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10-10-2015, 09:52 AM #1
- Join Date
- Aug 2015
- Posts
- 28
Has anyone heard of Qualified Merchants?
I have an offer out to a potential client, my client calls me Friday afternoon and tells me he has another offer from Qualified Merchants. This is a small pizza shop with about 30K monthly deposits, he's looking for 20K and has a 600 fico score. So he tells me that Qualified Merchants will give him 24K with a factor rate of 1.17 and 10 months term? I have an offer of 20K with a 1.28 factor rate with 6 months term.
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10-11-2015, 02:50 PM #2
- Join Date
- Apr 2015
- Location
- Florida, First MCA sold in 85/ WS in 76. CFP/RIA, series 3,6,7,8,10,63,Ins218,220.
- Posts
- 554
Sounds like you better request an ISO agreement and move on to the next deal and call on renewal.
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10-11-2015, 03:33 PM #3
- Join Date
- Apr 2015
- Location
- Florida, First MCA sold in 85/ WS in 76. CFP/RIA, series 3,6,7,8,10,63,Ins218,220.
- Posts
- 554
Sounds like you better request an ISO agreement and move on to the next deal and call on renewal.
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10-11-2015, 07:17 PM #4
- Join Date
- Feb 2015
- Posts
- 21
I am not sure if this is their website but check out http://qualifiedmerchant.com/
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10-11-2015, 08:00 PM #5
- Join Date
- Oct 2015
- Posts
- 23
Check out the company history thread on his website http://qualifiedmerchant.com/company/history/
I have to find out when our industry is passing out awards for most cash advances in the history of our industry.
FYI owners name is MICHAEL S ADELBERG
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10-12-2015, 12:49 AM #6
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10-12-2015, 01:08 AM #7
- Join Date
- Jul 2014
- Posts
- 1,746
They've done 14,000 deals. That's a lot.
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10-12-2015, 02:19 AM #8jotucker1983Guest
Assuming they only do 1st position deals, the average funded amount would be about $25,000 so on 14,000 deals they've had to at least done around $350 million in funding volume thus far.
Why hasn't anybody heard of them then? Maybe they also operate under a different name? Because if the numbers are correct, they would easily be on deBanked's Leaderboard: http://debanked.com/2015/06/the-offi...g-leaderboard/
Also when you Google them, very little information comes up and for a company that has funded 14,000 businesses I would expect a lot more press?Last edited by jotucker1983; 10-12-2015 at 02:24 AM.
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10-12-2015, 10:18 AM #9
- Join Date
- Jan 2013
- Location
- Berlin, CT
- Posts
- 191
It's been a while since I've heard their name, but I have heard of them. The offer looks like a CAN offer.
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10-12-2015, 10:51 AM #10
You mean firms are blurting out numbers and volume with no accountability? Smoke & mirrors lying? Stating they can do X, Y & Z,, when anyone worth anything in this industry knows that is BS?
Good heavens, No!
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10-12-2015, 11:22 AM #11
- Join Date
- Dec 2013
- Posts
- 4,713
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10-12-2015, 01:12 PM #12
- Join Date
- Aug 2015
- Posts
- 28
They mentioned they did receive a contract it was from Strategic Funding, so it's true, Qualified Merchants is not a direct lender. Still can't believe the 1.17% factor rate and 10 month term for a 600 fico score. What is this industry coming too....
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10-12-2015, 01:23 PM #13
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10-12-2015, 02:21 PM #14
- Join Date
- Jun 2015
- Posts
- 3,322
john find out if they are charging him a broker fee or any other garbage like that . I have seen brookers sell it at buy rate or close to it to win the deal and then tell merchant its a standard fee that everyone will charge him . also some times people do bait and switch so make sure he knows any change in price at all , run like hell .
good luck
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