[FUNd]

Of course it sucks. Welcome to an industry that was hot five years ago. If you put yourself on to a calling list by a mistake, (like I did with one aggregator two years ago), you get at least 50 calls a month that goes something like this: "congratulations!!!! You're business has been pre-approved for xxxx blah.. blah.." I get these calls a few times a week, for the last two years..
One might wonder, if I DO enjoy these phone calls, since I never tried to get myself off the lists.. But indeed I do enjoy them.. It's like music from the nineties..
So cold calling is dead. If I get it so frequently, so does everyone with a yellow book number..
UCC and all the other tricks are also quite dead by now. People are getting sick..
The problem is that we forget about Google. Google. Google.
I'm in this space for a long time. I never had a merchant that doesn't use Google.. I say the words 'Merchant cash advance' the guy googles it in a second. Then I have OnDeck Kabbage and some other broker pop up right in his face.. So why wouldn't he try them too? Now it's game over. They found them. They don't need us..
My point is that instead of running around trying to beat the system. Why don't you sit down with a good marketing guy, read some books yourself, and throw some serious money into google ads or facebook or whatever.. and Bingo. you have yourself a business.
This is the only thing left today.
Anyone disagree?

I very regrettably substantially agree with much of this.

[KTK]

MFS's 20 point commission is smoke and mirrors. They approve the guy for the same amount any other lender will. But essentially fund that over 8 installments 6 weeks apart and pay you 20 points on the first round and 10 on every other funding. They just re-fund the guy his own money back 7 more times after he pays the first round.

Don't get me wrong - from my understanding they will do deals most won't and can def serve a purpose but I think they actually work out to 11 points of the full 8 installment funded amount which ends up being pretty typical, except you have to wait like a year to get it.

[Fundyman]

MFS's 20 point commission is smoke and mirrors. They approve the guy for the same amount any other lender will. But essentially fund that over 8 installments 6 weeks apart and pay you 20 points on the first round and 10 on every other funding. They just re-fund the guy his own money back 7 more times after he pays the first round.

Don't get me wrong - from my understanding they will do deals most won't and can def serve a purpose but I think they actually work out to 11 points of the full 8 installment funded amount which ends up being pretty typical, except you have to wait like a year to get it.

OK! I thought I was maybe going crazy back then... That's more like what I remember. Great set of folks! but not paying ACTUAL 20 pts commissions... 11 pts not so bad anyway.

[Fundyman]

Of course it sucks. Welcome to an industry that was hot five years ago. If you put yourself on to a calling list by a mistake, (like I did with one aggregator two years ago), you get at least 50 calls a month that goes something like this: "congratulations!!!! You're business has been pre-approved for xxxx blah.. blah.." I get these calls a few times a week, for the last two years..
One might wonder, if I DO enjoy these phone calls, since I never tried to get myself off the lists.. But indeed I do enjoy them.. It's like music from the nineties..
So cold calling is dead. If I get it so frequently, so does everyone with a yellow book number..
UCC and all the other tricks are also quite dead by now. People are getting sick..
The problem is that we forget about Google. Google. Google.
I'm in this space for a long time. I never had a merchant that doesn't use Google.. I say the words 'Merchant cash advance' the guy googles it in a second. Then I have OnDeck Kabbage and some other broker pop up right in his face.. So why wouldn't he try them too? Now it's game over. They found them. They don't need us..
My point is that instead of running around trying to beat the system. Why don't you sit down with a good marketing guy, read some books yourself, and throw some serious money into google ads or facebook or whatever.. and Bingo. you have yourself a business.
This is the only thing left today.
Anyone disagree?

People forget the power of mobile marketing also... I'm guilty of clicking on an ad myself, but STILL not having put some money out into that marketing model. Google marketing no doubt some of the most relevant & powerful stuff out there. Comes up at the top of your promotional emails. The merchant would just see an email, and get a quick link to the website. Can work wonders!

[KTK]

Yeah 11 isn't bad at all - if you don't have to wait a year for it to be paid in increments lol

[TStein]

Of course it sucks. Welcome to an industry that was hot five years ago. If you put yourself on to
My point is that instead of running around trying to beat the system. Why don't you sit down with a good marketing guy, read some books yourself, and throw some serious money into google ads or facebook or whatever.. and Bingo. you have yourself a business.
This is the only thing left today.
Anyone disagree?

Correct me if I'm wrong, but to be at the top of Google you have to be paying millions yearly. I doubt your average company has that money to play with.

[Regium]

Correct me if I'm wrong, but to be at the top of Google you have to be paying millions yearly. I doubt your average company has that money to play with.

Wrong. All depends on which keywords you target, which areas you target, which time of day, and how knowledgeable your marketing guy is.

If you wish to be 1st spot of every keyword at all times across the US, then yes, you need 100k+ per month spend on Adwords

With the right strategy, you can be pretty successful on Google Adwords with a 10k+- budget per month (I've done it)

[AndyYSCISOdept]

I think the really important part of an Adword strategy is to make sure that you have the right Marketing guy or girl.

The person that handles this for you is going to be directly responsible for the flow of traffic to your business, so having the right person is absolutely crucial.

[TheShitzuofMCA]

Correct me if I'm wrong, but to be at the top of Google you have to be paying millions yearly. I doubt your average company has that money to play with.

Tommy we found a tech savvy guy, he started messing around with google programming started looking at hits for key words. He started buying certain domains with key words being searched within a week and with probably a couple thousand dollars ($2k) we were on Wikipedia and first page of google searches. The key is to have someone stay on top of it updating as people try to push you down the list with their own marketing.

[HDF]

What percentage of the the smaller merchant universe do you think is capable, willing or likely to consider clicking through to online offers/banners/links/popups/emails even if they need money? 50%? Less?

Maybe better posed: How many still shun and distrust online and modern tech?

[bsmith]

Wrong. All depends on which keywords you target, which areas you target, which time of day, and how knowledgeable your marketing guy is.

If you wish to be 1st spot of every keyword at all times across the US, then yes, you need 100k+ per month spend on Adwords

With the right strategy, you can be pretty successful on Google Adwords with a 10k+- budget per month (I've done it)

I agreed with this completely until Google made their recent change to how ads display on their searches. Now it is a lot harder for shops with smaller marketing budgets to compete. You used to be able to get your name up to the top of the list without paying a dime, now you are pretty much guaranteed to be under the fold without spending some (or lots of) money. People don't tend to scroll down on Google too much to find what they are looking for. I read an article the other day stating that the average attention span in the USA from 2000 to 2016 has dropped from 12 seconds to 8 seconds. You have to snag their attention quick if you want them to find your site.

[NewWay ISO]

80% of people don't click on the ads.. google it..

[c4get]

yes , I have made over 500K consistantly as a rep/ I do own companies that are just ISO's but I still sell and have been on the 500+ since 2006 . No BS ..
You do not know me and I am not be a braggart .
You need to have a few merchants that are loyal to you. Call them after the deal, keep the dialogue going , make certain that if they need an add on you get that fore them .
You shouldnt go for the 16% - 20% commission deals . 9-11 is fine and the merchants will come back to you .
word.

Also trust a few funders , MCC. BFS ( maybe) Yellowstone , Lendini . thats all you really need. No reason to open with 25 funders . if you do all you hard to fund deals through Yellowstone thats cool , then the B paper through Gibraltar or MCC or BFS ( maybe ..again )

real A paper deals you wll earn like 3% its good for risidual but not one time deals .


Good Luck . K I S S really , its the most difficult , simple industry in the world .

[c4get]

you are right , but 20% do . Thats why google is at 41.92 per click , thats not even a surefire lead , in analyrics they say that an MCA lead cost about 400. to truly generate and no one that is selling UCC;'s rea;ly does this exclusively .
I have a list of what the top 10 MCA's paid in May of 2016 . Its amazing , with Kabbage and On Deck in the 250,000 min and others at the 150,000 just for one traffic site . thats big $.

[Karen37a]

My first Month as a Mca Agent working for someone , I closed 7 deals...funded ...and that was only A paper.

I didn't get along with the management because I could outsell them using the phone book.

There is alot of competition in this industry and the agents you are up against are not babes in the woods. The renewal depts of these lenders are not plain ole customer services agents either.

My first month selling MCAs on my own, i funded 1 million 1 month. The agents on my team struggle and debate me on how to close, since they are all 1099 and repeatedly tell me that they have been in sales for a longggg time ..i let them do what they want as long as they are not too annoying ,stay in compliance and have a 40% closing ratio.( I hate paperwork , God forbid it doesn't close, drives me bonkers)

You are clearly not doing something right, not prescreening the calls, only getting to the companies that have been declined 50 times before.

Half the battle is learning how to get to the decision maker and in 30 split seconds get him to listen to you, when you are the 100th person who called that week.
People are not stupid and business owners are even more savvy . They can tell when a salesperson is on the phone just trying to pitch them something , anything, even if it doesn't benefit them .

Use a consultative selling approach.

[FUNd]

My first Month as a Mca Agent working for someone , I closed 7 deals...funded ...and that was only A paper.

I didn't get along with the management because I could outsell them using the phone book.

There is alot of competition in this industry and the agents you are up against are not babes in the woods. The renewal depts of these lenders are not plain ole customer services agents either.

My first month selling MCAs on my own, i funded 1 million 1 month. The agents on my team struggle and debate me on how to close, since they are all 1099 and repeatedly tell me that they have been in sales for a longggg time ..i let them do what they want as long as they are not too annoying ,stay in compliance and have a 40% closing ratio.( I hate paperwork , God forbid it doesn't close, drives me bonkers)

You are clearly not doing something right, not prescreening the calls, only getting to the companies that have been declined 50 times before.

Half the battle is learning how to get to the decision maker and in 30 split seconds get him to listen to you, when you are the 100th person who called that week.
People are not stupid and business owners are even more savvy . They can tell when a salesperson is on the phone just trying to pitch them something , anything, even if it doesn't benefit them .

Use a consultative selling approach.

What, you mean you cant set up your laptop on the kitchen table, bestow the title of "Managing Partner" or "CEO" on yourself, and start making $10K a month anymore? I'm crushed.

[Karen37a]

lol I think you can sit in the trunk of your car next to the garbage dumpster with a cell phone

[Karen37a]

One more comment. Selling is an art or science. I learned that Wayyy back when I entered the Financial Arena and before that as a salesperson for a health club .I wanted to learn how to sell. I wanted to learn what bullet points were, leading to the close, alternate choice questions. I wanted to hone my craft, I read Tom Hopkins the art of sales and 50-100 books after that, i went to who knows how many sales seminars. Zig Ziglar, Steven Covey, too many to list. I memorized rebuttals,,think it over, ask the wife/partner etc etc. Not interested, too much money. I followed guys who were making 1 million a year around with a pen taking notes.

I can bet that if I fired an objection at you, you would not be able to answer me. If i asked question on how the products work..again ...crickets.

The reason most people do not make it in sales is because they think its luck. While every blind squirrel can find a nut,being a sales person, a true one.... is a career. A skill that has to honed, practiced, studied. Like taking music lessons, you get better with time.

Most agents that I have trained and continue to train have no desire to really learn how to sell. They want to throw sht against the wall and see what sticks. They want to throw up on people, pitch AT them, not have real conversations . They cant pause because they think they are going to get hung up on, they cant ask a closing question because they are scare to be told NO. You are not a true sales person untill you can battle back after hearing 4 nos and turn it into a yes.

Ive been called lucky and i say...funny the more skillful I become the luckier I get .

If you want to learn how to be a sales person put a plan in place, find a good mentor and be coach-able.

You took a step by reaching out on this site..now do it


********I had an agent who got hung up on the phone and continued yaping at them for 15 minutes, and didnt realize it. I was dying laughing and someone wanted me to tell the poor guy, but I was having too much fun ******

Ok back to work for me...see you all in a few months ** waving ***

[Mmarano]

Come to south florida and join me, we'll teach you how to print money!!

the merchant cash advance industry sucks . Ive been in this business for now 1 year after 20 years of sales experience and what i find is that this industry is the craziest thing i have ever seen .

Underwriters are slow and never communicate , merchants never want the deal you have and you never have the deal they want. When you work for a firm they take all of the points on the deals and give you crumbs of the table . If you work independent the marketing behind the deals is so expensive that if you dont convert your crushed and every funder can fund everything until you send them a file.lol only to get the same old decline . I know im a picker and venting after a bad day but i dont feel like anyone is making real money like we did in the old days this is just corny.

[FUNd]

one more comment. Selling is an art or science. I learned that wayyy back when i entered the financial arena and before that as a salesperson for a health club .i wanted to learn how to sell. I wanted to learn what bullet points were, leading to the close, alternate choice questions. I wanted to hone my craft, i read tom hopkins the art of sales and 50-100 books after that, i went to who knows how many sales seminars. Zig ziglar, steven covey, too many to list. I memorized rebuttals,,think it over, ask the wife/partner etc etc. Not interested, too much money. I followed guys who were making 1 million a year around with a pen taking notes.

I can bet that if i fired an objection at you, you would not be able to answer me. If i asked question on how the products work..again ...crickets.

The reason most people do not make it in sales is because they think its luck. While every blind squirrel can find a nut,being a sales person, a true one.... Is a career. A skill that has to honed, practiced, studied. Like taking music lessons, you get better with time.

Most agents that i have trained and continue to train have no desire to really learn how to sell. They want to throw sht against the wall and see what sticks. They want to throw up on people, pitch at them, not have real conversations . They cant pause because they think they are going to get hung up on, they cant ask a closing question because they are scare to be told no. You are not a true sales person untill you can battle back after hearing 4 nos and turn it into a yes.

Ive been called lucky and i say...funny the more skillful i become the luckier i get .

If you want to learn how to be a sales person put a plan in place, find a good mentor and be coach-able.

You took a step by reaching out on this site..now do it

ok back to work for me...see you all in a few months ** waving ***

Epic.