, money laundering, among a ton of other things - and it will catch up to them eventually.

Shine a spotlight on Metropolitan Commercial Bank if you really want to nip it in the bud, for starters.

It's really just sad to see them all get away with it for this long and straight up take advantage of ordinary working people.

I have seen this happening repeatedly lately by United Funds and they have a bunch of other names like Turbo Capital. Can you elaborate on how they're abusing Metropolitan Commercial Bank? Doesn't MCB still require a holding account with 3x your daily ACH?

[kevin@rossi]

Funny how not one of the funders on this list, are registered in Virginia.

What does it say about them?

https://www.scc.virginia.gov/getatta...4eb4/sales.pdf

Do they have this for Utah ?

[Fundthis!]

If you have any to add, please share. These funders have been caught with shady practices. Carroting the day after funding, promising lines of credit for taking 1.699 with 20% fees and so on.

Advance Capital
All Shore Capital
Art Funding
Everyday
Family Funding Group
Go Fund
Image
Independent Fund
Jett Funding
Master Fund
Puttnam
Redstone
Regal Capital Group
Revive Capital
United
Wincap
World Global

Adventure Funding Group

[Paz]

If you are in need of a legit funder - Look no further -PAZ FUNDING SOURCE LLC
Sign UP here www.pazfundingsource.com/partner/
Funding all states
Commissions at 14%
Direct Funder
1 hour approval
Full commission on renewals
Weekly payment available


Daniel Gold
Paz Funding Source LLC
310-845-6112
Dan@PazFundingSource.com

[BR-Nightmare]

If you are in need of a legit funder - Look no further -PAZ FUNDING SOURCE LLC
Sign UP here www.pazfundingsource.com/partner/
Funding all states
Commissions at 14%
Direct Funder
1 hour approval
Full commission on renewals
Weekly payment available


Daniel Gold
Paz Funding Source LLC
310-845-6112
Dan@PazFundingSource.com

giphy.gif

[Fundyman]

& I'm reading all of this quite a bit too late... if I had the time, I would've added to the list too.

[Loading]

It's never too late to add!

[SendDocsPlox]

Is there a specific place on the forum to namedrop people carroting LOC scams

Sick of this **** and its time to put people on blast

[diditevenfund]

I agree, search engines would probably pick up on these names, most repeat offenders, and possibly help save merchants from the fraud.

[TheConfidentBroker]

I agree, search engines would probably pick up on these names, most repeat offenders, and possibly help save merchants from the fraud.

Agree. DF comes up in searches on Google. Make a new thread put the information and save the manatees.