Results 1 to 20 of 20
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09-05-2013, 07:45 PM #1
Demand for talent in this industry
Is it me or is there a real shortage of people with a solid MCA background? It seems like every day a big funder or ISO is scrambling to find 1, 2 or even 10 people with experience.
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09-05-2013, 09:49 PM #2
See I am tired of getting taken advantage of I have been in the industry for sometime now but every time I feel like its going great either they cut me from my commissions an renewals an it gets frustrating an the processing they promise residual but never see it. The last place I worked at they always messed up on my pay an every time I would have to go back and than fix it an than I just had enough so I quit, never saw a penny on processing, they would try to get away by paying me 2 points on the funded amount, even with the companies that they out sourced too with I know for a fact they pay on the pay back amount, oh an they would take half of our broker fee, an complain we didn't charge them enough so what I am trying to say is there's a lot of shady and greedy people in this industry that want to take advantage, an so now I'm riding solo but of course it will take me time to get back up do press 1's an etc but maybe something or someone who is real will come along.
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09-05-2013, 10:33 PM #3
I just sent you a PM CO1
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09-06-2013, 01:56 PM #4
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- Sep 2012
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- New York, NY
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- 1,780
There are many salespeople who can open effectively and get applications. It takes real skill to close deals while preserving most of your commission and keeping the merchants happy. Solid MCA closers are not easy to find at all.
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09-06-2013, 03:14 PM #5
One of the toughest parts about selling this product is that even if you close the merchant, it doesn't mean they'll get approved. Also many funders change the terms based on new information during the underwriting process. They get pre-approved based on a few things, the terms get pitched, new docs are received, the terms change, and then the merchant cools off on it.
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09-06-2013, 03:37 PM #6
I concur Sean. They love driving the Ferrari, but when they see the "price", they get sticker shock.
That's why we have a conversation up front about what to expect with fees, rates etc.. That conversation revolves around talk of the R.O.I., not rates. It doesn't solve every problem, but sure weeds out the tire kickers.
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09-06-2013, 04:27 PM #7
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- Sep 2012
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- New York, NY
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- 1,780
The only time I see terms change AFTER a contract is signed is if the merchant sends in processing statements for his payback months and they are much lower than the months reviewed in the original submission. Otherwise, the lenders I deal with stick with the approved amounts.
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09-06-2013, 04:35 PM #8
the payback months seem to always be lower though lol.
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09-06-2013, 04:52 PM #9
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- Sep 2012
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- New York, NY
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- 1,780
That's true. That's why I try to avoid the lenders that always ask for payback months
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09-07-2013, 12:09 AM #10
- Join Date
- Jan 2013
- Location
- New York City
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- 409
Let me qualify this by saying - I absolutely suck at selling MCA. I am not saying that in jest, I am saying it because its true. I've sold a whole bunch of other stuff, but my "book" is worth a shiny nickel now - if anyone wants to buy it - send me a penny and its yours!
With that being said, I've had the chance to chat with ISO's, sales managers, marketing managers, and even listen to a ton of calls of reps doing what they do.
Two takeaways from those who are successful is - they spend more time on pipeline than they do working deals.
The second thing is that they maintain frame control. "You need me just like 1,000 others need me, my time is thin."
There's a machine - an artist I've seen at work. The way he works deals is like good music.
He never ever ever ever ever for one second lets the merchant know that the merchant is this guys' meal ticket.
Imagine selling cash advance DMV style?
I am a witness.
It works.
The problem is - is guys are not minding their math. If you know only X in Y deals is going to close (for any reason) over Z time, then shouldn't your energy be focused on pipeline - "Y"?
Guys are spending too much time working deals vs. focusing on pipeline and trusting that "I am a sales rep - I am no match for historical math and stats."
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09-09-2013, 10:05 AM #11
See there are a lot of people that think they know what they are doing, getting paper work in, and than when it comes down to selling the product, they cant even understand why they got the offers they got, and than they hit or miss, in the MCA World. The place i used to work at was a chop shop. They gave them a script and they read it, they got it in and than when it was time to sell it, they had no idea on how too. Every client i get, i listen to them and use it against them, you need to paint a picture for them in there head. The problem now a days is that ISO/ Directs they like to play a lot of games, the paper work they ask for, they change there minds, there isnt anyone whom plays fair, and does right. And as reps for our selves we get a run around, by funders saying its declined than when trying some other house, you found out that the other company you sent it too, funded it already, and they cheat you on commissions and than of course people are going to charge broker fee's, and try to ach out money directly from merchants.
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09-09-2013, 10:10 AM #12
Greed- intense and selfish desire for something, esp. wealth, power, or food. An in this definition as we see is the 3 major powers that drive us in this Industry. Wealth many funders come and go, why because they give the MCA world a bad name, giving hold backs at 53% and than factor rates at 1.55 and than power- who funded the most deals and how much they got back, and food that comes to our core the enegry we have to have to sell the numbers that they push and if we cant they go behind our backs!
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09-09-2013, 12:16 PM #13
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- Jun 2013
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- Melbourne, FL
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- 13
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09-10-2013, 12:20 PM #14
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- Apr 2013
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- Basalt CO
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- 867
I have been selling MCA for over 8 years now. Have a large pipeline, working new deals and staying intouch with old clients. I have never really had issues with not being paid, but then again I am very choosy who I do business with.
I agree, the only time the terms change is when you send recent processing or bank statements or payback months.
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09-10-2013, 01:00 PM #15
- Join Date
- Aug 2013
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- 196
MFS Global pays the same commissions on renewals!!!
Contact us for details
702-473-1145
ISOSupport@mfsglobal.com
www.mfsglobal.com
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09-10-2013, 08:19 PM #16
mfs01- does your iso agreement read that the company can change its commission policy at anytime with 30 day notice? almost every funder who used to pay same on renewals, changed their schedule A eventually. renewals are where everyone makes their $$ in this bz.
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09-10-2013, 08:21 PM #17
on the topic of revisions, usually seasonal business or markets get soft offers than when the UWs ask for addtl statements after a contract is signed the deal changes. its best to ask for that all upfront IMO. avoid revisions.
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09-11-2013, 07:46 AM #18
We actually just hired 8 new sales reps....all with absolutely no expierience...so far the experiment is working extremely well..4 out of 8 are making decent money and 2 are off the charts...a good salesman can sell anything....
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09-12-2013, 02:37 PM #19
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- Jun 2013
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- 26
What do you guys think an average to good close ratio is on deals that get approved, lets say per month?
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09-12-2013, 04:40 PM #20
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- Jun 2013
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- 351