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11-11-2015, 10:36 AM #1
- Join Date
- Mar 2014
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- Ann Arbor, Michigan
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- 1,289
What is ethical?
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?
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11-11-2015, 10:43 AM #2
- Join Date
- Dec 2013
- Posts
- 4,713
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.Last edited by mcaguru; 11-11-2015 at 10:49 AM.
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
——————————————————————————
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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11-11-2015, 10:51 AM #3
- Join Date
- Sep 2012
- Location
- New York, NY
- Posts
- 1,780
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.
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11-11-2015, 11:09 AM #4
- Join Date
- Oct 2015
- Location
- NYC
- Posts
- 119
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!
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11-11-2015, 11:02 AM #5
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11-11-2015, 11:51 AM #6
- Join Date
- Dec 2013
- Posts
- 4,713
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
——————————————————————————
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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11-11-2015, 11:57 AM #7
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.
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11-11-2015, 12:09 PM #8
- Join Date
- Dec 2013
- Posts
- 4,713
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
——————————————————————————
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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11-11-2015, 11:03 AM #9
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11-11-2015, 11:17 AM #10
- Join Date
- Apr 2013
- Location
- NY
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- 203
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11-11-2015, 11:20 AM #11
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- Oct 2013
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- New York, NY
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- 1,203
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11-11-2015, 11:35 AM #12
- Join Date
- Jun 2015
- Posts
- 3,325
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 .
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11-11-2015, 11:40 AM #13
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.
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11-11-2015, 12:06 PM #14
- Join Date
- Oct 2013
- Location
- New York, NY
- Posts
- 1,203
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.
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