[Michael I]

Is it possible that they are really good at soliciting documents but terrible at selling.

sure tell them 3% a year ten year terms and we don't care if you have 495 credit score . You can bring in submissions all day . now you wont be able to really close any of them but then she already got her money from the sucker buying it

[YuliyaG]

Andy,

That's a very limited view... If we were that bad at closing why wouldn't we have taken Kevin up on his MANY MANY MANY offers to have his team close our stuff for us? Under very very generous terms?

What about our ISO friends who are using UCCFeed? Why not just send the stuff to them and beg them to close?

Or, why I haven't we posted a help wanted ad for an experienced closer to each us?

And... who's been closing the stuff we have gotten done to this point? I certainly have closed zero deals.

Please speak on things you have 100% knowledge of...


Michael,

Excellent point. I would suggest you get your hands on a recent sample of say 100 recently funded deals. Then just call the merchant and ask; "need more?" What percentage will opt in? That's all we are doing. We are getting their first and fast to ask them if "they want more?" Very very simple.

[FUNd]

That's a really good point. They must be selling SOMETHING to get a complete file. People don't just send all that information in without having an idea of what they are getting into, whether it be, like Michael said, and unrealistic bait and switch, or a realistic 9 month 1.35, somebody is selling something at some point.

Yuliya?

[FUNd]

Excellent point. I would suggest you get your hands on a recent sample of say 100 recently funded deals. Then just call the merchant and ask; "need more?" What percentage will opt in? That's all we are doing. We are getting their first and fast to ask them if "they want more?" Very very simple.

You are saying these are RENEWALS to boot? LOL you are full of ****!

[AndyYSCISOdept]

Andy,

That's a very limited view... If we were that bad at closing why wouldn't we have taken Kevin up on his MANY MANY MANY offers to have his team close our stuff for us? Under very very generous terms?

What about our ISO friends who are using UCCFeed? Why not just send the stuff to them and beg them to close?

Or, why I haven't we posted a help wanted ad for an experienced closer to each us?

And... who's been closing the stuff we have gotten done to this point? I certainly have closed zero deals.

Please speak on things you have 100% knowledge of...


Michael,

Excellent point. I would suggest you get your hands on a recent sample of say 100 recently funded deals. Then just call the merchant and ask; "need more?" What percentage will opt in? That's all we are doing. We are getting their first and fast to ask them if "they want more?" Very very simple.

I love how Im getting trashed for not knowing anything when my QUESTION was an attempt to understand exactly what niche your offer would fit. LOL

[Michael I]

Michael,

Excellent point. I would suggest you get your hands on a recent sample of say 100 recently funded deals. Then just call the merchant and ask; "need more?" What percentage will opt in? That's all we are doing. We are getting their first and fast to ask them if "they want more?" Very very simple.

that's very different you whole motto is people looking for seconds thirds fourth and fifth .so when you qualify do you ask what percentage of gross is currently coming out

[AndyYSCISOdept]

^^Fist bump^^

[YuliyaG]

That's a really good point. They must be selling SOMETHING to get a complete file. People don't just send all that information in without having an idea of what they are getting into, whether it be, like Michael said, and unrealistic bait and switch, or a realistic 9 month 1.35, somebody is selling something at some point.

Yuliya?

We're offering them more money. Is this clear now? We can offer them more money and take the file to Quarterspot for example, or we can offer them more money and sell the file... We're choosing the latter. How hard is this to understand?

I have the ability to get new UCC's every single day if I wanted. So, we're just capitalizing on that. Does this clear up confusion?

[YuliyaG]

that's very different you whole motto is people looking for seconds thirds fourth and fifth .so when you qualify do you ask what percentage of gross is currently coming out

Maximum one open position. We put that in writing... We ask them if they need more money and just sell the file vs. submitting it to a second position funder. It's not that hard guys.

[FUNd]

We're offering them more money. Is this clear now? We can offer them more money and take the file to Quarterspot for example, or we can offer them more money and sell the file... We're choosing the latter. How hard is this to understand?

I have the ability to get new UCC's every single day if I wanted. So, we're just capitalizing on that. Does this clear up confusion?

Why wouldn't you take it to QS then and make real money, instead of selling a fundable 2nd position for pennies on the dollar? So, no, makes no sense.

[J.Celifarco]

I am a firm believer in the saying if something sounds to good to be true it usually is. This makes no sense, if the leads are what you say they are and you went through the trouble of gathering the paperwork which is the hard part most of the time, why wouldn't you finish the job and get the deal funded yourself. Something just doesn't fit

[YuliyaG]

Why wouldn't you take it to QS then and make real money, instead of selling a fundable 2nd position for pennies on the dollar? So, no, makes no sense.

Ok. So there are companies that sell clean applications - brand new folks who never have had an MCA for $200 per application. So $200 gets you a completed app with social, etc. and no other papers. Based on that, what's a fair price to charge for the whole widget? Do you think we're charging less or more than $200 per completed file?

Then take out a pencil and calculate in dollars how much it costs you to acquire a completed file. All costs considered. Dont forget to quantify the value of your time. How much does it cost you to generate a file? Hypothetically speaking lets say it costs you $1,000 to generate a file and I match that price. Don't you still come out a winner as you will get more time savings? That time can be used to invest in more deal flow or no?

We'd love to send this stuff to any number of second position funders. We've tried that but couldn't agree to terms.

[YuliyaG]

I am a firm believer in the saying if something sounds to good to be true it usually is. This makes no sense, if the leads are what you say they are and you went through the trouble of gathering the paperwork which is the hard part most of the time, why wouldn't you finish the job and get the deal funded yourself. Something just doesn't fit

So you're saying you want live transfers instead? That can be done too. We can call bob for you who just got funded yesterday even and transfer him to you if he says he wants more money. Does that work for you? lol

[J.Celifarco]

So you're saying you want live transfers instead? That can be done too. We can call bob for you who just got funded yesterday even and transfer him to you if he says he wants more money. Does that work for you? lol

I am not saying I want anything I am saying that what I am hearing from you so far puts up a giant red flag for me

[YuliyaG]

I am not saying I want anything I am saying that what I am hearing from you so far puts up a giant red flag for me

You'd totally get it if you got an MBA or two.

[FUNd]

We'd love to send this stuff to any number of second position funders. We've tried that but couldn't agree to terms.

So what makes you think someone else could do any better? This isn't rocket science.

[WhoisKingsley]

There are a lot of good points brought up in this but how are you screening the people/companies "purchasing" your "leads">? I don't want a bozo having my information and shopping it to every Tom, Dick, and Harry Capital Company in the Tri-State. It takes ONE merchant to realize the process they fell into and at the end of the road when that happens- it will come back and bite you. I know you guys mean well- but I wouldn't want anyone in this industry purchasing my personal information until there is some system in place. Name, Phone number- Fine.

How are you even characterizing yourself to capture these leads? Do you let them know they will be working with you, the company that buys them, and then another company that shows on the contract? Too many hands in the pot.

[AndyYSCISOdept]

Sounds like the kitchen in my studio on E. 83rd and 2nd AVE...Too tight to fit another cook in that kitchen

[channin19]

Also explains why they can't get a funder to change their agreement. Hey biz Dev rep we'll send you complete deals but just know that we'll be sending your recently funded deals to other companies for a second or third.

[YuliyaG]

There are a lot of good points brought up in this but how are you screening the people/companies "purchasing" your "leads">?

Great questions and concerns. I think everyone is over complicating things. We say; "you just got some money, need more?" If yes, we say "great, we work with Amanda and she's awesome. By signing this piece of paper you agree to allow us to send your file to Amanda."

No need to be shady on our end because we know for a fact that a set percentage will jump at the chance to get more money. All you have to do is offer it to them.

Selling 3rds and 4ths doesn't make much sense. That's why we put in writing to QUALIFIED buyers (not Joe Basement) that there will be a max of one open short term working capital position.

Also, this is simply not affordable to Joe Basement unless he's managing a healthy marketing budget from his basement.

[YuliyaG]

So what makes you think someone else could do any better? This isn't rocket science.

Huh?

[HDF]

I think that we are getting closer to the scheme. Yuly uses UCC data to approach recently funded merchants and convinces them to soft "apply" for what amounts to standby funding. She tells them that she will go out on the street and have the top funders compete and fall all over themselves to offer more cash immediately or in the near future.

This "lead" is sold rather than closed for 2 reasons at least. 1- They have had trouble getting the recently funded - funded again in such a short time and want fast cash without that headache 2- Yuly will make no friends closing these deals by stacking and poaching so egregiously and publicly in this space. Let some desperate broker do it.

[J.Celifarco]

You'd totally get it if you got an MBA or two.

I think the fact that I am in this industry since 08 is enough for me to smell bull**** with or without the MBA

[YuliyaG]

Let some desperate broker do it.

But desperate brokers can't afford this stuff. Only 2nd position funders and well capitalized upstart funders who want to undercut on rates and win the renewal. Besides, I already have friends.

[YuliyaG]

I think the fact that I am in this industry since 08 is enough for me to smell bull**** with or without the MBA

I smell salt. I love it!