[Quickfunder]

Merchant of mine got called by these guys as soon as I submitted out of the blue, said they had his file.

[isaacdstern]

sounds like someone pulling the oldest trick in the book

[isaacdstern]

Iso sends the file to the funder...funder approves or declines the file...next day the merchant gets a call out of the blue from someone he never applied to...as the cost of marketing skyrockets know who you are sending your files to!!

[Quickfunder]

I know who I am sending my files to. I don't know if there is a leak there or that they company is welling and dealing with another funder. I just won't send deals to them any more.

[isaacdstern]

Its going on at more companies then people know...the cost of marketing has gone through the roof so instead up pumping up their marketing budget they just steal submissions...much cheaper that way

[MCAVeteran]

"Iso sends the file to the funder...funder approves or declines the file...next day the merchant gets a call out of the blue from someone he never applied to...as the cost of marketing skyrockets know who you are sending your files to!! "

I agree with this statement. Your file should ONLY be reviewed by the company you send it to, not by another company the very funder has created as a secondary newco to solicit the merchant. Stay in touch with your merchants and follow up. Its also a good point that a broker should have a few funding sources if the first one declines the file.Virtually every deal has a way to be monetized if you search hard enough for a funder to take the paper. If the offers arent good enough to close the deal, go to another source. Your job as the aggregator is to help find the funds for your merchant.

[sbroman]

Merchant of mine got called by these guys as soon as I submitted out of the blue, said they had his file.

This organization has no ties to MCC or Next Level Funding. I am not certain if you submitted a deal to MCC and are curious if MCC would then decline and provide the lead to someone else, but I can assure you this practice does not take place at MCC. I am certain if it had taken place we would not have been able to grow through our referral partners over the years to get to where we are today.

As everyone knows there are many lead sources that sell the same leads to mutiple entities as well as merchants who continue to shop for the best deal by going through several brokers.

If you have any questions, feel free to reach out to me directly or our CEO makes himself frequently available.

Thanks,
Seth

Seth Broman
VP Business Development
Merchant Cash and Capital
212-545-3185
sethb@merchantcashandcapital.com

[isaacdstern]

Iso sends the file to the funder...funder approves or declines the file...next day the merchant gets a call out of the blue from someone he never applied to...as the cost of marketing skyrockets know who you are sending your files to!!

When i wrote this statement I was not referring to MCC or NLF in any way.

[Quickfunder]

I think it's safe to assume that the community at large funnels deals to each other; many have admitted to me just that. "We work with so-and-so bank." Um, what??? The rate at which I bounce between lenders has really grown over just the last year at the smallest whim of not feeling the relationship honored between broker and bank. If a bank would rather compromise a fruitful relationship by so obviously dishing out a declined deal, they've just lost an entire stream of business from that agent. This is not to say that this was the case in the instance I raised - - but when an Account Manager e-mails me a follow up on a merchant that THEY declined ... asking particulars of the deal: "So was this guy funded by someone else" or "Out of curiosity, what were their other offers?" -- it's such a given that it's offensive.

[Quickfunder]

"Stay in touch with your merchants and follow up.

How do you propose this so far as probing on the merchant getting calls behind your back. I have my techniques as to this and can't be certain that they work. I do know that my merchants quite often voice their respect for my way of doing business over other calls.

[Quickfunder]

This organization has no ties to MCC or Next Level Funding. I am not certain if you submitted a deal to MCC and are curious if MCC would then decline and provide the lead to someone else, but I can assure you this practice does not take place at MCC. I am certain if it had taken place we would not have been able to grow through our referral partners over the years to get to where we are today.

As everyone knows there are many lead sources that sell the same leads to mutiple entities as well as merchants who continue to shop for the best deal by going through several brokers.

If you have any questions, feel free to reach out to me directly or our CEO makes himself frequently available.

Thanks,
Seth

Seth Broman
VP Business Development
Merchant Cash and Capital
212-545-3185
sethb@merchantcashandcapital.com

Thanks, Seth. Out of curiosity - what is the difference between MCC and NLF? I know I have submitted deals to MCC only to have gotten calls from NLF inquiring about my submission for capital, as if I was the business owner and submitted personally. Little did the person at NLF realize they were calling a broker who submitted a file. It was all very confusing.

[MCNetwork]

NLF is the internal sales team of MCC. They are the same company.

[sbroman]

NLF is the internal sales team of MCC. They are the same company.

NLF is a company owned by MCC, however they are completely separate and have separate offices. We have worked very hard to ensure that there is a firm barrier between the two organizations and our partners in both spaces would attest to that. Feel free to reach out with any questions you may have.

[Chambo]

NLF is a company owned by MCC, however they are completely separate and have separate offices. We have worked very hard to ensure that there is a firm barrier between the two organizations and our partners in both spaces would attest to that. Feel free to reach out with any questions you may have.

"insure any barriers"?

[MCAVeteran]

does NLF send deals to other competitors or do they just direct market to merchants for mcc only? what barriers can be put in place in this example? i guess the question is, why does MCC have a seperate office/location for its direct sales vs inside MCC?

[Quickfunder]

does NLF send deals to other competitors or do they just direct market to merchants for mcc only? what barriers can be put in place in this example? i guess the question is, why does MCC have a seperate office/location for its direct sales vs inside MCC?

I'd like to respect any lender and their Inside Sales Office. However, as cited with the example above, I had submitted a deal to MCC only to get a call from NLF inquiring about my submission as if I was the Business Owner. In other words, a huge error -- the rep obviously meant to call the merchant without my knowledge, and not on behalf of the bank to which I submitted the deal.

[CO1]

A lot of companies are doing this now as marketing prices go up a lot of the companies are taking submission sent in by ISO and decline them and than 4-5 days later they try back on behalf of there own and a lot of processing companies are popping out saying they are a direct funder and so they lure ISO in with there residual for cc processing but end up just keeping them.

[Finance1]

Direct sales channels seem to be on the increase for sure. Plenty of the larger mca providers who have sizeable iso channels are running ppc campaigns. Luckily for ISO's ppc alone can't feed a large machine.

[MCNetwork]

I'd like to respect any lender and their Inside Sales Office. However, as cited with the example above, I had submitted a deal to MCC only to get a call from NLF inquiring about my submission as if I was the Business Owner. In other words, a huge error -- the rep obviously meant to call the merchant without my knowledge, and not on behalf of the bank to which I submitted the deal.

That definitely looks fishy. The fact that the agent was contacted and not the business owner raises a big red flag.

[CO1]

Sorry but what is a ppc campaigns?

[Capital Stack]

pay per click

Sorry but what is a ppc campaigns?

[CO1]

Thanks David !

[Chambo]

I'd like to respect any lender and their Inside Sales Office. However, as cited with the example above, I had submitted a deal to MCC only to get a call from NLF inquiring about my submission as if I was the Business Owner. In other words, a huge error -- the rep obviously meant to call the merchant without my knowledge, and not on behalf of the bank to which I submitted the deal.

MCC has been busted multiple times for deals "magically" appearing on NLF's desk. Of course, NLF gets premier pricing over others (except for Jared). Thought that had disappeared after Levy got booted...but I guess old habits die hard

[Quickfunder]

So the questions remains: what do you communicate to the merchant to deter them from taking those calls made after your submission? Again, I have my personal techniques and usually have to elaborate as to my cautioning them without saying: "Hey, if you get a phone call let me know because someone is going behind my back." It would almost ruin our credibility and trustworthiness with having their file.

[Finance1]

I tell them that there are telemarketers highly skilled at deception and will call and act like they are the company handling your cash advance application. Be wary of phone calls from any company other than _____. I also tell them to contact us right away if they received a suspicious or confusing call so I can determine if it was legitimate or not.