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07-24-2015, 10:22 AM #1
Yes is it that difficult to collect. And do you think a judgement means anything to someone with bad credit which most merchants have
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07-24-2015, 10:28 AM #2
Reputation points: 23718
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07-24-2015, 10:42 AM #3
"Ok let me see why they gave you such a high rate... Your credit score is 560, you have 5 charge-off's from credit cards you walked away from, your bank has 5 days negative per month with 12 NSF's... you know what? I really don't know how they got you approved, it looks like a mistake, can you hold on for a minute? What? Oh, you'll take it? ok docs are on the way!".
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07-24-2015, 11:08 AM #4jotucker1983Guest
Lol, you bring up a good point that sometimes I (secretly) rant about on the sideline. Sometimes it amazes me on how a merchant can run a $1 million plus grossing business, but sometimes be extremely unorganized in terms of managing their credit, legal documents, tax documents, etc.
I totally understand the fact that for small businesses, obtaining bank financing is difficult, which creates a thriving alternative space. However, I don't see why "alternative" has to be code word for: bad credit, not paying taxes, not managing cashflow, not paying landlords on time, being extremely unorganized, etc.
- For example, you are closing up a file and your Funder needs a copy of their Driver's License, and they send you over an expired Driver's License copy lol. How is it that you can't update your Driver's License on time?
- Or you are needing three months of bank statements in an age of Online Banking where you should be able to just log in online somewhere, pull them off in PDF format, then email them right back over. But in the case of some merchants, they say that they never signed up for Online Banking and have to go "dig up" the statements. But the kicker here is that when they fax them over, the pages are out of place, most of the pages are missing, and you have to go back to them at least two - three times to refax over all of the pages.
I don't know, it's always something that I never understood, but God Bless the merchants though, who knows maybe they are just so busy running the shop that they lose time to keep their lives organized.
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07-24-2015, 11:18 AM #5
that is why most of these people need a 45% loan, because they are so lazy and don't know how to run a business. And, they take it over and over and over again so this mca becomes their paycheck! Also that is why it takes some of them forever to send an application, when I call them for months and say "I guess you can't really use the money" but he says "Yes I do need it I'll get everything to you tomorrow" which goes on for months.
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07-24-2015, 12:02 PM #6
Reputation points: 23718
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If I have to ask more than 2x for an application and banks, a prospect goes in the dead pile. I never give advice, but after careful internal analysis, if you have to ask for an application more than twice, the chances of the deal coming to fruition drop significantly. Your time is better spent chasing new prospects.
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07-24-2015, 02:20 PM #7Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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