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05-15-2015, 02:02 AM #1
- Join Date
- May 2015
- Posts
- 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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