[fundgorilla]

If you have issues with the regulators, and are not looking forward to their entry into the business, then you must like dealing with merchants who've been lied to by every banned stockbroker on the street. This business will thrive and begin to look more legitimate if we can cull the wolves out of the flock.

[anonymous]

If you have issues with the regulators, and are not looking forward to their entry into the business, then you must like dealing with merchants who've been lied to by every banned stockbroker on the street. This business will thrive and begin to look more legitimate if we can cull the wolves out of the flock.

or until we can locate a sheep clothing provider

[FUNd]

Every ISO and brokerage I have worked for or have a knowledge of has blatantly lied to merchants, and/or willingly violated the law. No exceptions. Fake approvals, illegal fax marketing, spam marketing, fees that are charged in advance with no funding ever taking place...the list goes on...

[Chambo]

Every ISO and brokerage I have worked for or have a knowledge of has blatantly lied to merchants, and/or willingly violated the law. No exceptions. Fake approvals, illegal fax marketing, spam marketing, fees that are charged in advance with no funding ever taking place...the list goes on...

So what are you saying Korchak?

[AndyYSCISOdept]

Truth. And Like Jcelifarco said earlier, all of those behaviors make the job of the legit brokers ISOs funders etc much much more difficult.

[Chambo]

Just because someone else did it, that makes it alright?

[FUNd]

Is it ever alright to steal money and break the law?

[J.Celifarco]

Every ISO and brokerage I have worked for or have a knowledge of has blatantly lied to merchants, and/or willingly violated the law. No exceptions. Fake approvals, illegal fax marketing, spam marketing, fees that are charged in advance with no funding ever taking place...the list goes on...

The idea that everyone is doing that is ridiculous. It seems to me you have just picked some bad offices to work at.. For me I do not think charging a reasonable closing cost on a deal if wrong. That is me different people think different things. (under 5%) As to the other things that you say people do that is just wrong anyway you spin it. Fees charged in advance with no funding is theft plain and simple.

[anonymous]

The idea that everyone is doing that is ridiculous. It seems to me you have just picked some bad offices to work at.. For me I do not think charging a reasonable closing cost on a deal if wrong. That is me different people think different things. (under 5%) As to the other things that you say people do that is just wrong anyway you spin it. Fees charged in advance with no funding is theft plain and simple.

There is no need for junk fees on the broker end. Kills client retention when they realize what has happened. Commission percentages are high enough, no need to be greedy.

[J.Celifarco]

There is no need for junk fees on the broker end. Kills client retention when they realize what has happened. Commission percentages are high enough, no need to be greedy.

deal to deal basis for me depending on the situation. As I said before if it is within reason I dont have a problem with it. If you are upfront with the merchant and they understand them I think it is fair, if you hide them that is a big problem

[Funder Mark]

There is no need for junk fees on the broker end. Kills client retention when they realize what has happened. Commission percentages are high enough, no need to be greedy.

Sometimes the insane fees are enough to kill deals on their own. One company I worked with had an underwriter who charged a 10% on ALL funding!! That kind of greed I never understood. If you are doing such high risk deals, charge a 1.5, don't give a 1.45 and then charge 10% as a fee on top.

[Lexgroup]

They are not all unlawful and/or unethical but I would says these are pretty commonplace practices throughout the industry unfortunately - at least the blatant lying. I won't name names but I've seen brokers try to fund dead people, ACH money out of a merchant's account and pocket it (telling the merchant that they will make a payment on their behalf), alter documents (badly), pretend to be landlords, the list goes on. Granted some of the merchants aren't too bright but some of these brokers are predatory - they take obscene amounts in fees from people who are already dead broke. loan-shark.jpg

[FUNd]

Sometimes the insane fees are enough to kill deals on their own. One company I worked with had an underwriter who charged a 10% on ALL funding!! That kind of greed I never understood. If you are doing such high risk deals, charge a 1.5, don't give a 1.45 and then charge 10% as a fee on top.

Greed will kill it all. Maybe I have found the wrong places to work at, but these were industry leaders in my area... They blatantly stole money from small business. I saw it. Every sales guy knew it on the floor...many of us quit...all I'm saying is it's going on as I speak, and merchants are getting pounded by fees, lies (as Kingsley astutely said), and all out greed.

If you charge a 1.45 and add a 10% fee along with 5 other junk fees, because you know a merchant is drowning, suffocating and will pay anything for air...don't fool yourself, you're no saint, you're a loan shark. And I hear that word all day long from merchants.

QUIT PATTING YOURSELF ON THE BACK, TELLING YOURSELF WHAT A GREAT "SALESPERSON" YOU ARE....these are desperate people, in hard times...and your 'suave'....isn't selling anything....the prospect of money sells itself, and at these rates, you can be a ****ing monkey with a check, and these desperate fools....will take it.

[AndyYSCISOdept]

Well said Mr FUNd!

[MCNetwork]

I love the ISOs who charge 1.45 with 10 point junk because all those merchants will kiss the ground I walk on when I crush those terms.

[BigIz]

Okay, first of all, the old timers need to stop acting like grouchy old men (get off my lawn you f---g kids!!) with all the newbies. Like I said in another post, you guys seem to forget that you were once new to this industry also. Some of these posts seem to be blaming the newbies for all the shenanigans that go on in this business. These new kids are learning it from somewhere and/or someone.

You are pissed off because you claim there is only so much pie for everyone and all these newbies are making your share smaller. Man, you guys are so blind. There are over 28 million small businesses in the United States, according to SBA statistics. What percentage are ALL the funders and ISOs in the US really reaching? NOT even a sliver close to 28 million. Expand your damn pie! Almost everyone is calling the same Merchants with aged leads and UCCS. A great majority of small businesses have not even heard of alternative business financing. If you truly want to reach this untapped market, GO LOCAL! Do not try to capture the whole US all at once. Most merchants will trust you more and you will be able to close more of the merchants you contact if they know you are half an hour or maybe even two hours drive away. You will not be some mysterious person on the other side of the country. If you do want to go countrywide, find your niche market, learn it inside out and go after it hard.

As far as regulation is concerned, can you stop freaking out! It is not Armageddon. This is a chance for the good players to bring legitimacy to themselves and the Industry as a whole. Licensing through mandated knowledge/education of the industry and background checks will weed out many of these scoundrel newbies that every old timer on this board *****es about. Mandated continuing education to keep your license is a good thing. Losing your license because you screwed a merchant over by stealing from them, that is a good thing for this business, unless you are the one doing the screwing.

Yes, there will be more transparency and no you will not be able to make your 21% commissions and stacking will go away but the product that you sell the merchants will actually help their business instead of putting them out of business. So many people on this forum are like "screw the merchant, they are all thieves" and "Let's make as much money as possible on each deal", even if the merchant gets screwed. That sound like a used car salesman to me that has no moral compass and does not really care about selling you a lemon. Do you not get that, that mentality is killing your source of revenue?

The RANTINGS of a Newbie!

[FUNd]

Okay, first of all, the old timers need to stop acting like grouchy old men (get off my lawn you f---g kids!!) with all the newbies. Like I said in another post, you guys seem to forget that you were once new to this industry also. Some of these posts seem to be blaming the newbies for all the shenanigans that go on in this business. These new kids are learning it from somewhere and/or someone.

You are pissed off because you claim there is only so much pie for everyone and all these newbies are making your share smaller. Man, you guys are so blind. There are over 28 million small businesses in the United States, according to SBA statistics. What percentage are ALL the funders and ISOs in the US really reaching? NOT even a sliver close to 28 million. Expand your damn pie! Almost everyone is calling the same Merchants with aged leads and UCCS. A great majority of small businesses have not even heard of alternative business financing. If you truly want to reach this untapped market, GO LOCAL! Do not try to capture the whole US all at once. Most merchants will trust you more and you will be able to close more of the merchants you contact if they know you are half an hour or maybe even two hours drive away. You will not be some mysterious person on the other side of the country. If you do want to go countrywide, find your niche market, learn it inside out and go after it hard.

As far as regulation is concerned, can you stop freaking out! It is not Armageddon. This is a chance for the good players to bring legitimacy to themselves and the Industry as a whole. Licensing through mandated knowledge/education of the industry and background checks will weed out many of these scoundrel newbies that every old timer on this board *****es about. Mandated continuing education to keep your license is a good thing. Losing your license because you screwed a merchant over by stealing from them, that is a good thing for this business, unless you are the one doing the screwing.

Yes, there will be more transparency and no you will not be able to make your 21% commissions and stacking will go away but the product that you sell the merchants will actually help their business instead of putting them out of business. So many people on this forum are like "screw the merchant, they are all thieves" and "Let's make as much money as possible on each deal", even if the merchant gets screwed. That sound like a used car salesman to me that has no moral compass and does not really care about selling you a lemon. Do you not get that, that mentality is killing your source of revenue?

The RANTINGS of a Newbie!

Yeah, the OBVIOUS rantings of a "NEWBIE"....if you knew anything about business, this space, or this country in general you would KNOW that your Google search of "how many businesses are in the U.S.", that yielded that 28 million number is complete bull****.

While I agree with some of your points, please, please, do your research. There are nowhere near 28 MILLION businesses eligible for the MCA product, not....even....close....get your facts straight.

[pmoney]

The reason why alternative financing is expanding so rapidly is BECAUSE of the regulation hurdles that banks face. If there is one thing which would literally destroy us, it is a massive increase in regulations.

Exactly, we benefit from the massive amount of red tape that many banks and lending institutions face each day. Ultimately any regulations mandated by the CFPB are to protect the consumer. The unknown is simply a matter of which regulations the CFPB intends to implement and how the severity of those regulations will impact our business.

[BigIz]

Yeah, the OBVIOUS rantings of a "NEWBIE"....if you knew anything about business, this space, or this country in general you would KNOW that your Google search of "how many businesses are in the U.S.", that yielded that 28 million number is complete bull****.

While I agree with some of your points, please, please, do your research. There are nowhere near 28 MILLION businesses eligible for the MCA product, not....even....close....get your facts straight.

Thank you for a backhanded, somewhat of a not compliment on some of my points but really you took my 28 million number and that is what you are focusing on? The whole point was NOT the 28 million number. The whole point was that the pie is a lot bigger. Stop whining about newbies and try to find a new way of trying to access that untapped market. I have been experimenting with all the marketing options and one of them is sending out a rep to pound the pavement. Yes that is costing me money and it will take a while to build relations, bring in business and close deals BUT the best lesson I have learned from that marketing experiment is that MOST merchants that he speaks to have no idea about their alternative business financing options.

I am OBVIOUSLY a newbie and there is no shame in that. The shame would be if I did not try to educate myself about this business and open my eyes to the opportunity that still exists here. Like I have said before, the DF has definitely help shorten the learning curve but I am still on the curve. I am sure you did not come into this space knowing all that you know now. There is no reason to hate just because someone does not have your knowledge, at this point.

[FUNd]

What "untapped" market skippy? That's what I'm talking about. Glued to my phone and subscribed to this thread, I love the response. Your statement that MOST merchants don't know about alternative financing options was true in 2012. The fact you still believe that is amazing. Have you picked up the phone lately? Have you had one merchant that's sat up in his chair and said "Der...uh....thanks big IZ... I didn't know there was a high interest daily payment option for my biz..." "I've ignored every robocall, fax, mailer, commercial, telemarketer, processing peddler, podcast live read, Internet banner, talk radio ad, airplane banner, ticker tape parade about 'cash for your business'..."

Get a clue dude.... Please.....

[bdshaw]

Not to digress boys but from a dollar prospective I'm sure that the "commercial" companies have a substantially higher sales volume than those you would categorise as retail.
That begs the question of why hasn't everyone but John contacted me to learn about this huge financial marketplace?
Bob

[FUNd]

Maybe because we don't all focus on "retail" Bob, and are fully aware of every SIC code in the book that has a need for capital.

[John Galt]

You need to understand funD is an idiot and will do what he can to insult anyone on here. He'll never be the man his mother was. Will always be the low guy on the totem pole.

[John Galt]

A lot of the guys here will never understand the idea of factoring or legitimate loans and will push for the 15% commission MCA plus fees. See if they are still here next year. See if their clients are still open....and funD is leading them like lemmings. He's as thick as a bulls walt and it's pointless to make fun of him as it will take him all day to figure out the insult.

[cbs]

Is this always the way this site is with bickering? I find fund to be an a-hole. The guy stated his opinion but fund just cuts down everyone. Why is he still allowed here?