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  1. #1
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    Getting the docs submitted best practices

    Getting the docs submitted is one of the main bottlenecks to closing the deal. Most agents send out alot of apps but then struggle to get the complete docs returned. What are some of your best practices in getting the merchant to return the app and supporting docs in timely manner?

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    Best practices....here we go....

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    Senior Member Reputation points: 99227 ridextreme's Avatar
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    In general, if the contract doesn't come back within a day, every day that goes by it gets less and less likely he will send it back or he is shopping your offer around.

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    Quote Originally Posted by blindbid View Post
    Getting the docs submitted is one of the main bottlenecks to closing the deal. Most agents send out alot of apps but then struggle to get the complete docs returned. What are some of your best practices in getting the merchant to return the app and supporting docs in timely manner?
    Best Practices meaning a professional and true way for a merchant to want and trust that you will provide what you are attempting to sell?

    Press rewind 5 minutes before you send that "Introduction" email and that "application" attachment. How was your approach? 9 out of 10 times you know when you connect with someone. You have to gain their interest and try being personable- not a robot. Watch how many "docs" you get back
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  5. #5
    jotucker1983
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    It helps to get confirmation with the merchant on what he's looking for as well as manage his expectations upfront. For example, if he's looking for a 24 month alternative business loan but he says he's not paying over 10% for it, then you should inform him that his bank or community credit union is going to be a better option.

    If you explain your program, your price scale, your underwriting criteria, get pre-qualification questions done on the client upfront, as well as get his confirmation that the estimated "pre-quote" you provide based on this is efficient, then getting his application package back isn't that hard at all.

    A lot of brokers don't pre-qualify their client and a lot of them won't discuss pricing, underwriting, conditions, etc. at all. Then when their client brings docs in and finds out that you are offering a 1.20 factor over 6 months, and he is looking for pricing similar to what Lending Club offers, then all you are going to have is lost time and irritated merchants.

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    Example... this guy could have EASILY been turned down. Those lists and people you call get the SAME calls all of the time! In no way am I saying to be a comedian over the phone- but you get it.

    https://youtu.be/LAo-DmzdvK0
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  7. #7
    Senior Member Reputation points: 30475 Zach's Avatar
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    Quote Originally Posted by WhoisKingsley View Post
    Example... this guy could have EASILY been turned down. Those lists and people you call get the SAME calls all of the time! In no way am I saying to be a comedian over the phone- but you get it.

    https://youtu.be/LAo-DmzdvK0
    Absolutely agree with this; comedy is an incredibly useful tool, although you have to be careful to not come across as a "clown."

    The way you get apps back is by building a strong rapport, exemplifying your professionalism, and weeding through any smokescreen objections (concerns they have not voiced).

    "Bob, I appreciate this time we have spent on the phone together. I feel like I have gotten to know you personally and as a fellow professional. Maybe I can stop by for dinner or a drink sometime! Now, before I ask you to send back your application and statements, do you have anything that would possibly hold you back from accepting the loan we just spoke about?"

    Works for me.
    Zachary Ramirez – CEO
    Phone: 562-391-7099
    Email: zach@zacharyjosephramirez.com

    1661 N. Raymond Ave #265
    Anaheim CA 92801

  8. #8
    Veteran Reputation points: 134971 Chambo's Avatar
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    Quote Originally Posted by jotucker1983 View Post
    It helps to get confirmation with the merchant on what he's looking for as well as manage his expectations upfront. For example, if he's looking for a 24 month alternative business loan but he says he's not paying over 10% for it, then you should inform him that his bank or community credit union is going to be a better option.

    If you explain your program, your price scale, your underwriting criteria, get pre-qualification questions done on the client upfront, as well as get his confirmation that the estimated "pre-quote" you provide based on this is efficient, then getting his application package back isn't that hard at all.

    A lot of brokers don't pre-qualify their client and a lot of them won't discuss pricing, underwriting, conditions, etc. at all. Then when their client brings docs in and finds out that you are offering a 1.20 factor over 6 months, and he is looking for pricing similar to what Lending Club offers, then all you are going to have is lost time and irritated merchants.
    But that would require actually understanding and knowing what you are selling!!!

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    Senior Member Reputation points: 99227 ridextreme's Avatar
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    I thought you were referring to getting back a contract, not the initial application. Docs is usually referring to a contract.

    I do have some very effective ways of getting back the initial application, and I actually get mine back quicker than all of the other ones he has on his desk from other companies.

    So I prefer to keep beating everyone else by not disclosing my personal methods ESPECIALLY to a lead company such as yours.

    http://dailyfunder.com/showthread.ph...s-in-our-leads

    So did you decide to start keeping all of the good leads for yourself, and sell us all the dog crap smh. (not that I didn't know this was going on)
    Last edited by ridextreme; 07-30-2015 at 01:04 PM. Reason: smh

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    Quote Originally Posted by Chambo View Post
    But that would require actually understanding and knowing what you are selling!!!
    I see a lot of questions and solicitations on DF coming from employees of companies rather than decision makers which does lead to believe that they don't know what they are selling. DF has become a "go to" for a lot of reps out there wanting to do better at the job that they were sold on.

    How does one train a sales agent now days? How do they expect them to perform if they aren't given the right tools to do their job?
    Amanda Kingsley
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  11. #11
    Quote Originally Posted by WhoisKingsley View Post
    I see a lot of questions and solicitations on DF coming from employees of companies rather than decision makers which does lead to believe that they don't know what they are selling. DF has become a "go to" for a lot of reps out there wanting to do better at the job that they were sold on.

    How does one train a sales agent now days? How do they expect them to perform if they aren't given the right tools to do their job?
    023
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    6f3rwq

  12. #12
    Senior Member Reputation points: 30475 Zach's Avatar
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    Quote Originally Posted by WhoisKingsley View Post
    I see a lot of questions and solicitations on DF coming from employees of companies rather than decision makers which does lead to believe that they don't know what they are selling. DF has become a "go to" for a lot of reps out there wanting to do better at the job that they were sold on.

    How does one train a sales agent now days? How do they expect them to perform if they aren't given the right tools to do their job?
    Give them sales CD's and books... record their calls and critique... have them listen to yourself and other professional closers... Give them bullet points of their upcoming call that they should grasp and utilize (eg. focus on ROI, expediency, and probe & develop their needs)...

    And most of all, tell them to MAKE MORE CALLS
    Zachary Ramirez – CEO
    Phone: 562-391-7099
    Email: zach@zacharyjosephramirez.com

    1661 N. Raymond Ave #265
    Anaheim CA 92801

  13. #13
    Veteran Reputation points: 157541 J.Celifarco's Avatar
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    Quote Originally Posted by WhoisKingsley View Post
    I see a lot of questions and solicitations on DF coming from employees of companies rather than decision makers which does lead to believe that they don't know what they are selling. DF has become a "go to" for a lot of reps out there wanting to do better at the job that they were sold on.

    How does one train a sales agent now days? How do they expect them to perform if they aren't given the right tools to do their job?
    the lack of training that reps receive when starting in this industry in my opinion is one of the biggest problems facing this industry.
    John Celifarco
    Managing Partner
    Horizon Funding Group

    3423 Ave S
    Brooklyn, NY 11234
    T: (347) 773-3990 | F: (718) 795-1990
    Linkedin: Profile
    Email: john@horizonfundinggroup.com

  14. #14
    Senior Member Reputation points: 99227 ridextreme's Avatar
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    I don't think they're all working for a company, most of them are trying to set-up shop on the kitchen table.

  15. #15
    Veteran Reputation points: 157541 J.Celifarco's Avatar
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    Quote Originally Posted by ridextreme View Post
    I don't think they're all working for a company, most of them are trying to set-up shop on the kitchen table.
    I have to agree with you on this.. Most companies wouldn't want new employees on here they would be too afraid of losing new sales guys to other companies or giving them the idea to go out on their own
    John Celifarco
    Managing Partner
    Horizon Funding Group

    3423 Ave S
    Brooklyn, NY 11234
    T: (347) 773-3990 | F: (718) 795-1990
    Linkedin: Profile
    Email: john@horizonfundinggroup.com

  16. #16
    Absolutely, Freaking A

  17. #17
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    Quote Originally Posted by Zach View Post
    Give them sales CD's and books... record their calls and critique... have them listen to yourself and other professional closers... Give them bullet points of their upcoming call that they should grasp and utilize (eg. focus on ROI, expediency, and probe & develop their needs)...

    And most of all, tell them to MAKE MORE CALLS
    Make more calls...why? This is such an old sales cliche. I have seen countless reps that make a ton of calls and their numbers are dog****.

    Then I see the guys who are highly trained, have a great personality, and are generally confident in their product - that don't kill themselves with the dialing - that do extremely well.

    Granted that talking to prospects is key, but this mantra that it's all a numbers game, I just don't buy in. Never did.

  18. #18
    Veteran Reputation points: 157541 J.Celifarco's Avatar
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    Quote Originally Posted by FUNd View Post
    Make more calls...why? This is such an old sales cliche. I have seen countless reps that make a ton of calls and their numbers are dog****.

    Then I see the guys who are highly trained, have a great personality, and are generally confident in their product - that don't kill themselves with the dialing - that do extremely well.

    Granted that talking to prospects is key, but this mantra that it's all a numbers game, I just don't buy in. Never did.
    That depends on the leads people are calling. You can be the best trained person and be calling UCC and the training will help but at the end of the day that is a numbers game. If you are calling warm or hot leads then the training comes into play more because chances are there will be competition on those leads and just blowing up the person's phone will hurt more then help
    John Celifarco
    Managing Partner
    Horizon Funding Group

    3423 Ave S
    Brooklyn, NY 11234
    T: (347) 773-3990 | F: (718) 795-1990
    Linkedin: Profile
    Email: john@horizonfundinggroup.com

  19. #19
    Quote Originally Posted by J.Celifarco View Post
    That depends on the leads people are calling. You can be the best trained person and be calling UCC and the training will help but at the end of the day that is a numbers game. If you are calling warm or hot leads then the training comes into play more because chances are there will be competition on those leads and just blowing up the person's phone will hurt more then help
    Absolutely, Freaking A

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    When sales used to ask for UCCs or where to get UCCs I always used to say it was good practice to get them used to being on the phone.

    Now, I believe that if you can't get through your first 10 calls and not able to rebuttal, explain, or get offended- you need to find a new job. If you are pushy on your calls because of frustration- that's also a big sign that you aren't going to get documents back.

    I completely agree with recorded sales calls for training, recording rebuttals and FAQs, and ALWAYS remember that the merchant is going to talk about you. Bad or Good. To this day I get copies of fax solicitations, emails, direct mailers of companies stating that they talked to- or that they inquired about financing. Lying is the worst form of trying to get their documents.
    Amanda Kingsley
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  21. #21
    Senior Member Reputation points: 30475 Zach's Avatar
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    Quote Originally Posted by FUNd View Post
    Make more calls...why? This is such an old sales cliche. I have seen countless reps that make a ton of calls and their numbers are dog****.

    Then I see the guys who are highly trained, have a great personality, and are generally confident in their product - that don't kill themselves with the dialing - that do extremely well.

    Granted that talking to prospects is key, but this mantra that it's all a numbers game, I just don't buy in. Never did.
    The "make more calls" comment was something of a joke... Kind of like "Coffee is for Closers".

    But hey, if you keep your quality consistent, then of course making more calls will yield a greater number of fundings.
    Zachary Ramirez – CEO
    Phone: 562-391-7099
    Email: zach@zacharyjosephramirez.com

    1661 N. Raymond Ave #265
    Anaheim CA 92801

  22. #22
    jotucker1983
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    Quote Originally Posted by Chambo View Post
    But that would require actually understanding and knowing what you are selling!!!
    Lol, you are correct!

    I don't know, maybe I'm different guys, but I swear I hate the "passe" sales techniques of just listen to Zig Ziglar sales tapes, make sure you breathe in/out, make sure you break the ice, make sure you overcome those objections, make 700 calls a day, do some role play on the canned sales scripts, etc.

    It's just passe mumbo jumbo, "sales training" that came out of the 1970's by Sales Managers who honestly didn't have a clue why their Top Sales Performers were actually performing so well. And most Sales Managers today STILL don't understand why their Top Performers perform so well, so they just repeat these tired passe mantras over and over.

    Here's my take on this, if you are in Professional Sales, you have to approach this as a Business Proposition. So answer this question, why would a merchant sign up for a very expensive form of financing (a merchant cash advance)? Why would he do it?

    It's surely not because you are charismatic and overcame his objections, it's surely not because you have such a "great speaking voice," it's because the guy is in a current situation where he needs external business capital in the form of debt financing.

    That situation is driving the interaction, if you take that situation OFF the table, the entire altercation is over, doesn't matter how charismatic you are or how well you speak, his situation of needing business capital is why he's talking to you.

    So let's say other options to get the capital aren't available for whatever reason and depending upon what he needs the capital for, it could still be of significance to where he can "afford" to pay a 1.12 - 1.20 over 7 months, or a 1.25 - 1.30 over 12 months.

    So you present your offer to him, explain the program, the benefits, do some return on investment calculations, and shoot him over your application package. You get the package back and take it to the Funders in your Network that can fund him. Your Funder approves him, he accepts the terms, he's funded, you are paid, it's over.

    You didn't "win the sale" because you overcame an objection, breathed a certain way, broke the ice, or any other "passe" sales training technique. The guy had a problem, you solved it, period. That's what I call doing Business.

    Instead of training new guys on "passe" sales training techniques, instead train guys to:

    - Do efficient secondary market research

    - Do efficient primary market research

    - Know all about their product, their lender and their platforms (up, down, all around)

    - Know how to customize their product's pricing, service, structure, etc.

    - Come up with different creative and integrated products based on market research

    But again, these are just my opinions lol.
    Last edited by jotucker1983; 07-31-2015 at 09:26 AM.

  23. #23
    Senior Member Reputation points: 99227 ridextreme's Avatar
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    Quote Originally Posted by J.Celifarco View Post
    That depends on the leads people are calling.
    It's not only based on the leads, some people are just horrible at talking with people (instead of "at" them). I have heard countless times a rep gets someone on the phone that is interested, but they blow it because either the merchant doesn't like their personality when they talk condescending to them or the rep would scare them off by asking all the wrong questions such as "How's your credit" "Any history of tax liens or judgements?" "Any NSF's?" "Any negative days?" A minute ago they said they needed money, then all of a sudden they're not interested. So all this does is scares them away thinking they can not have any of this. We're gonna check all this anyway, why ask to scare them off thinking they won't qualify?

  24. #24
    You could always do what a competing broker did to us in June. Copy and paste our logo from our website and send it from a gmail account asking for the bank statements again.

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    Quote Originally Posted by blindbid View Post
    Getting the docs submitted is one of the main bottlenecks to closing the deal. Most agents send out alot of apps but then struggle to get the complete docs returned. What are some of your best practices in getting the merchant to return the app and supporting docs in timely manner?
    Michael I like how your lead sales pitch is that you have a tremendous amount of experience in this industry ... Five years at advance me if I'm correct.

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