Results 51 to 75 of 96
-
05-20-2023, 05:03 PM #51
- Join Date
- Jun 2015
- Posts
- 754
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.
-
05-23-2023, 04:27 PM #52
- Join Date
- Jun 2015
- Posts
- 754
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
-
05-24-2023, 09:52 AM #53
- Join Date
- Feb 2018
- Posts
- 1,349
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.
-
05-24-2023, 10:11 AM #54
- Join Date
- Dec 2021
- Posts
- 214
-
05-24-2023, 11:13 AM #55
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.
-
05-24-2023, 11:29 AM #56
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,508
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......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
-
05-24-2023, 11:31 AM #57
- Join Date
- Feb 2019
- Posts
- 209
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
-
05-24-2023, 12:18 PM #58
- Join Date
- Jul 2014
- Posts
- 92
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!
-
05-24-2023, 12:39 PM #59
-
05-24-2023, 12:47 PM #60
- Join Date
- Apr 2021
- Posts
- 114
-
05-24-2023, 01:04 PM #61
- Join Date
- Jun 2021
- Location
- miami
- Posts
- 436
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.
-
05-24-2023, 01:38 PM #62
We will be implementing something soon to increase transparency on this forum.
-
05-24-2023, 01:51 PM #63
- Join Date
- Jun 2021
- Location
- miami
- Posts
- 436
-
05-24-2023, 05:43 PM #64
- Join Date
- Sep 2022
- Location
- New York, NY
- Posts
- 11
Interesting you grouped the together....
giphy.gifChuck Conway
Hendrix Funding Group
Minneapolis, MN
Triple Deking 1.49s
-
05-25-2023, 09:48 AM #65
- Join Date
- Jun 2014
- Posts
- 541
-
05-26-2023, 02:56 PM #66
- Join Date
- Sep 2015
- Posts
- 40
-
09-15-2023, 01:10 PM #67
- Join Date
- Jun 2022
- Posts
- 24
-
10-10-2023, 06:42 PM #68
- Join Date
- May 2019
- Location
- Miami
- Posts
- 156
-
10-11-2023, 01:00 PM #69
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.comLast edited by Paz; 10-11-2023 at 01:15 PM.
-
10-11-2023, 01:21 PM #70The Brokers Nightmare
I don't want peace, I want problems, ALWAYS!
Florida-Based
-
03-06-2024, 07:07 PM #71
& I'm reading all of this quite a bit too late... if I had the time, I would've added to the list too.
-
03-06-2024, 07:12 PM #72
- Join Date
- Dec 2022
- Posts
- 69
It's never too late to add!
-
03-19-2024, 02:13 PM #73
- Join Date
- Nov 2021
- Location
- in this thread, vigorously mashing the refresh key
- Posts
- 262
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
-
03-19-2024, 02:20 PM #74
- Join Date
- Mar 2024
- Posts
- 255
I agree, search engines would probably pick up on these names, most repeat offenders, and possibly help save merchants from the fraud.
-
03-19-2024, 02:41 PM #75
Similar Threads
-
Passover funders whom are working LIST!!!!!
By Zonefund in forum Merchant Cash AdvanceReplies: 19Last Post: 04-19-2022, 02:24 PM -
List of funders still funding
By Quickbizpartner in forum Deal BinReplies: 28Last Post: 08-19-2020, 08:35 AM -
Let’s get a list going of funders that are still funding
By ABC2016 in forum Merchant Cash AdvanceReplies: 69Last Post: 05-18-2020, 10:12 PM -
Updated Funders List
By AdvanceFund in forum Deal BinReplies: 11Last Post: 05-30-2018, 08:06 AM -
Updated Funders List
By AdvanceFund in forum Merchant Cash AdvanceReplies: 0Last Post: 05-24-2018, 05:53 PM