[jotucker1983]

FUNd,

I can't rep you enough, there should be a button to rep a post two, three or four times (we could call it the Reputation Stack lol).

I also keep hearing about how there's this open market of merchants out here who have never took out an advance, and for some reason that alone is supposed to mean there's this opportunity to convert a large amount of people to new clients? The reality is that the reason they have never taken out an advance (or an alt. loan), is because the cost is too damn high lol!

With all of the marketing going on out here, companies being featured in the media, etc., I would say that the vast majority of small business owners have heard about this product in one form or another.

I think we have to just be honest with ourselves and admit, we really are fighting over the business (in the US at least) of no more than 25,000 - 35,000 merchants today. We are literally just flinging the same merchant to this company, then to that company, then to another company.

These aren't your every day business owners, these merchants (sorry to say) are usually unsophisticated, their credit scores are much lower than the national average, they are unorganized like hell, you need 3 months of bank statements from them and they can't keep all of the pages together, they don't file their taxes on time, or they don't pay their rent on time, they send you over expired driver's licenses, etc., etc. These are the people that our product appeals to, it's the unsophisticated. And I'm sorry to say that.

The "normal" everyday entrepreneur, that's organized and sophisticated, literally laughs at these MCA post cards or "voicemails" they receive about 1.20 - 1.45 factor rates over 6 - 12 months. They aren't going to ever entertain our product.

[MCNetwork]

I also keep hearing about how there's this open market of merchants out here who have never took out an advance, and for some reason that alone is supposed to mean there's this opportunity to convert a large amount of people to new clients? The reality is that the reason they have never taken out an advance (or an alt. loan), is because the cost is too damn high lol!

I think we have to just be honest with ourselves and admit, we really are fighting over the business (in the US at least) of no more than 25,000 - 35,000 merchants today. We are literally just flinging the same merchant to this company, then to that company, then to another company.

Can't disagree more with this statement. Every day, my team and I pitch solid approvals to merchants who know next to nothing about a merchant cash advance. For those companies that have no need for immediate capital, the ads and banners for cash advances just go over their heads and don't register with them. Once a bonafide need DOES arise however, many of them are ripe for the product and can barely recall the banners they saw a month ago. The only funders and ISOs that are fighting over the same 25,000-35,000 merchants are the UCC hunters. The firms that have a much larger marketing budget know how to find the virgin MCA clients.

[J.Celifarco]

Can't disagree more with this statement. Every day, my team and I pitch solid approvals to merchants who know next to nothing about a merchant cash advance. For those companies that have no need for immediate capital, the ads and banners for cash advances just go over their heads and don't register with them. Once a bonafide need DOES arise however, many of them are ripe for the product and can barely recall the banners they saw a month ago. The only funders and ISOs that are fighting over the same 25,000-35,000 merchants are the UCC hunters. The firms that have a much larger marketing budget know how to find the virgin MCA clients.

100% agree with you I pitch more people who have never heard of a loan that can be paid back with daily payments then I do merchants who have..

We see all those banners because of the websites we go too we are targetted with them based on internet activity. ABC pizza guy goes to a website he is probably not seeing an ondeck banner

[MCNetwork]

Well you and I worked together at NLF/MCC years ago so we know what type of leads a good marketing budget can buy. Many of the people on this forum can't relate