[HollyH]

Atag40, Thanks!!

Appreciate that info, and I like, "perhaps giving your first lesson about framing the conversation to work for your purposes." Good.

[HollyH]

Wabbit, thanks for that.

The ISO guy I mentioned, I believe, is on the up and up, although I'm a little turned off by the commission split (5% to me of FUNDED amt from a direct lender that will, if I go with them DIRECTLY, pay 8-9% of PAYBACK amt to me). Does that sound standard to you all?

I was trying to reach him for two weeks and during that time found the same lender (he uses) on my own. When he finally got back to me I had already researched the lender.

I'm torn between going with an ISO for the training and starting on my own. I'm sharp, have succeeded in sales and am great with people, but am acutely aware that I know only a little. I considered going with the ISO and then being on my own with other lenders, but I don't know if that intention is coming from complete integrity on my part.

[Chambo]

Depends on the deal. the problem with promising X commissions on every deal...depending on whom one uses, not all companies pay that amount.

Some funds out there only pay 5 points on the funded. How are you going to get 5 on the funded as a sub contractor, when the ORIGINAL DEAL only pays 5 points? Are we working for free?

Then as a kick in the teeth, some funds only pay on the net to merchant for renewals. So if the renewal contract is for $10,000, but the merchant only netted $6000 and the commission is paid on $6000...how is the ISO supposed to get 5 on the FULL FUNDED?

Some smaller ISO's think they can simply find out who the bigger guys are suing and go around them, but that can sometimes blow up in their face. The original fund might check with the first ISO about your submission (how do you think any outstanding business is going to be handled once it is known you are going around them?) Also, the pricing a smaller ISO may get may not be as good as the larger ISO, so in fact,you aren't getting that much of a better deal.

THEN, most MCA's want volume and quality. So if you are a small guy sending only a handful of deals, your time allotted with that MCA may be limited, as they cut you off because they just don't want to spend the manpower/resources.

Sorry if this is not what folks want to hear, but I tell it as it IS, not as how the BD reps try to color it

[BizResourceGuy]

Hey everybody,
I have lurked here on and off before and after reading this entire thread I registered.
I am amazed at the openness and amount of shared wisdom. I have been doing merchant services for almost 9 years now - 4 inside/outside as a w-2 and 4 years on my own.
I have done a few MCAs over the years but have decided to really push hard to make it 50% of my efforts as we all get squeezed in our margins on the merchant services side of things.
I love the encouragement and knowledge that everyone here shares.
Much success to all -

Rich, The Business Resource Guy

[cardinalequity]

Admin has warned you and you continue to spam. Do you realize this doesn't add credibility to your business? The good news is admin should be planning on shutting you down any minute.

cold calling is a waste of your time, merchantcashleads.com gives you live phone leads and you pay when you receive the calls 1-800-397-1768

[jotucker1983]

cold calling is a waste of your time, merchantcashleads.com gives you live phone leads and you pay when you receive the calls 1-800-397-1768

Same thing I told Michael yesterday, when you guys do insane things like this on a Professional Forum, what makes you think others here will take your firm seriously? At least respond to the thread on topic and try to add your promotions into the response for goodness sakes.

[JDZ]

So much good info on this thread! Thank you for all the professionals who are taking the time to help us newbies. I'm feeling pretty darn frustrated...I just can't seem to figure out how to work enough volume of folks who are interested to make any money. Any advice on what works to generate business would be awesome. I'm willing to work the phones or whatever it takes to be successful.

[J.Celifarco]

WOW going back to 2013 for this, I didn't re-read this thread but i think its safe to say that the industry has changed dramatically and a lot of this info may no longer apply

[WestCoastFunding]

What hasn't changed: hurt feelings.

[J.Celifarco]

So much good info on this thread! Thank you for all the professionals who are taking the time to help us newbies. I'm feeling pretty darn frustrated...I just can't seem to figure out how to work enough volume of folks who are interested to make any money. Any advice on what works to generate business would be awesome. I'm willing to work the phones or whatever it takes to be successful.

go work for an existing company and get the training you need to know how to sell and succeed in this industry. You are not going to figure it out on your own without it costing you a fortune..

[WestCoastFunding]

So much good info on this thread! Thank you for all the professionals who are taking the time to help us newbies. I'm feeling pretty darn frustrated...I just can't seem to figure out how to work enough volume of folks who are interested to make any money. Any advice on what works to generate business would be awesome. I'm willing to work the phones or whatever it takes to be successful.

My advice: don't solely focus on MCAs. Learn about how to get a client a bank or SBA loan. Learn about AR financing and factoring. Equipment leasing. On and on. Then you call offer better financing solutions to clients. Even if a business owner may not qualify for a SBA, many want to at least believe it's an option. If they don't qualify, then try some of the other options next. If they dont work, then Cash advances.
I'm not even saying that you have to attempt each of those options, but at least discuss and find out whether it's a shot or not, and then move on to the next option. But starting the convo with better financing products makes the business owner more open to what you have to say.

[Michael I]

Is it just me or do you all get curious on these type of threads if the guy ever succeeded or failed miserable. I also wonder what happened to half the people that used to post on here and stopped.
To answer the thread it is a different business now and you need to capitalize on all types of products like west coast said. Also add cc processing to that list