[admin]

Guys, please stop fighting each other

[golf2014]

now now folks..let's calm down with making brokers being the worst in the world. plenty of stuff the lenders do are just as wrong. timing is huge in this industry..it matters when you call them and get lucky. one way to avoid the rogue brokers is to not allow up charging the client. offer comes in at 1.35 at 7 points and that is that. but...nobody mentions how the lenders are at fault onlyyyyyyyy the greedy brokers..uh huh

[Lender Of Gold]

now now folks..let's calm down with making brokers being the worst in the world. plenty of stuff the lenders do are just as wrong. timing is huge in this industry..it matters when you call them and get lucky. one way to avoid the rogue brokers is to not allow up charging the client. offer comes in at 1.35 at 7 points and that is that. but...nobody mentions how the lenders are at fault onlyyyyyyyy the greedy brokers..uh huh

Co-sign this. At least the individual broker is trying to make his living on his back and is his only liability.

While the big corporate funders and big ISOs burn+churn hundreds of reps a year by feeding them pipe dreams, barely train them, then scheme of ways to rob and underpay the guys on the ground, whether it be hustling them out of commission, using them simply for lead gen before firing them and sweeping leads to the management, etc.

Ain't no Mother Teresas in this industry: big funders, small funders, lone broker or big ISO.

[AndyYSCISOdept]

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.

Odds are, but not always, a merchant willing to agree to a 1.45 and 10% junk fee doesn't qualify for the crushing rates you speak of. I do believe now more than ever than merchants are savvy enough to find better terms if they qualify, and that's a big if.

[Funder Mark]

Odds are, but not always, a merchant willing to agree to a 1.45 and 10% junk fee doesn't qualify for the crushing rates you speak of. I do believe now more than ever than merchants are savvy enough to find better terms if they qualify, and that's a big if.

Andy, the funny part is I was talking about SD.

[AndyYSCISOdept]

Oh I knew exactly whom you were talking about and believe me we have our differences but in the end I do my best to make sure that the guys that work with me aren't subjected to that.

[MCNetwork]

Odds are, but not always, a merchant willing to agree to a 1.45 and 10% junk fee doesn't qualify for the crushing rates you speak of. I do believe now more than ever than merchants are savvy enough to find better terms if they qualify, and that's a big if.

I only need to sell a 1.30 and 3% fee and be a hero. I can write those all day long, even with risky deals.

[MCNetwork]

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 have to disagree with this. I'll bet you $100 that if you randomly call 10 restaurants in your phone book and ask the owner if he knows what a merchant cash advance is and how it works, 7-8 of them won't know. People only know what it is when they have a serious need and actually look into it.

Every day I'm pitching MCAs to business owners who don't know what it is, so I know what I'm talking about...

[AndyYSCISOdept]

I only need to sell a 1.30 and 3% fee and be a hero. I can write those all day long, even with risky deals.

I sure you COULD write those all day long, but I'm not sure they'd pay back, and if they qualify for better rates etc, then they probably wouldn't take the 1.45 with 10% fee to begin with right?

[JoeLepkoski]

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...

Not to mention re-dating an application every 30 days in order to be able to have credit pulled again and again when shotgunning the merchants docs out, before the merchant knows it they have 30 credit inquires in 90 days.

[JoeLepkoski]

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

Not unless your name is Robin Hood.

[JoeLepkoski]

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.

Agreed, we are selling the most sought after product there is, money.

[AndyYSCISOdept]

Agreed, we are selling the most sought after product there is, money.

Typically what I hear:
Rep#1: Sir, can I take your order please?
Merchant: I'll have your very expensive 25K please
Rep#1: Coming right up with a 10% gratuity added
Merchant: Okay, I have no choice
REp#1: (to his coworkers) I am the single greatest salesman on the planet!!!

[JoeLepkoski]

Typically what I hear:
Rep#1: Sir, can I take your order please?
Merchant: I'll have your very expensive 25K please
Rep#1: Coming right up with a 10% gratuity added
Merchant: Okay, I have no choice
REp#1: (to his coworkers) I am the single greatest salesman on the planet!!!

Goes a little something like this - https://www.youtube.com/watch?v=WBeDPZiwZqQ

[BigIz]

I have to disagree with this. I'll bet you $100 that if you randomly call 10 restaurants in your phone book and ask the owner if he knows what a merchant cash advance is and how it works, 7-8 of them won't know. People only know what it is when they have a serious need and actually look into it.

Every day I'm pitching MCAs to business owners who don't know what it is, so I know what I'm talking about...

Hello MCNetwork, I was not going to reply to the RANTINGS of an old timer BUT you are absolutely right. The reason I know, because I actually have someone out there pounding the pavement and MOST of these small businesses have NOT heard about cash advances or other alternative financing options.

Some people are set in their ways and their mentality is "I know EVERTHING about this industry and anyone who does it different or does not agree with me is an idiot". My whole point with that paragraph, which he repeatedly ignored is, the pie is a lot bigger than many on here think. That is it.

Now FunD can go ahead and post another insulting rant. I am outa this thread.

[John Galt]

Actually BigIz, you're completely right. I have 3 pretty little girls (though the turnover is high and they are part time) that distribute flyers in Miami and Ft Laud and it works (though the loans are smaller), but face time works. I pay them $10 per hour and they pick up business cards, menus etc for constant contact and to verify they were there. I yield one or 2 small accounts (under 25K) for their part time work and it still profits. You must know though funD is a sandwich short of a picnic. The girls get at least a couple of apps a week, which become prospects.

[Kevin Henry-Seacoast]

The title of this thread is.... "And So It Starts".....with all the negative comments posted....when will it end.

[staten]

The most interesting thing I read was a new lender (in a reply to the fed request) stating that online lenders should have access to the Fed Window just like a bank, but without the regulatory and compliance. HAHAHAHA me too!!! This an example of tech versus finance...

[golf2014]

when sales exist there are always issues. CAR salesman..stockbrokers..lawyers..jewelry salespeople..nobody has made laws what they can or can't do....there will always be risks of rogue or bad salespeople...can't regulate everything.

[CLucas]

I agree commission are generous seriously you close a 100-k deal at 10% in theory your at a seven figures, at one deal a month at that funding amount, you can make a comfortable living, then if half renew its a bonus. I understand it's always not that easy but definitely possible. Being in this field for almost 8 years now, I feel lucky that I can put my entrepreneur skills to the test.