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11-30-2015, 03:03 PM #1
- Join Date
- Mar 2014
- Location
- Ann Arbor, Michigan
- Posts
- 1,289
I need help for a new sales-person
As those of you who know me I have no expertise in MCA's.
However I have a referral source who has bad experiences dealing with ISO's who claim to be funders but are in reality brokers. I don't have to explain the problems this has created for both him and his clients. In each and every case they have lied to him, and , with no industry experience they get away with it.
I would like the appropriate folks on this forum to spend just a minute or so and give me contact information so he may bi-pass this problems in the future.
Thanks, Bob
rshaw@advancecredit.com
rshaw@millenniumfundingusa.com
734-929-3800
ps- anyone who wants to commiserate with me about Michigan's playing over the weekend feel free.
Go Blue
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11-30-2015, 04:30 PM #2
- Join Date
- Jul 2015
- Posts
- 1,202
Hi Bob. You have my contact info already buddy, and it is a shame that so many of us run into those that continually lie, cheat and steal for a few bucks at the margin. I bet (god willing) a few direct funders will step up and meet your source's needs. If I can help please call.
Anyway, once the Offense catches up to the Defense we saw earlier in the year, BIG BLUE will be a handful next year!Last edited by HDF; 08-14-2016 at 03:04 PM.
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11-30-2015, 06:52 PM #3
- Join Date
- Apr 2013
- Location
- Basalt CO
- Posts
- 869
go green go white!
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11-30-2015, 07:15 PM #4
- Join Date
- Mar 2014
- Location
- Ann Arbor, Michigan
- Posts
- 1,289
I need help for a new sales-person
You got the score but lost the game. However I hope they beat Iowa since they have already beaten that school down south.....My aggie friend
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11-30-2015, 08:32 PM #5
Welcome to cash advance! Trust but verify number one rule in banking.
Luis Rodda
K&S Finance
Direct: 786-720-2381
Office: 305-546-7866
Fax: 305-402-0865
E-mai: luis.rodda@ksfinance.biz
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11-30-2015, 09:38 PM #6
- Join Date
- May 2015
- Location
- Long Island
- Posts
- 247
That happened to me one this site....ONCE
If it happens more than once, the old saying goes ".....shame on me"
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11-30-2015, 09:46 PM #7
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12-01-2015, 09:32 AM #8
- Join Date
- Oct 2013
- Location
- New York, NY
- Posts
- 1,203
I do find it a little concerning though that brokers would attempt to pose as a direct lender(s). Especially when it is so easy for the other party to find out. At that point you've guaranteed that your credibility is shot and no business will be done regardless of how skilled you might be.
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12-01-2015, 11:13 AM #9
Some brokers have agreements with lenders. Allowing them to white label contracts, putting the brokerage as the lender. I've even seen brokers on bank statements lol! I won't say who but recently I had a brokerage trick me into being a direct lender. They had been chasing us for a year to sign up with them claiming to be the real deal. Really have to know who you are sending your files to. Back-dooring is also far too common in this industry!
Luis Rodda
K&S Finance
Direct: 786-720-2381
Office: 305-546-7866
Fax: 305-402-0865
E-mai: luis.rodda@ksfinance.biz
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12-01-2015, 11:19 AM #10
- Join Date
- Oct 2013
- Location
- New York, NY
- Posts
- 1,203
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12-01-2015, 01:38 PM #11
Tell-tail signs can be very expensive origination fees/offers. Long responses that sort of thing. I've seen broker shops pulling daily payments before. Some might fund their own paper or claim to. But if someone wants to lie then its very hard to know if they are real other than having a reference. Someone that will guide you without a hidden agenda.
In this specific instance, I did not want to work with a bank that is known for back-dooring and shady practices. The broker shop decided to lie and say it was their money. That they fund their own paper. But it couldn't be farther from the truth.Luis Rodda
K&S Finance
Direct: 786-720-2381
Office: 305-546-7866
Fax: 305-402-0865
E-mai: luis.rodda@ksfinance.biz
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12-01-2015, 09:47 AM #12
- Join Date
- Sep 2012
- Location
- New York, NY
- Posts
- 1,780
Well if a broker puts in a few bucks to syndicate on some deals, they can technically claim to be a direct lender...
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12-01-2015, 10:20 AM #13
- Join Date
- Oct 2013
- Location
- New York, NY
- Posts
- 1,203
They can claim whatever they want, doesn't make it so. But, I can see where they may try to say that because they are assuming some risk they should be able to receive some of the benefits that being a "direct lender" will bring.
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12-01-2015, 10:32 AM #14jotucker1983Guest
I have yet to see a direct funder or lender in this space, not have some sort of online publicity. A press release about a new equity round, a press release about opening up their shop and the top level people working there, etc., etc.
More time needs to be spent vetting who you partner with. Anybody can "tell you" anything, if you put their name in the Google Search Engine and you put their company in the Google Search Engine, and literally nothing comes up on that person or the company, then they are either lying or significantly inefficient at publicity. My gut would lean more to the possibility of them lying.
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12-01-2015, 10:34 AM #15
- Join Date
- Oct 2013
- Location
- New York, NY
- Posts
- 1,203
Gold Star for you Mr. Tucker.
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12-01-2015, 11:27 AM #16
One must also keep in mind that 2/3 of these direct lenders out there, even the big ones, all have in house sales teams as well. Does that negate them from being a Direct Funder?
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12-01-2015, 11:58 AM #17
- Join Date
- Oct 2013
- Location
- New York, NY
- Posts
- 1,203
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12-01-2015, 01:42 PM #18Luis Rodda
K&S Finance
Direct: 786-720-2381
Office: 305-546-7866
Fax: 305-402-0865
E-mai: luis.rodda@ksfinance.biz
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12-01-2015, 11:30 AM #19
In my personal opinion, I do not call anyone a direct funder until I see their name on a bank statement.
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12-01-2015, 12:18 PM #20
Its called lying - the mentality of the inexperienced sales people is fast buck now - deal with the fallout later.
The ends justifies the means.
ABC and other business destroying acronyms or memes
All based on lying - as an ISO you need to know who you are working with - reputation matters.
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12-01-2015, 02:52 PM #21
- Join Date
- Oct 2013
- Location
- New York, NY
- Posts
- 1,203
Okay that answers my question. TY.
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12-01-2015, 03:18 PM #22
- Join Date
- Jun 2015
- Location
- New York
- Posts
- 68
People lying in the industry? I can't believe it. But seriously, this is going on way too much. It's very bad for business in general, it puts merchants off and creates tension between companies. I have even heard of merchants trying (key word is trying) to sue MCA companies over this stuff. For example, merchant was told they were going to be funded with a direct lender Company A but the rep just did not fund it in house; they brokered the deal out to a bottom feeder company Company D though the merchant was told that they were to be funded with Company A. This could easily be avoided by say, READING THE CONTRACT; the merchant is responsible for signing the thing without reading it and it's no one else's oversight but their own, in that regard. Again, though I do not think this case stands a chance in court (disclaimer: I am also not a lawyer) it is important to be upfront if you hope to build credibility and maintain relationships. In my experience with direct lenders we did not outsource any deals, but it really depends on the company. If reps are shopping deals out, they shouldn't be misleading people. But I digress...
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12-01-2015, 03:31 PM #23
- Join Date
- Oct 2013
- Location
- New York, NY
- Posts
- 1,203
Lex you hit it on the head. There is responsibility on both sides as with many of the other debates we have on here *cough* STACKING *cough*. But at the end of the day if you as a (fill in the position) need to use deception to complete yuour task then you 1. Shouldn't be in that position 2. Wont last long anyways
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12-01-2015, 03:34 PM #24
These types of shops bulldog merchants into taking the capital. On the other hand you can use intelligence to build a real book of business. I'd rather have clients that love me and keep coming back than turning and burning and letting a lesser man receive the commission.
Luis Rodda
K&S Finance
Direct: 786-720-2381
Office: 305-546-7866
Fax: 305-402-0865
E-mai: luis.rodda@ksfinance.biz
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12-01-2015, 04:52 PM #25
- Join Date
- Jun 2015
- Location
- New York
- Posts
- 68
Well put! To lie is a short term solution; if you want quality clients for the long term, people need to trust you.
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