[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.