Why are my Merchants GHOSTING me?
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  1. #1
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    Why are my Merchants GHOSTING me?

    The competition level of a file (or your leads), and your level of effectiveness at competing is very important.

    You have a very short period of time to convey Words, Actions and Processes to convince your merchant to buy your credibility right there on the spot, or to make him think about it and come back later.

    If you haven't sold him or her, this is the point when the ghosting starts to take shape.




    REASONS



    -You never created a sense of urgency with the merchant to take action now.


    -You don’t follow up when you say you would, (or at all) so merchant doesn’t take you seriously when you actually do reach out. There’s someone else who was more serious.


    -You never established the burning reason or motivation why the merchant should take the money quickly, ie. NOW? (It's either to remove pain that will get worse if you procrastinate, or take advantage of a good opportunity that you might lose)


    -The merchant doesn’t believe you are a credible solution to his problem or desire. Either you don’t have the right lenders or right alternatives, or you give the appearance of a one-trick shop.


    -The merchant took money already.


    -You don’t have a one call close mindset…If merchants typically close with you in 1-2 weeks after you connect with them, there's likely things you could be saying or doing to have them close on the first call, or at least in the next 24-72 hours.


    -The merchant went through the whole process before and had the deal killed at the gate or in final underwriting, and as they start the process with you, it feels like they’re just going through the same motions as before.


    -The merchant just didn’t feel like speaking to you anymore and they weren’t compelled to provide a reason.



    -Spoke to 5 guys today like you and you all sound the same. He went with the one guy who made him laugh, or who knew his industry, or got him to take immediate action


    -Wasn’t comfortable giving subsequent financial info to someone he met over the phone (40% of financial deals done in person or off referral, 80% of people will never do business off a cold call).


    -Wasn’t comfortable with you – gender, color, part of the country you’re from, talk too slow/too fast

    -Cold feet when he thought about the reality of paying back all that money


    -You were too high pressure on the phone. You want to be calm and relaxed, will moving with expedience.


    -You don’t follow instructions. He said call him Wednesday at 1 PM. You called at 10 am, then again on Thursday.


    -Wife told him it wasn’t safe sending financial info to a stranger

    -Found another solution and didn’t bother to let you know (you weren’t important enough).


    -The merchant has issues that were a problem for them in the past and feel that they would block them getting money now. You never discuss it and they lose faith, and don’t tell you.


    -Merchant had a minor need or desire, but not a serious one, so they were never fully committed.


    -Merchant spoke to another sales guy over the phone, and the experience was so negative, they were turned off by future calls.



    The majority of these issues can be solved with just asking the right questions, being on top of your merchant, and matching the merchants’ proclivities and behaviors.






    www.UccRadar.com – Large sales volume merchants filling out your application.

  2. #2
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    Loved every single one of these. You speak from the heart on this one!

  3. #3
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    Quote Originally Posted by Steven_O View Post
    Loved every single one of these. You speak from the heart on this one!

    You're the man Steven





    www.UccRadar.com – Large sales volume merchants filling out your application.

  4. #4
    Senior Member Reputation points: 78889 Olderguy's Avatar
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    You haven't gone deeper enough with discovery to demonstrate you have more product knowledge and more options than a typical MCA broker. You haven't differentiated yourself from all the other MCA brokers.

    Act like you are a loan officer and not just another MCA guy.

    Qualify for term loan
    SBA loan options
    Personal loan
    Asset based lending
    A/R, A/P, factoring
    Real Estate - O/O and NOO
    Equipment financing or cash out
    co borrower available
    Cross collateralization - property
    Intellectual property to collateralize/monitize
    Review P & L and tax returns to see if they cash flow for better loan
    Last edited by Olderguy; 06-13-2024 at 11:40 AM.
    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.

  5. #5
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    No positive online presence is a big one. I know guys hide their names often because they are generating leads illegally, but not having positive reviews and such will absolutely make a merchant go dark on you.

  6. #6
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    Quote Originally Posted by Olderguy View Post
    You haven't gone deeper enough with discovery to demonstrate you have more product knowledge and more options than a typical MCA broker. You haven't differentiated yourself from all the other MCA brokers.

    Act like you are a loan officer and not just another MCA guy.

    Qualify for term loan
    SBA loan options
    Personal loan
    Asset based lending
    A/R, A/P, factoring
    Real Estate - O/O and NOO
    Equipment financing or cash out
    co borrower availabl
    Cross collateralization - property
    Intellectual property to collateralize/monitize
    Review P & L and tax returns to see if they cash flow for better loan
    He Identifies as someone who knows more than other brokers. That should be good enough for you Stephanie.

    He also identifies as a better broker than the rest.

  7. #7
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    Quote Originally Posted by Olderguy View Post
    You haven't gone deeper enough with discovery to demonstrate you have more product knowledge and more options than a typical MCA broker. You haven't differentiated yourself from all the other MCA brokers.

    Act like you are a loan officer and not just another MCA guy.

    Qualify for term loan
    SBA loan options
    Personal loan
    Asset based lending
    A/R, A/P, factoring
    Real Estate - O/O and NOO
    Equipment financing or cash out
    co borrower availabl
    Cross collateralization - property
    Intellectual property to collateralize/monitize
    Review P & L and tax returns to see if they cash flow for better loan





    Positioning yourself as a consultant or an advisor does help as it gives the impression you're
    on the same team, and that you know more than they do, which builds your credibility.

    Merchants also appreciate that you made the attempt for the best option for them, even if it was unlikely to begin with, and unsuccessful.




    www.UccRadar.com – Large sales volume merchants filling out your application.

  8. #8
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    Quote Originally Posted by diditevenfund View Post
    No positive online presence is a big one. I know guys hide their names often because they are generating leads illegally, but not having positive reviews and such will absolutely make a merchant go dark on you.


    This is also true if they're unable to perform due diligence that makes them feel comfortable.

    If 3 companies are competing, and one is on TV and all over the internet, that's the one most likely to win, if everything else is equal.





    www.UccRadar.com – Large sales volume merchants filling out your application.

  9. #9
    Senior Member Reputation points: 118256 ridextreme's Avatar
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    Most of the time it's very simple they're either still shopping around for a better offer or they already accepted one and could care less about telling the other brokers about it.

  10. #10
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    Quote Originally Posted by ridextreme View Post
    Most of the time it's very simple they're either still shopping around for a better offer or they already accepted one and could care less about telling the other brokers about it.
    Nice karma to the brokers who dont keep their funders posted and do this.

  11. #11
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    I think ridextreme is the correct door on this.

  12. #12
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    Quote Originally Posted by ridextreme View Post
    Most of the time it's very simple they're either still shopping around for a better offer or they already accepted one and could care less about telling the other brokers about it.


    True, it usually boils down to one of those... but that answer provides no accountability for your salespeople to improve, or to be on the winning end of that equation.




    www.UccRadar.com – Large sales volume merchants filling out your application.

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