[FundedBROTHA]

New to the game, Looking for tips and tricks from seasoned MCA pro's. My source told me I can go to the DAILYFUNDER for great advice.

I have a 3 man shop, dialing UCC'S, and calling my old book of business.

HELP ME FUND BROTHA!

FUNDEDBROTHER@GMAIL.COM
Joe

[John Galt]

Don't walk, Run. Mickey D's is hiring right now! This is not the business it was years ago. Actually could do well though with a book if it hasn't been pounded to hell. Sign with the biggies and understand their UW guidelines.

[skideeppow]

and get a real email address. No one is going to take you seriously with a gmail account. And you are about 5 years late to the game.

[BigIz]

First and foremost, it is of the utmost importance that you look professional and gmail and yahoo do not convey that (not putting you down, just giving you some input).

You are going to realize really quickly here at the DF that the senior members do not take kindly to newbies like you and me. Although they do not seem to remember that they were once newbies too.

If you are new to this game, you are bound to ask what the Seniors consider "retarded" questions because that is how you learn but do not worry about it because there are some Seniors here that understand and will give you some solid advise (Zach @ WBL). Keep on asking those questions and you will gain a lot of knowledge here at the DF really quickly.

As far as all the doomsday sayers here that see the end of an Industry, I see the opportunity for new blood to come in and work with whatever new model this Industry turns into. Government regulation is inevitable and you need to be ready for it or you might as well "work at Mickey D's.

My last piece of advise that I have learned really quickly here at the DF, always listen to what Chambo has to say. He seems a little grouchy sometimes but is always on point.

[Chambo]

Chambo Knows.jpg

[Chambo]

New to the game, Looking for tips and tricks from seasoned MCA pro's. My source told me I can go to the DAILYFUNDER for great advice.

I have a 3 man shop, dialing UCC'S, and calling my old book of business.

HELP ME FUND BROTHA!

FUNDEDBROTHER@GMAIL.COM
Joe

What do you mean "old book of business"? You mean the one you took with you when you left the other ISO? If that is what you mean, do not be surprised if you get the blue papers hand delivered to ya, for breach of contract and stealing....just saying.

[Chambo]

You had better get to know your funders out there, their requirements, sweet spots, and what is truly just trash. Beware of all the "johnny Come Lately"s who post on here that they can do everything under the sun. Why?
1) it is total BS
2) they are probably just looking for free marketing and will try to steal your deals

Outside of that, good freaking luck, because yoou are going to need it. You will soon learn that this industry is nowhere near as easy as some young punk looking to make an override told ya

[John Galt]

Sorry, Chambo is way off:
That's just such BS. Seldom are suits filed, very expensive. Just to try to scare the kids. Tortuous interference is so hard to prove, non piracy, non compete......rules change every week. In addition you're looking at 25k in legal fees against collecting from someone with a minimal net worth (assuming you go to trial). Maybe get a C&D if you're lucky and the kid you sue doesn't show or have an atty for 1K or so. Welcome to reality. Nasty dunning letters only scare the ignorant. It' a competitive market and you can't keep someone out of their chosen trade. Depends on the contract signed and because the rules change so fast, the non compete you signed 2 years ago is probably now inefficient in a court of law.

[Sean Cash]

That's just such BS. Seldom are suits, very expensive. Just to try to scare the kids. Tortuous interference is so hard to prove, non piracy, non compete......rules change every week. In addition you're looking at 25k in legal fees against collecting from someone with a minimal net worth (assuming you go to trial). Maybe get a C & D if you're lucky and the kid you sue doesn't show or have an atty for a g or so. Welcome to reality. Nasty dunning letters only scare the ignorant.

John, I'm not so sure I agree with you. There are more than a dozen active lawsuits going on right now (which can be easily looked up) against former employees of ISOs and funders for violating non-competes and the like. The truth is that this industry is very litigious and reps shouldn't act as if nothing will happen to them if they quit/get fired and then breach their agreements. I've seen plenty of evidence to the contrary.

Chambo is right again.

[John Galt]

Sorry, he's not. I have done over 25 noncompete/piracies..won 12 by default. lost 2 which actually went to trial. All others settled mostly just to a cease and desist. The 2 losses cost me over 10k in legal fees each and they were awarded legal fees. There will always be active suits, doesn't mean they'll win and to sue someone with a minimal net worth makes no sense unless it is ego suing. Go see what the end result of the suits were. Any employer will sue but non competes and non piracies and tortious interference are expensive and unless your suing GM seldom make sense.

[BigIz]

Sorry, Chambo is way off:
That's just such BS. Seldom are suits filed, very expensive. Just to try to scare the kids. Tortuous interference is so hard to prove, non piracy, non compete......rules change every week. In addition you're looking at 25k in legal fees against collecting from someone with a minimal net worth (assuming you go to trial). Maybe get a C&D if you're lucky and the kid you sue doesn't show or have an atty for 1K or so. Welcome to reality. Nasty dunning letters only scare the ignorant. It' a competitive market and you can't keep someone out of their chosen trade. Depends on the contract signed and because the rules change so fast, the non compete you signed 2 years ago is probably now inefficient in a court of law.

I wish I had the money to enforce my confidentiality/non-compete agreements with all the reps who stole from me in the mod business. I was in the mod business for 7 years and if I had the money I would have sued the pants of ALL those BASTA....S that stole my deals. I am all for being entrepreneurial and trying to branch off on your own BUT stealing business from a Company that has spend thousands upon thousands of dollars to capture those leads is NOT OK.

I hope that is not what this kid did or else I have lost all respect for him. He said old book of business and I assumed he was previously in an Industry that dealt with businesses directly.

[FUNd]

I'm with Chambo. Good luck bud. You need tons of capital and know how, or in the words of Mr. Wonderful - you will be squashed like the cockroach you are.

Welcome to MCA.

[John Galt]

Just exactly my point.

[John Galt]

Damn, it's like Sun Tzu with you......give the kid a chance.

[FundedBROTHA]

I'm not that worried about Non-competes I have a cousin named Vinny, he's a lawyer from New York. He usually deals with personal injury cases, but he's gotten me out of some sticky business down in Alabama one time (thank god I don't drive a Pontiac Tempest.)

I should be alright.

[jotucker1983]

New to the game, Looking for tips and tricks from seasoned MCA pro's. My source told me I can go to the DAILYFUNDER for great advice.

I have a 3 man shop, dialing UCC'S, and calling my old book of business.

HELP ME FUND BROTHA!

FUNDEDBROTHER@GMAIL.COM
Joe

While you will obviously do whatever your heart desires, I would NOT be deploying any more capital into dialing UCC records to sell Merchant Cash Advances if I were you. The records are hammered consistently and you might not even be able to speak with the merchant anymore as they are filtering out calls from funding companies.

If you have a 3 man shop, a good predictive dialer and some capital, I would seriously look at selling either a different product to a niche market, or if you want to sell MCAs, look at developing more specialized data to call on rather than the same data that everybody else is calling on.

[Michael I]

Maybe you should work for John for a week and steal he's clients as he is obviously ok with you doing it . Lol
Joe tucker is right ucc are done for and over saturated. Either figure out a niche list or be ready to spend thousands of dollars in marketing .

[John Galt]

"his" ignoramus. sorry about dating yer mum.

[Michael I]

John sorry if your loser with no life . But no need to pm like a two year old with mother jokes . If you want to insult me , the least you can do is be more original .

[John Galt]

sorry guy, pming to be personal. steve 305-467-8491. You started it.