[samschapiro]

image-0001FCMarketing.jpg
and Let's Not Forget
All Of Our Happy ISO's

[cardinalequity]

ORIGINALLY POSTED THIS IN RESPONSE TO ONE OF YOUR PREVIOUS ADVERTISMENTS ON 3/4/2015 AND NEVER GOT A RESPONSE.

It's amazing how your company and all of it's proprietary software's haven't incorporated simple auto responders. Despite some of the comments made on here I thought I'd check out your site and register for s**t's and giggles. I registered 4 days ago and not one simple email nor call has been made to me. Not even an auto responder email confirming registration. I do however find it amazing that there is time to post every other day on DF and market yourself but not to reach out. Bad business practices are not proprietary they are common.

image-0001FCMarketing.jpg
and Let's Not Forget
All Of Our Happy ISO's

[samschapiro]

FundersCloud will be more than happy to work with any ISO who reaches out to us either via our website (www.funderscloud.com) or telephone (888).255.2199. We have long standing relationships with hundreds of ISO's whom are more than happy with our proprietary software and the results received when servicing their Merchants through our system. We will continue to strive for perfection! Thank you for your patience.

[Sean Cash]

A heckler is a person who harasses and tries to disconcert others with questions, challenges, or gibes. Hecklers are often known to shout disparaging comments at a performance or event, or to interrupt set-piece speeches, with the intent of disturbing performers and/or participants.


FundersCloud for those in the know are the Kings of Auto Responds and have redundant systems in place so that No relevant ISO goes ignored. Thanks Dailyfunder Community,
Sincerely, FundersCloud

Sam, Cardinalequity isn't much of a heckler on here. Maybe you should reach out to him...

[cardinalequity]

Thank you Sean.

Sam, Cardinalequity isn't much of a heckler on here. Maybe you should reach out to him...

[cardinalequity]

Thank you! My apologies for coming across as a heckler that was definitely not my intent. Perhaps my expectations were too high and you're experiencing hyper growth.

FundersCloud will be more than happy to work with any ISO who reaches out to us either via our website (www.funderscloud.com) or telephone (888).255.2199. We have long standing relationships with hundreds of ISO's whom are more than happy with our proprietary software and the results received when servicing their Merchants through our system. We will continue to strive for perfection! Thank you for your patience.

[samschapiro]

Thanks Cardinal. No apologies necessary. Our goal is the ultimate satisfaction of the ISO's were servicing. We look forward to working with you.
Sincerely, FundersCloud

[jotucker1983]

Funders Cloud,

This is interesting, but I wonder how a system like this would support the continued growth of the industry as a whole?

- Why would 30 lenders be competing on a file seeing as though some merchants are good for certain lenders, and some aren't, based on the merchant's current profile, risk factors, etc.? Some merchants have profiles that are only fit for higher risk lenders, while some merchants are clean and are a fit for the A paper lenders. Why would all 30 lenders be competing on one file?

- What would the sales cycle be like in relation to the selection of the lender? Is it going to compete solely on price, similar to how one would be shopping for car insurance and get pre-qualified quotes from about 10 different carriers? The person would choose the carrier with the lowest quote. Why would we want to bring something like that to our industry at this stage in the game? It would promote the product as a commodity in its early stages, rather than selling the value of the product for the merchant in particular based on their current profile.

- Are the lenders who signed up for Funder's Cloud, okay with being directly shopped around like this? Shopping is involved with the process, as we know, but this is being promoted out of the gate to shop the deal to up to 30 lenders at one time. I couldn't imagine the lenders that I'm partnered with to ever approve of myself, or another broker, doing something like this.

[Miller192]

Is there anyone on here who uses the service and can give some feedback?

We're always looking to make our process easier.

[Paperchaser]

why would anyone use funders cloud......if u know this business u dont need them

[Miller192]

why would anyone use funders cloud......if u know this business u dont need them

I don't know much about them. Maybe its not a need but more of making somewhat easier.

[WhoisKingsley]

Ugh. It bothers me that no one says anything.

Funderscloud relies on automation and the timely response of the lenders who are signed up with the system.

Pros-
Online application and signed application- credit check...
upload statements to system- messaging etc.
easy submission to those who qualify for the deal

Cons-
You don't pick who you send the file to. It's a blind process. Yes, there are two versions of the system but the "better" version isn't a big difference.
The responses trickle back.
It goes outside of the normal day to day process. It causes you to have yet another system to use. Can it be used as an "all in one" - possibly. There are some gaps that need to be filled.
All of the deals get sent on funderscloud's behalf- therefore, even though you are doing all of the work- FC gets paid- then FC pays you. Does it make others feel uncomfortable because they feel they have no control over their portfolio? Yes.
Funders- It works for some- you get deals but it is a "shopping" experience. Some lenders hate it because the broker literally has these offers to shop.

There is a lot that can be done and the basic idea is great- that is all I am going to say.

[jotucker1983]

why would anyone use funders cloud......if u know this business u dont need them

^^ This right here.

If the pros that were listed out about Funder's Cloud represent in total the main benefit of using the system, I think that just shows laziness on the Broker's part. Why would a Broker, who is supposed to be the trusted resource of expertise in this business for the client (the merchant), have to rely on an automated system like this?

Why doesn't the Broker research the lenders on his own, understand their criteria, create his own Partnership Agreements, and after pre-qualifying the merchant he submits the deal to the lender that's best equipped to handle the merchant's situation? That in a sense, is what you as a Broker are getting paid to do, you are being paid to "know the market" and know the best place to send the application package.

[Zach]

I think that funderscloud is a great resource for the newer ISO's that do not know where/how to place a deal properly... particularly for those 1-2 man shops who need to spend the majority of their time prospecting.

[Karen37a]

Thanks

[jotucker1983]

I have never tried the system directly because, I just don't see why a Broker needs a system like this. You should be constructing your own Funder Network and learning their criteria up, down, sideways, backwards, forward, etc. You should have 1 - 2 solid relationships for your A+ Paper, A/B Paper, B/C Paper, and C/D Paper. This also allows you to build up some sort of relationship with your Funder in question.

Having to use a system like this makes the Broker seem a little "lazy" to me to not go through the work of constructing their own Network. Plus as you mentioned, how are reloads/renewals handled with a system like this? The real money made in this industry is off reloads/renewals.

Plus this system might turn the sale of the financing into a straight commodity, with the Broker choosing the Funder with the lowest "rate" but without looking at the entire parameters of the deal such as other fees, the actual duration of the payback cycle/term, how the Lender in question handles renewals (do they double dip or not), etc.

But as I mentioned, I have never seen the platform directly so I can't comment on the platform's actual level of efficiency.

[Karen37a]

Thanks for the input. I agree with the entire parameters part...double dipping etc. The loans that funded I chose a company that I knew of already, and the deal was really c if not D paper

You can see details of the loan and also contract the underwriter

I will find out shortly the answers to these things .

Again thanks

[Michael I]

Karen
Welcome to the industry and best of luck . The issue is in our industry unfortunately we have a lot of dishonest people . They are a lot of funders that will cut you out and try funding your deal with out you . Over the years I have caught some red handed and have never done business with them again . To me that's the biggest issue. I can guarantee that your merchant will be getting a call from the lenders or their broker side if not right away then 100% in 30 days .
The other issue is when you build up a good relationship with a lender they push more deals thru for you and give you bonuses ( example last month I got a 35k bonus for hitting a funding amount )

[Karen37a]

8 deals have tried to be "taken" from me in the short time I've been doing mca's. I've saved all but one.( still pissed over it) One client told he prayed to God over it after i caught the deal from being taken from me .I wound up getting paid ach fees..50% of them actually but gave in so that I let this poor merchant off the hotseat. Don't know how honest he is anyway going around me shouldn't have let him off.

I have a way of partially knowing when a deal is being sold out from under me ( doesn't work all the time and what a terrible way to live)I call it clients going into the "witness protection program " poof gone. Hense me creating my own ISO. So many other "small" agents/salespeople in the same position. Thats why they are joining my ISO ( their is strength in numbers ) I hope.

Coming from a venture capital background a few of my close friends with big money also hope it works out for me.They are looking forward to possibly helping me, and them, get "skin in the game" .Sometimes people are penny wise and dollar foolish. You cut someone out of funding, now you lost that person and anyone ever associated with them now and in the future.

Thanks for the info on the relationship part /house bonus etc.

[Karen37a]

Joe,

It isn't "lazy for a new ISO to look for automated underwriting/funding etc when I need deals to be funded A thru C paper. The clients wont wait and the other agents have deals to place yesterday.I am not sure if you are a one man shop or work out of a virtual office/.home office, how long you are in business, how many deals you have monthly etc.I cant give myself a stroke trying to get 50 deals done, only 5 days in business. I wont be able to spend the commissions and overrides

( no one needs to make a comment on getting a secretary, planning etc. etc. rolling eyes . )

He who hesitates is lost. Carpe diem