[Sean Cash]

I recently wrote an article about funderscloud and just placed my first "bid" to contribute on a deal today. Really pumped to watch it in action.

[Sean Cash]

the terms say it's for 25k on this deal so I'm not sure why it says the other guy's bid is equal to 100%

[miked]

I have been thinking about giving it a try but I have to be honest, I am still confused as to whose contract is used and how or who pays me as the merchant pays back. How often do I receive my portion? daily, weekly, at the end ??

[UCSource]

Just joined myself, let's see how this thing is.

[Sean Cash]

Just joined myself, let's see how this thing is.

They need more deals posted on there. Everything gets to 100% funded by a single funder before anyone has a chance to bid.

[Chambo]

So let me get this straight....rep X has a deal & needs syndication. They don't have enough cash, so they post the deal on this "Funders Cloud" and folks can look the deal over and decide how much they want to put into it, thus satisfying syndication requirements?

Or is it only for deals that a rep wants to do alone (without major MCA)?

[Sean Cash]

anyone can put a deal on there. a funder, iso, rep, or even a merchant. getting syndicate partners doesn't necessarily have to be about not having enough money, but as a way to spread the risk around. some direct funders might only want to fund 50% of each deal and then open the rest of it up to people on the cloud to raise the other 50%

[Chambo]

and how do those folks manage the deal? View splits? GET PAID?

[MCAVeteran]

i reviewed this site and so many questions about it not sure where to begin, but, I would start with who owns this site? How is information secure? Does an actual MCA own this site? Funderscloud- How is merchants info kept private? I still think its easy for an ISO to just submit deals direct to several funders they enjoy working with out there and have their commissions paid direct and info secure and get paid on subsequent renewals/residuals- Not a big fan of sharing data to that many people..

[Sean Cash]

the data on funderscloud is not shared. The only details anyone is entitled to know about a deal is the type of business, monthly volume, # of deposits, # of batches, time in business, and credit score. No identifying information about the merchant is allowed.

[Chambo]

I agree with the previous question. Who is the one providing this service? Are they affiliated with any MCA? Otherwsie, you are putting up info on your merchants to some random source....and we all know how scrupulous and honest these MCA's are with your merchant's data

[Sean Cash]

Yea i can't disagree. Maybe the funder's cloud team should get on here and answer these questions.

[Chambo]

Haven't much of this device recently. Are people flocking to it, or was it a flash in the pan?

[Sean Cash]

Good question. It may not have panned out. No deals have been entered into the system in a month. They could be taking some temporary down time to make changes, but I haven't heard anything so I don't know. I bid on a couple deals but it didn't seem to work. No money was debited from my account, no updates were provided on the deals, and I just never heard anything about them.

Real good guys and I hope they get everything resolved because the demos I saw in the beginning were awesome.

[Chambo]

Whatever happened to this experiment? People still using it?

[Sean Cash]

I think it flopped but I hear they are working on it coming back as something much better.

[Capital Stack]

Sean didn't one of your friends invest into it?

I think it flopped but I hear they are working on it coming back as something much better.

[Sean Cash]

yes, but I don't really know any details about where it currently stands or what will be different this time.

[JayBallentine]

yes, but I don't really know any details about where it currently stands or what will be different this time.

Let me help with this.

The original version of Funders Cloud didn't solve any real problem, which is why I declined joining the team more than once... Until now.

Great technology companies and products aim to solve very specific problems. The #1 problem that FC will be in position to solve is the problem ISO's have in soliciting pieces of paper. It's tough to get the pieces of paper, because for most merchants, it's the first time they've ever had to draw their bank and / or processing records so many get temporarily paralyzed.

In January 2013, I introduced the team to a platform that will enable paperless submissions to be real. I also helped the team get over the huge up front expense involved in getting up and running on the platform that will make paperless submissions real. What's ironic is that the folks who run the platform ran all around MCA trying to find takers - the fact that there were none is actually fortuitous to FC because paperless sumbissions opens the market for new capital sources to come on board, and thus deals.

However, lets examine the problem we are solving briefly.

Assuming there are 20,000 deals funded each year, and 1 hour of total follow up is spent begging merchants for paper, per SUBMISSION (not deal) then there are no fewer than 75,000 hours spent each year requesting pieces of paper - if 1 in 5 submissions fund.

This is madness. If you assume that the average brokers' time is worth just $50 per hour, thats $3.75M in waste each year, chasing pieces of paper.

I've been helping them where I can for the past year. As with any start-up the challenge is finding product market fit. Funders are not the market. Merchants are not the market. ISO's are the market. Now that we all agree that we should focus on the ISO experience and then by extension the merchant experience, the product will be awesome.

Paperless submissions will be real in early 2014. Funders Cloud will set up ISO's with their own site anchored by their software. If you are an ISO, you will look better than a funder because a merchant will go to "YOURISOSITE.COM" and have a great experience, deals will close faster, you'll make more money. http:/www.uberfunding.com is an example of this.

Imagine YOU as an ISO being able to tell merchants; "My software portal matches you with funders based on your needs... etc." NO longer any reason to say; "I am a direct funder."

Currently, I am working on the re-design of the product and will be helping with product testing before paperless submissions are shipped...

That's not all...

For the ISO's that sign up, I am also going to be showing them how I...

1. How I generated 60+ leads in one hour.
2. How I have been able to dominate / crush it with e-mail marketing. It's a fast an easy to get leads. The average open rate is 5%, my average open rate is 15%.
3. How I am able to use other people's money to drive traffic to your Funders Cloud / UberFunding.COM page to get leads into the funnel.
4. How I have been able to buy completed applications for $50 each.
5. How to get leads on credit.
6. How I was able to use aged data to generate 4,000 leads in about two weeks for a previous client - FOR ZERO up front.

For each ISO, I will be the resident marketing consultant. Don't have $100k + to pay a good marketing guy? No problem. We'll have an ISO only forum where submitting ISO's will get the sum of all my skills and abilities.

In 2015 your entire business as an ISO can be conducted from the palm of your smart phone through iPhone and Android Apps. You'll be able to submit offers to merchants, submit deals to funders, issue reminders, and more.

THE POST PAPER ERA IS ALMOST HERE.

[skideeppow]

OK Jay, how do we sign up? And how much is it?

[JayBallentine]

OK Jay, how do we sign up? And how much is it?

Right now we are focused on getting the product right. However, stay tuned! :-)