Results 201 to 225 of 252
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11-19-2015, 06:28 PM #201
- Join Date
- May 2015
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- Long Island
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- 247
None of it makes sense. First his Fico is way off to even come close to Rapid's "preferred" or "select" pricing categories. Even tho they do come close to that rate it isn't for 12 month terms it's for 6 or 9.
Plus on the flip side, at a holdback of 12% it would take him 2 years to pay back a deal that size.
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11-20-2015, 08:55 AM #202
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- Mar 2015
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- 78
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11-20-2015, 09:15 AM #203
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- Oct 2013
- Location
- New York, NY
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- 1,203
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11-20-2015, 09:24 AM #204
- Join Date
- Apr 2013
- Location
- NY
- Posts
- 203
In situations like those, you tell the merchant you would be more than happy to go twist your underwriters arm to make him match or beat it, however you cant do so until you get a copy of the competitor contracts. No offense to you mr merchant, but plenty of people have said some outlandish offers, UW will not even listen to me unless I can come to him with an offer in writing. But if you can send me that contract my underwriters will beat it. And if he does not have a contract, then you can explain to him how its just someone promising him the world, bait and switch, its just not realistic.
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11-20-2015, 09:27 AM #205
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- Mar 2015
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- 78
I went to high school and college in the South and DC before moving to NY a few years ago, as well as traveled to several states up and down East Coast so I carry no NY accent.
No one has said the words "hotshot city broker" to me either, but I will say the merchants are noticing this trend of the MCA guys calling from NY.
IMO it just goes both ways, some people still hold NY in high regard because it's the hub for...well, everything lol.
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11-20-2015, 10:15 AM #206
- Join Date
- Jun 2015
- Posts
- 3,325
andy , what does a contract mean ? All the contracts in the industry are not binding to the lender as they can underwrite and decline on the one yard line . A Lot of lenders let big iso create docs by themselves and anyone can type anything in . Its a scam tactic called bait and switch . Call the bluff, it will never fund
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11-20-2015, 10:24 AM #207
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- Oct 2013
- Location
- New York, NY
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- 1,203
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11-20-2015, 12:07 PM #208
- Join Date
- Apr 2013
- Location
- NY
- Posts
- 203
In my experience it is far more likely that the merchant is lying or exaggerating the approval, then that the competitor sent them bull**** contracts. The point of asking for the contracts is to call the merchant on their bluff. Especially when they are claiming they have an approval that any sales rep in the industry recognizes as too good to be true.
And this is still the step that I would follow. Even if merchant can produce the contract, and you know that its bull****, tell them go ahead and sign it! Tell them whats going to happen, let them go through the motions, and they will come back to you and respect your wisdom and judgment and be a loyal client for years.
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12-01-2015, 01:03 PM #209
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,493
Sales Tip:
If you call someone and get their voicemail, kindly leave a message.
If you call someone with your number blocked, chances are they are not answering your call.Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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12-18-2015, 02:48 PM #210
TIP #11:
Have a well-defined niche
"What do you guys do that's so different?"
"You sound like all the other cash advance brokers I've already spoken to..."
"Yeah, this is one of those daily payment things, isn't it?"
How many times a day do you get one of those comments?
Do you have a list of what makes you unique? Are you ready to spit it out at a moment's notice?
If you can't show that you are unique in some way, why would a merchant work with you, rather than the 100 brokers who have already called them? You think the tone of your voice is the main determining factor behind them choosing you?
Most successful companies dominate a specific market segment before subsequently expanding. For example, successful companies like Pearl and Yellowstone dominated the high-risk space before moving into longer terms and lower rates. By carving yourself a small, defined niche, you are paving your own path for success.
"But Zach, how does this economic armchair theory apply to my SALES CALLS?
Great question. Here's a few ideas to help you get started:
1. Target a specific industry
Learn a specific industry thoroughly. If you understand that most construction companies receive their project payments on net 30, 60, or 90, you can implement that into your pitch:
Mr. Prospect, my fund specifically focuses on the residential construction space. From our experience, many of our clients end up performing work and incurring expenses for 30, 60, or even 90 days while you wait for your receivables. Has waiting for your project draws ever impacted your cashflow?"
Many of my clients in the construction space have trouble waiting for their receivables. Is the reason you can use this infusion of cash because you are waiting for a net 60 or net 90 payment to come in?
These types of comments help differentiate you from the majority of cash advance peddlers who focus on "we'll fund you fast!!!" and "lower rates!!!"
2. Find a unique lead source
It's tough to dominate the UCC and aged lead marketing channels -- creative prospecting is key to success in a space with increased cost-per-acquisition and reduced commission averages. Here's a few creative ones we've tried:
*Go on the department of transportation website and find the recently awarded contracts. Call the companies who won those contracts to congratulate them and introduce yourself as a project financier.
*Call marketing agencies, bookkeepers, and accountants. Explain that you can help their clients who are experiencing cashflow issues and pay them a referral fee.
*Call UCC's and focus your pitch on a loan consolidation program. "It's designed to help you get out of those short-term loans and into something better. Do you think saving 30-50% of your monthly payment would help you to continue growing your business? Would you mind sending over your bank statements and application while I wait on the phone, to make sure I receive it?"
3. Create Face-to-Face Opportunities
Let's face it -- with all other variables held constant, people want to do business with people they like. What's the easiest way to get a merchant, referral partner, or other valuable relationship to trust and like you? I'll tell you one thing: it ain't done over the phone.
To be clear, I never recommend to prospect face-to-face. I simply find it too inefficient to create a large, sustainable pipeline using that archaic method. However, closing deals and setting up important relationships face-to-face is by far the easiest way to ensure success. It's hard to go ghost on someone who has visited your office multiple times.
There's no real system or complicated methodology here. Just go out for lunch or dinner and talk about business. That's it!
Sounds simple... but I bet less than half of the reps in our space do it. This is my personally favorite "niche", because frankly no one else does it.Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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12-18-2015, 02:53 PM #211
- Join Date
- Jul 2014
- Posts
- 196
Official Sales Tip Of The Day Thread
Great information here good job!
Mike@SamsonPartnersLLC.com
Office 347-492-1801
Cell 917-689-1502
Fax 718-304-1163
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01-14-2016, 06:56 PM #212Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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01-14-2016, 07:15 PM #213
- Join Date
- Jul 2014
- Posts
- 1,746
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01-14-2016, 10:13 PM #214
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01-15-2016, 02:48 PM #215
TIP #12:
Use your metrics to improve efficiency
"I get so many apps, how come I'm not getting approvals? It must be bad luck."
"Ugh I got 10 approvals this month and nothing funded!!!"
"I leave 100 voice mails every day and never get any calls back!"
Sound familiar in your office?
Wouldn't having some way of measuring each stage of the sale, and improving your effectiveness at each stage be valuable for your team?
In case you aren't a sales or marketing guru, there is a simple answer to this: key performance indicators.
Key Performance Indicators (KPI's for short) explain your conversion rates from each stage of the sale. It shows you what percentage of clients move towards the next stage. This is what we typically refer to as the "sales funnel."
Here's a brief example:
250 phone calls = 1 application
10 applications = 6 approvals
6 approvals = 4 docs out
4 docs out = 3 docs in
3 docs in = 2 funded
But Zach, what is the value of understanding this? Shouldn't I be making more calls and trying to fund deals, rather than crunching numbers? I'm not some frickin' accountant over here, man.
WRONG.
Here's an example to prove the true value of KPI's:
Picture you have two salespeople that are struggling. You want to help them, so you've finally taken the time to measure their KPI's and identify their "sticking points" (an area where the salesperson needs improvement).
Salesperson A's KPI's are as follows:
100 calls = 1 app
10 apps = 6 approvals
6 approvals = 5 docs out
5 docs out = 1 docs in
1 docs in = 0 funded
Salesperson B's KPI's are as follows:
300 calls = 1 app
10 apps = 2 approvals
2 approvals = 2 docs out
2 docs out = 2 docs in
2 docs in = 2 funded
Salesperson A has some notable achievements here. They are above-average at prospecting, garnering 1 application per 100 phone calls. If they do 150 calls daily, they will get roughly 7 apps per week at this rate. Excellent call-to-app ratio.
Where salesperson A fails is in their closing abilities. Salesperson A gets tons of approvals, but couldn't close their own front door.
The clear solution here is for them to keep up their powerful prospecting, but learn how to convert their approvals to funded.
Salesperson B is also strong in some ways. Their prospecting is poor, however their closing rate is out-of-the-park.
If salesperson B learned how to prospect from salesperson A but maintained their closing ratios, they would be a phenomenal asset to your team.
If salesperson A learned how to close from salesperson B but maintained their high prospecting ratios, they would also be a superb rep.
Long story short, learn your rep's metrics, and help them get over their sticking points.Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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01-15-2016, 02:48 PM #216
- Join Date
- Oct 2013
- Location
- New York, NY
- Posts
- 1,203
Already posted to my Linked in
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03-02-2016, 02:21 PM #217
- Join Date
- Sep 2015
- Posts
- 36
What are your suggestions for overcoming gatekeepers? I have been experimenting with cold calling "verified" leads and have been having trouble getting many decision makers on the line or calls back. Is the idea to build enough value/rapport with the gatekeeper that they pass you on? Thanks
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03-02-2016, 02:53 PM #218
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- Jul 2014
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- 1,746
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03-02-2016, 02:58 PM #219
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03-02-2016, 03:12 PM #220
- Join Date
- Sep 2015
- Posts
- 36
I pitch them a financial consulting service to provide transparency and guidance in securing low cost capital and positioning the business for long term growth. And no.. i did not pay much of anything.
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03-02-2016, 03:13 PM #221
"Bob, please"
What is this in reference to?
"It's a business matter of a personal nature"Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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03-02-2016, 03:14 PM #222
- Join Date
- Jul 2014
- Posts
- 1,746
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03-02-2016, 03:15 PM #223
- Join Date
- Jul 2014
- Posts
- 1,746
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03-02-2016, 03:17 PM #224
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03-02-2016, 03:18 PM #225Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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