[bdshaw]

There's an old joke about two partners who own a restaurant. One day a customer runs a $9.00 bill. The customer accidentally pays one of the owners, who is working the cash register, with a $100.00 bill. The owner quickly gives the customer $1.00 in change. At that point the owner has an ethical dilemma on his hands.
Does he or does not tell his partner?
Cute, but telling.
What do your ethics tell you about finding the best financial deal for your client versus finding the best for yourself?

[mcaguru]

Ethical is probably Not the issue. I had a stock brokerage account at Solomon Smith Barney (now Morgan Stanley) a trade was $300.00 a trade (each way) should have Smith Barney sent out an email to its 25M costumers that ETRADE is $9.99 a trade?
My point is my ISO's are in the business of making money. lets not cut around the bush. we are not dealing with children we are talking about business owners, they are very crafty and are not given enough credit and its evident in the way some talk about our industry like we are putting bad ingredients into bread crumbs and feeding blind starving birds.

[MCNetwork]

My point is my ISO's are in the business of making money. lets not cut around the bush. we are not dealing with children we are talking about business owners, they are very crafty and are not given enough credit.

Absolutely. Every day is a battle of wits between funding companies, merchants and ourselves. Merchants are not the naïve children some of us think they are. At the end of the day, we need to do what's best for us and our companies. Since having a good renewal book is part of our objective, we tend to be more honest when we deal with our merchants because it makes good business sense, plain and simple.

[Ktolbert85]

I try to strike a balance between my financial aspirations and meeting the clients needs. I have come to find that many times I have to reduce my profit in order to meet the merchants needs. I f you do not meet their needs you will not get their business. At the end of the day that is what we are all here for!

[Chambo]

Ethical is probably Not the issue. I had a stock brokerage account at Solomon Smith Barney (now Morgan Stanley) a trade was $300.00 a trade (each way) should have Smith Barney sent out an email to its 25M costumers that ETRADE is $9.99 a trade?
My point is my ISO's are in the business of making money. lets not cut around the bush. we are not dealing with children we are talking about business owners, they are very crafty and are not given enough credit and its evident in the way some talk about our industry like we are putting bad ingredients into bread crumbs and feeding blind starving birds.

This was a bad example, as he is not referring to talking about other business.

[mcaguru]

This was a bad example, as he is not referring to talking about other business.

how so??

[Chambo]

how so??

First off, you are a funder (Lord knows you were NEVER a salesman!), so different set of rules apply to you.

But,...as a salesman, if you have multiple offers across a spectrum of factor rates, stips etc,....I have always found that sending the merchant both the BEST offer, and then the EASIEST offer (fewest stips) and letting them decide works best. Merchants don't want to feel bamboozled. IF you are giving them mo0re of a say in the process (not just "here's the money, take it or leave it") , you build up a trust in the merchant (that you are not out to just gauge them) and the merchant feels more in control.

Not to mention, you come across as someone who actually knows the marketplace and what they are doing, as compared to a one-trick pony hawking your in house product.

[mcaguru]

First off, you are a funder (Lord knows you were NEVER a salesman!), so different set of rules apply to you.

But,...as a salesman, if you have multiple offers across a spectrum of factor rates, stips etc,....I have always found that sending the merchant both the BEST offer, and then the EASIEST offer (fewest stips) and letting them decide works best. Merchants don't want to feel bamboozled. IF you are giving them mo0re of a say in the process (not just "here's the money, take it or leave it") , you build up a trust in the merchant (that you are not out to just gauge them) and the merchant feels more in control.

Not to mention, you come across as someone who actually knows the marketplace and what they are doing, as compared to a one-trick pony hawking your in house product.

I always said when they open the MCA Hall of Fame your statue will be right there with the other machers!

[Chambo]

There's an old joke about two partners who own a restaurant. One day a customer runs a $9.00 bill. The customer accidentally pays one of the owners, who is working the cash register, with a $100.00 bill. The owner quickly gives the customer $1.00 in change. At that point the owner has an ethical dilemma on his hands.
Does he or does not tell his partner?
Cute, but telling.
What do your ethics tell you about finding the best financial deal for your client versus finding the best for yourself?

My philosophy is "if you don't do it, there is another broker out there who will."

You would be surprised how many deals you can close a month....simply by removing the junk fee some other broker was charging

[Andy]

My philosophy is "if you don't do it, there is another broker out there who will."

You would be surprised how many deals you can close a month....simply by removing the junk fee some other broker was charging

Im with you on this. Nothing better then getting a merchant who says, im all set im about to be funded in a day or two. He sends you a copy of the other contracts, theres a big junk fee on it, you match the terms minus the fee, easiest deal in the world to close.

[AndyYSCISOdept]

My philosophy is "if you don't do it, there is another broker out there who will."

You would be surprised how many deals you can close a month....simply by removing the junk fee some other broker was charging

I am pretty sure I said a variation of this philosophy like 10X yesterday.

[Michael I]

ok so i have a current client that was going the traditional way and was strung along for so long that now he has nsf and i cant get him anything (non loan me state) . was the brooker being more ethical by trying to go traditional and now leaving him up the creek without a paddle .

[Funder Mark]

Tell the client, I can get you cheap money, which will take a while, and the offer may fall apart, or I can get you quick money, which will cost more. I try to explain us as a supplier, who provider our service quicker then some competitors, and charge more for that.

[AndyYSCISOdept]

Chambo, you make this all sound so simple....Where can I get your Chambo Knows Volume 1 DVD?

But in all seriousness, you raise a good point about showing the merchant that you are not only knowledgeable but that you aren't going to force feed them the deal that's best for your pockets.