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05-15-2015, 02:02 AM #1
- Join Date
- May 2015
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- 8
New to to the game! Humble and Hungry
Ill start off by saying hi. My name is CAM. I currently work with 2 partners and we are extremely new to MCA Industry. Keep in mind i am newbie to this forum so i can deal without the negative comments that i hope you keep to yourself. Besides I don't want a diesel argument with any Internet thugs that might make me look bad, so please save us both the trouble. MUCH APPRECIATED
okay, with that being said i don't want your secrets that you obviously wont share, or opinions on what im doing with my time. i need the facts about the industry that multiple sources can agree and confirm.
In the Last 4 days, I have attempted to absorb and retain as much information and knowledge of this industry as possible, and still feel like i have not scratched the surface. i have partial photographic memory and what i think is decent common sense so my learning curve i can say is above average. any help is appreciated but not required
I was trying to avoid asking tons of questions, so ill start like this:
My current knowledge of what i think i know:
1. pitch down [not 100% but good] (i realized early that pre-selling a deal before submitting paperwork and pitching offers is BIG. make sure they understand how everything works and i always keep it 100% funky when i speak) I was never one to beat a dead horse or chase ghosts/ bait and switch tactics are not my style
2. i sorta understand the basic process that leads up to funding a deal and the options of payment for merchants with few exceptions (weekly ach?)and w/e else im in the dark on.
{capture merchants interest and full understanding of what an MCA is and how its paid back. obtain app./6mo bank 4mo credit statements, submit to lenders for approval and when offers received know how to pitch them in a way the merchant can see this beneficial, contracts in-out, fund) IN A NUTSHELL??
3. medium understanding of what variables might affects approval/offer term &rates (ie: neg days, tax liens, judgments, ect.) better credit= better term/rate right??
4. slight understanding of positions 1-5 and how they affect current offers. someone touch this topic for me: ( buying out an already existing position?, renewals ect.) thanks
5. i understand we WANT business to grow off the advance and not be used as emergency funding. it they go out of business, that a loss
6. not 100% on this 1 but if a i submit a deal to a lender with an application for merchant, noone can submit the same merchant to the same lender for 30 days?
7. point system commission, unsure how to calculate adjusting points to lower payback amount (i know i get less money) (shed some light)
8. different lenders different sweet spots.
9. usury laws
10. i still have a ton to learn right?
i mean cmon for only 4 days attempting this industry (2days of 9-5 shadow training with minimal questions asked bc of training situation -- 2 days on the phones/doing research on my own) cut me some slack... im young, giving it all i got, and do not plan to fail.
I JUST WANT TO SAY THANK YOU TO ANY AND ALL WHO READ THIS FAR!! ALL INFORMATION/ADVICE/POSITIVE FEEDBACK IS MUCH APPRECIATED.
Stay Humble.
Shalom
C.A.M
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05-15-2015, 09:20 AM #2
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05-15-2015, 09:35 AM #3
- Join Date
- May 2015
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- 8
New to to the game! Humble and Hungry
well if u read it, those 10 things i think i know are not all questions. i made few requests for answers.. unless you have something to important or positive to say , please go somewhere else with your usless opinions.. thank you
Last edited by C.A.M; 05-15-2015 at 09:39 AM.
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05-15-2015, 09:38 AM #4
Cam, feel free to call me and I will discuss all your questions and comments with you. 770-362-2307
Jeannette Nearing | Business Development Officer| AmeriFactors
| M (770) 362-2307
jnearing@amerifactors.com |
http://www.amerifactors.com
https://www.linkedin.com/in/jeannettenearing
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05-15-2015, 09:49 AM #5
for a first time poster asking your competitors to help you establish your business so you can compete against us, you have quite an attitude buddy.
Thankfully, this industry is full of people like yourself who think they can come in (at this late stage) to an over saturated market and make a fortune when in reality it is a very tough industry especially from someone coming off the streets.
With that being said, since this forum is filled with advertising spamming lenders expect to get a billion PM's asking you to sign up with them. Upon doing so, I would suggest to sign up with someone who is willing to take a newbie by the hand and walk you through everything from day one. This business is all about relationships.
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05-15-2015, 04:48 PM #6
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- May 2015
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- 8
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05-15-2015, 09:59 AM #7
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- May 2015
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New to to the game! Humble and Hungry
thank you for the honesty ride (better late than never), jmcgraw i will contact you shortly. I appreciate it
Last edited by C.A.M; 05-15-2015 at 02:48 PM.
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05-15-2015, 10:52 AM #8
New to to the game! Humble and Hungry
CAM,
I'm still getting my sea legs in CA. While our primary product isn't CA, but POS and CC Processing, we have been doing well with referrals from our existing referral partners and a few local bankers sending us tons of people kicking tires and a few solid referrals. we track in our CRM and pay a flat referral fee on Amex gift card. most of our referral relationships are 2 ways, except the bankers ... they know we aren't sending them anything except $ when they refer us and we close a deal.
I'm no expert and not sure what approach you guys are shooting for, but referrals and hand addressed letters containing advertisements followed by calls have been our most effective sources of deals.
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05-15-2015, 11:03 AM #9
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- May 2015
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- 8
jpos thanks for that insight, we want to pursue all avenues of marketing and I will make a note of this to discuss next meeting. much appreciated
Last edited by C.A.M; 05-15-2015 at 11:06 AM.
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05-15-2015, 02:49 PM #10
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- May 2015
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^^
Last edited by C.A.M; 05-15-2015 at 03:46 PM.
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05-15-2015, 04:06 PM #11
- Join Date
- Dec 2013
- Location
- Connecticut
- Posts
- 332
CAM I'd be glad to give you insight from an ISO perspective, give me a buzz when you'd like. PM ME
Isaiah Clark
General Merchant Funding
Hartford, CT 06103
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05-15-2015, 06:13 PM #12
Cam-We are always looking to build new relationships with ISO's. Give me a call or shoot me an email-
Kaitlyn Miller
ISO Coordinator
770-617-2377
KM@SuperiorCapitalfund.com
http://superiorcapitalfund.com/
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05-15-2015, 06:26 PM #13
- Join Date
- Dec 2014
- Posts
- 114
You need to get small mom and pop shops with no relationships or connections to send you their deals that they can not get funded through their own network. Be a liaison between small ISO's in the mid west or down south that aren't up to par with who the big lenders are and they will send you deals that you can find a home for and take a rip off the commission on each funding. This industry is so saturated and that is the only way to make big money at this stage.
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05-16-2015, 10:40 AM #14
- Join Date
- Jul 2014
- Location
- Online
- Posts
- 965
New to to the game! Humble and Hungry
NO- you don't need to get mom and pop shops with no connections to send them their deals aka SUB-BROKERING
They need to get better trained and established and build their own book before helping anyone else. That is exactly what is wrong right now- you are sub-brokering files and bumping rates up 10-15% to cover commissions on both ends and wind up hurting the business by having them payback rates they really can't afford. Then you wonder how to market and get new leads when you won't be able to adhere to the "promises" of the rates and terms you have.
Seriously, and many of you agree, new brokers in this industry need help understanding the right way instead of the bad habits that everyone has come to adopt as a normal process. *shaking my head*Amanda Kingsley
DailyFunder: WhoisKingsley
This is me. https://www.facebook.com/whoiskingsley
I am Here too. https://www.facebook.com/groups/TheClosersGroup
Always Live and Lead with Integrity.
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05-17-2015, 09:57 PM #15
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- Nov 2014
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- 28
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05-16-2015, 10:51 AM #16
- Join Date
- Mar 2015
- Location
- Gaylord, MI
- Posts
- 35
Great point Amanda, get some help but stop splitting up and driving up the cost of money for your clients. Many brokers are trying to turn and burn, if you do that you will be one of the "out of business" brokers. Build up an honest business where your clients can grow and come back to you for help in the years to come. We all learned in college the term societal marketing orientation, I encourage you to take on the mindset of being an entrepreneurial freedom fighter. If you aren't fighting for your clients then please leave our industry...
Was that too harsh?
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05-16-2015, 01:41 PM #17jotucker1983Guest
C.A.M.,
I guess I'm a little confused buddy, you said that you had some questions but from reading through your thread, all I seen were a bunch of comments. What exactly are your questions?
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05-17-2015, 12:05 PM #18
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- May 2015
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- 8
New to to the game! Humble and Hungry
there is a few sub questions on my first post if read through fully. I need to know what i do not know. i will Pm and discuss this with anyone willing to provide information on this industry.
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05-18-2015, 08:10 AM #19jotucker1983Guest
But I have no idea what information on the industry you are looking for. The original post is way too jumbled with run-on sentences, bad paragraph structure, and again all I seen were a bunch of comments.
One of the lessons that you can take from this is to make sure to always communicate your ideas, thoughts, comments and questions in a very clear/concise format. Most people just will not take the time to read through a bunch of jumbled sentences trying to "figure out" what the person is trying to say.
If you sent emails to merchants structured the same way you made that post, most merchants wouldn't take you seriously.Last edited by jotucker1983; 05-18-2015 at 08:13 AM.
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05-17-2015, 01:16 PM #20
- Join Date
- Jul 2014
- Posts
- 128
New to to the game! Humble and Hungry
CAM.....here is some insight......it takes more than 4 days to be successful in the MCA space.
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05-17-2015, 04:05 PM #21
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- Nov 2014
- Posts
- 28
rekt
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05-17-2015, 08:27 PM #22
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- May 2015
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- 8
New to to the game! Humble and Hungry
...
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05-17-2015, 09:51 PM #23
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- Nov 2014
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- 28
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08-23-2015, 04:39 PM #24Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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