[Funder Mark]

I am speaking with a guy I know who has some investors, and is thinking of opening his own ISO shop, and then move into being a direct funder. My question for the wonderful people on the forum is, what are the reccomended steps before starting to fund? Obviously we need the website, contracts drawn up by lawyers, proper CRM, what are some things we should be careful in avoiding?

[Zach]

I recommend to focus on funding attorneys

[WhoisKingsley]

Hi Funder Mark!

PSC specializes in helping new funders in the business. We work with a law firm who also specializes in the Alternative Finance Industry who can assist with documents and the legal run down of having a funding company. Also, PSC is a membership company who provides the initial introduction training and steps to fund- along with our automated reporting management system and the back end staff that help you.

We are NOT a funding company or broker and we do not touch money. We service those in the MCA industry and provide everything needed for you to participate, track, and grow.

Feel free to email me and we can go over the other great features PSC offers

[FUNd]

I am speaking with a guy I know who has some investors, and is thinking of opening his own ISO shop, and then move into being a direct funder. My question for the wonderful people on the forum is, what are the reccomended steps before starting to fund? Obviously we need the website, contracts drawn up by lawyers, proper CRM, what are some things we should be careful in avoiding?

Here's my advice for your...friend. You better come in with substantial cash, creative marketing ideas, and solid industry knowledge if you want to grab market share in this space. If you think cold-calling on a UCC list and a cute website is going to move the needle on your bank account, you are sorely mistaken.

I've been around for 15 years in the business financing arena, and this is the most saturated and competitive (and cut-throat) environment I've ever seen.

Good luck.

[jotucker1983]

I am speaking with a guy I know who has some investors, and is thinking of opening his own ISO shop, and then move into being a direct funder. My question for the wonderful people on the forum is, what are the reccomended steps before starting to fund? Obviously we need the website, contracts drawn up by lawyers, proper CRM, what are some things we should be careful in avoiding?

In all due respect, if you have to ask these questions then you shouldn't be focused on being a direct funder yet.

If you know a guy with equity capital for example that wants to move into this space, I suggest starting out strongly on the broker side to understand how the sales process works.

While you are running the Broker shop, you need to round up applicable industry specialized attorneys that can help you understand the business on the regulatory (national, state and local), underwriting, funding and collections side of things, as well as all of the requirements going forward for that side of the business.

There is a ton of regulatory and legal provisions that you need to be aware of and trying to gather that from a Public Forum is just going to be inefficient.

[blKC]

1st thing to do is get in touch a knowledgable attorney.

[WhoisKingsley]

Again, contact PSC if they are serious in participating in the Merchant Cash Advance Industry.

No matter your experience, we offer the education and a dedicated growth management department and the option to work with established funders to have a mentor and syndicate in order to get used to the process of funding a deal.

[MCNetwork]

1st thing to do is get a few years of experience as an ISO.

[Chambo]

In all due respect, if you have to ask these questions then you shouldn't be focused on being a direct funder yet.

If you know a guy with equity capital for example that wants to move into this space, I suggest starting out strongly on the broker side to understand how the sales process works.

While you are running the Broker shop, you need to round up applicable industry specialized attorneys that can help you understand the business on the regulatory (national, state and local), underwriting, funding and collections side of things, as well as all of the requirements going forward for that side of the business.

There is a ton of regulatory and legal provisions that you need to be aware of and trying to gather that from a Public Forum is just going to be inefficient.

Let them come in and pay their dues! they'll start marketing all over, overpay commissions, fund everything nobody else will for 3-5 months. Let me get paid on some of my dead paper at the expense of the financially fool hearty

[Vfunding]

Learning the biz as a broker (even for a short period of time) is very helpful. Focus on sucking up as much knowledge and data as possible. Also, if your goal is to build an UW platform and begin funding on your own quickly, only broker deals to funding sources that allow you to monitor the performance of your deals daily so you can learn which deals work out and which don't. Watch your brokered portfolio very closely, its by far the cheapest way to begin learning about the nuances of underwriting.

[Funder Mark]

Thanks all for the advice. I have been working as a agent in the field for several years, but this is my first time having to look at the industry from a shop managers prospective. I already informed the client that the best way to get started is to work as a broker first, to learn the ropes, and then to move over into being a funder. Vfunding, that is great advice, I believe Strategic offers that, can you reccomend any others that offer similar abilities? And Amanda, if this really gets off the ground, I will make sure to reach out to you.

And Chambo, I respect your knowledge and experience, and always enjoy reading your comments, but will pass this time.

[WhoisKingsley]

Thanks all for the advice. I have been working as a agent in the field for several years, but this is my first time having to look at the industry from a shop managers prospective. I already informed the client that the best way to get started is to work as a broker first, to learn the ropes, and then to move over into being a funder. Vfunding, that is great advice, I believe Strategic offers that, can you reccomend any others that offer similar abilities? And Amanda, if this really gets off the ground, I will make sure to reach out to you.

And Chambo, I respect your knowledge and experience, and always enjoy reading your comments, but will pass this time.

No prob! Are you in with an ACH processing company already? We specialize in the first steps needed for a funding company to press "Go". Even if you are in the beginning stages, feel free to email anytime

[4scaps]

No prob! Are you in with an ACH processing company already? We specialize in the first steps needed for a funding company to press "Go". Even if you are in the beginning stages, feel free to email anytime

Fuchs, I think sticking to what you do is best and leave the funding to the professionals

[mcaguru]

Fuchs, I think sticking to what you do is best and leave the funding to the professionals

Before you start Funding set up a meeting with the Funding companies and ask them to see there Daily Bounce Report....

[Vfunding]

Thanks all for the advice. I have been working as a agent in the field for several years, but this is my first time having to look at the industry from a shop managers prospective. I already informed the client that the best way to get started is to work as a broker first, to learn the ropes, and then to move over into being a funder. Vfunding, that is great advice, I believe Strategic offers that, can you reccomend any others that offer similar abilities? And Amanda, if this really gets off the ground, I will make sure to reach out to you.

And Chambo, I respect your knowledge and experience, and always enjoy reading your comments, but will pass this time.

Off the top of my head On Deck, CAN, Strategic, MCC and Credibly all have portals that show you performance. There are several others that only offer a view of performance if you syndicate.

[WhoisKingsley]

Off the top of my head On Deck, CAN, Strategic, MCC and Credibly all have portals that show you performance. There are several others that only offer a view of performance if you syndicate.

*Cough* PSC too *Cough*

[funda21]

Funder Mark you should reach out to me, I have recently opened a new ISO shop (have been in the business 2 years now) and I have he marketing and processes down pat better than most and I'm currently opening and looking for an investor who's primary focus is having a vehicle to fund. Let's chat it may be a good fit. Let's me know your # when you can

[funda21]

I think I have many things figured out in the space that could prove incredibly valuable if your investors are looking to create an ISO as a vehicle to fund. Let's chat and I'll explain more