[FUNd]

And why back-dooring should be a crime.

It IS a crime.

http://debanked.com/2016/02/steal-a-...w-enforcement/

[Michael I]

It IS a crime.

http://debanked.com/2016/02/steal-a-...w-enforcement/

sean
any update here ?

[HDF]

It IS a crime.

http://debanked.com/2016/02/steal-a-...w-enforcement/

Right, forgot. Almost entirely unreported. Happens to us all, yet not enough upside right now to pursue.

[Sean Cash]

The guy hired a lawyer. He's out while defending it. Next hearing's not for a while.

[FUNd]

Right, forgot. Almost entirely unreported. Happens to us all, yet not enough upside right now to pursue.

Too bad. I think if it was pursued harshly and publicly enough to be a deterrent, it would be a game changer.

[Sean Cash]

He is of course innocent until proven guilty

[MCABroker]

..

[Rob Buchanan]

UCC's seem to be the way to go

Educate yourself on the differeces of a reseller/data broker and an actual data complier.

[DukeIFG]

Good morning I'm selling some accurate UCC data for a very low price. Just looking to recoup a little cost. Shoot me an email if your interested. jsapolich@ifgroupsc.com

[HDF]

Good morning I'm selling some accurate UCC data for a very low price. Just looking to recoup a little cost. Shoot me an email if your interested. jsapolich@ifgroupsc.com

Brokers selling their purchased "leads" is becoming a trend. Just out of curiosity DukeIFG, did you find a better lead source or are you closing up shop? How did these UCCs for sale perform for you? Thanks.

[DukeIFG]

Not closing up shop. Do a bunch of different things for leads and UCC's are still part of it I just have a lot of them and they are performing but as you know it takes a lot more selling on the initial call then it ever has to get the merchant on the phone. But as UCC's go the list is strong and accurate.

[Karen37a]

I dial Ucc's and get results...I used to be yelled at daily when I worked for someone, that I wasn't making enough dials..they would post the numbers on a wall and try to make fun of me for dialing 15-30 dials a day.

I used to say that I am not dialing the 7 number that registers the calls , the other agents would come over to me and tell me to pretend to dial...dial faxes and wrong numbers to get the numbers up. Like i cared if I lost a job working for someone.

I would ask why do they care if I am funding 5 -7 deals monthly, they need to leave me the heck alone.

needless to say...I created my own business

Sales ability goes a long way...master the craft, learn the products, have a genuine interest in helping the client not just making commission even if it bankrupts them

[Karen37a]

I asked a top Financial guy a long time ago. How many people would I have to recruit/hire to have a large sustainable business? He told me that he didn't want to tell me because I would quit. I said no no I am tough as nails from NY, worked in boiler rooms blah blah.

Then he said 10,000...then i said noooo .

This is what I have learned

For every 10 people you hire , 4 are going into the witness protection program because of fear of failure , scared to pick up the phone.
'the 6 that are left over only 1 of them will make it past 1 month...sales ability, fear of success, dicipline etc

when you get 100 of those you will find a top producer, one with sales ability and work ethic.When you get 100 of those you will find a superstar.

90%-95% of the people that are going to come into this business are going out in a body bag ( and leave their meager sales behind, or non funded applications, leads etc )

Which is why when you FINALLY find a good agent or ISO you should treat them nicely. Why steal/backdoor from the few agents or ISOS that are going to make it????? Especially when so many are just gone/quit/bankrupted and their sales will be turned over to you or left behind and their renewals??????

** this is the question I have been pondering for ages** Heres the answer. Short version

..A Frog and a poisonous scorpion are at the river , the scorpion asks for a ride on his back to cross the river because he cant swim.The frog says, i cant give you a ride you will sting me and I will die. The scorpion says nooooooo I wont do that , if i do we will both drown. so the Frog says OK hop on.

halfway thru the river the scorpion STINGS him, as he is drowning dying he says ...Why did you do that, you cant swim and now we will both die.

The Scorpion says..I cant help it, that's my nature.

[jotucker1983]

While it's a part of the problem, I don't believe that the high turnover in this industry is mainly a result of anybody being afraid to pick up the phone. The high turnover (in my opinion) is because Sales Managers are giving these new agents:

- Outdated sales strategies that worked in the 1990s but don't work today

- Outdated data like UCCs or Aged Leads, that have been pounded from East to West

- Bad pricing strategies, such as trying to get 10 points on every deal through overpricing, pricing the agent out of the damn market

They recruit anybody with a pulse, give them the "rah rah" speech of how everybody is making $300k a year dialing UCCs, slap a generic/robotic/whack sales script in front of them, and tell them to sit on that predictive dialer for 8 hours a day.

The strategy sucks, the Sales Managers suck, and all the hell the new reps are doing is clogging up the telephone, ticking merchants off, creating a LARGE revolving door in our industry, and pushing us closer to industry wide OVER-regulatuary policies.

Mr. Sales Manager, why not sit your damn new reps down, give them real training, exclusive data, innovative services, and allow them to actually build a damn career in this space for goodness sakes?

[FUNd]

While it's a part of the problem, I don't believe that the high turnover in this industry is mainly a result of anybody being afraid to pick up the phone. The high turnover (in my opinion) is because Sales Managers are giving these new agents:

- Outdated sales strategies that worked in the 1990s but don't work today

- Outdated data like UCCs or Aged Leads, that have been pounded from East to West

- Bad pricing strategies, such as trying to get 10 points on every deal through overpricing, pricing the agent out of the damn market

They recruit anybody with a pulse, give them the "rah rah" speech of how everybody is making $300k a year dialing UCCs, slap a generic/robotic/whack sales script in front of them, and tell them to sit on that predictive dialer for 8 hours a day.

The strategy sucks, the Sales Managers suck, and all the hell the new reps are doing is clogging up the telephone, ticking merchants off, creating a LARGE revolving door in our industry, and pushing us closer to industry wide OVER-regulatuary policies.

Mr. Sales Manager, why not sit your damn new reps down, give them real training, exclusive data, innovative services, and allow them to actually build a damn career in this space for goodness sakes?

They don't care John. It's sink or swim. Most of these shops are just looking to churn their database and see what shakes out. They know that nobody responds to 'telemarketing' job postings, so they dress it up and invent fancy titles like "Senior Account Executive" and "National Account Manager" to attract people to dial for dollars. If you do a cost analysis on how much it costs for direct marketing like mail or PPC vs. getting 4 people at $12 an hour to smile and dial for you, the bodies in the seats are much cheaper.

4 people making 250-300 dials a day will net 1-2 leads a day, and to a skilled closer, that's more than enough to feed the house, feed themselves, and pay for the labor. People eventually get frustrated, quit, burn out, and you just rinse and repeat with a fresh, eager body looking to hit it rich. It's not rocket science.

[J.Celifarco]

They don't care John. It's sink or swim. Most of these shops are just looking to churn their database and see what shakes out. They know that nobody responds to 'telemarketing' job postings, so they dress it up and invent fancy titles like "Senior Account Executive" and "National Account Manager" to attract people to dial for dollars. If you do a cost analysis on how much it costs for direct marketing like mail or PPC vs. getting 4 people at $12 an hour to smile and dial for you, the bodies in the seats are much cheaper.

4 people making 250-300 dials a day will net 1-2 leads a day, and to a skilled closer, that's more than enough to feed the house, feed themselves, and pay for the labor. People eventually get frustrated, quit, burn out, and you just rinse and repeat with a fresh, eager body looking to hit it rich. It's not rocket science.

that sounds like an exhausting way to run a business. The idea of interviewing, setting up computer/phone, basic training, and payroll and having to do this over and over as we churned through employees would make me want to jump off a building.. Might be cost effective but who would want to work in an environment like that. Even if it was profitable would not be worth it to me

[FUNd]

that sounds like an exhausting way to run a business. The idea of interviewing, setting up computer/phone, basic training, and payroll and having to do this over and over as we churned through employees would make me want to jump off a building.. Might be cost effective but who would want to work in an environment like that. Even if it was profitable would not be worth it to me

This model has made many people, very rich.

[J.Celifarco]

This model has made many people, very rich.

100% I am just saying not how I would want to live. If this is what someone want to do and they can make it work good for them.. For me this would drive me crazy, this is why its good that there are more then 1 way to make money in this industry. For me a well trained group of closers who know what they are doing and how to sell all aspects of a deal works better. Closers that know how to sell and want to make money and that are driven makes for an enjoyable work environment and can be profitable for all parties involved employees and owners

[Zach]

100% I am just saying not how I would want to live. If this is what someone want to do and they can make it work good for them.. For me this would drive me crazy, this is why its good that there are more then 1 way to make money in this industry. For me a well trained group of closers who know what they are doing and how to sell all aspects of a deal works better. Closers that know how to sell and want to make money and that are driven makes for an enjoyable work environment and can be profitable for all parties involved employees and owners

Fund is right -- that model has been around forever. You can always hire a sales manager to do the hiring/firing legwork for you

[FUNd]

Fund is right -- that model has been around forever. You can always hire a sales manager to do the hiring/firing legwork for you

Orange County's job market is glued together by firms with this model. Zach, I, and anyone else who has been in B2B finance around here for a minute knows about it. These guys prey on new grads and tired service workers to do the dirty work. They think they are finally being given a shot at the big time as they are impressed with fancy high rise office space and big promises, only to eventually get burned out and replaced. Sad, really.

[TStein]

Orange County's job market is glued together by firms with this model. Zach, I, and anyone else who has been in B2B finance around here for a minute knows about it. These guys prey on new grads and tired service workers to do the dirty work. They think they are finally being given a shot at the big time as they are impressed with fancy high rise office space and big promises, only to eventually get burned out and replaced. Sad, really.

These guys love South Florida as well.

[Karen37a]

It is exhausting I have done that model for 25 years and I am still doing it. I help them close sales if need be ( more exhausting) And I have 5 top agents who were ex mortgage brokers/stockbrokers who shield me from the crazy questions from the newbies on their "team". So they are "team leaders" not "sales mgrs"...semantics.If someone annoys me I will just give them to another team leader and give them 1% for babysitting them.

I try to get a more quality person to work for me. I also have a lot of Referral agents. Business professionals that have a full time job ( accountant etc ) but send me pre qualified merchants . Ive learned how to ignore them all without jumping off the bridge though its very hard.

You have to chant in the morning " Some will some wont so what, some will some wont so what'

When I get agents who are "smaller", they argue with me about the Taco stand they have that wants a 20k loan, they only make 2 k a month but they make a lot more in cash, but they just don't deposit it, but we should count the revenue.

The best part of all this is that we get renewals. Their is a method to the madness.

No matter what, we do get high commissions and can build a book of business of merchants who hopefully stay loyal and don't over extend themselves.

The hardest part is dealing with a few lenders who reply...does not meet the algorithms , or scoring model when they turn down a file.


I have 3 lenders that are great. Once I put skin in the game this will all change as well.

I have to contain myself and not say " the reason you are working an hourly job for someone else is because you cant make it in sales, do not EVER use the word algorithm to me again"


Big Smile **** laughing

Rah Rah Rah lets all make money today !!!

[Chambo]

that sounds like an exhausting way to run a business. The idea of interviewing, setting up computer/phone, basic training, and payroll and having to do this over and over as we churned through employees would make me want to jump off a building.. Might be cost effective but who would want to work in an environment like that. Even if it was profitable would not be worth it to me

Payroll? You are assuming that they are paying folks on the books?

[J.Celifarco]

Payroll? You are assuming that they are paying folks on the books?

I could hope that these companies are at least paying people on the books either w2 or 1099 at a minimum

[mcaguru]

It is exhausting I have done that model for 25 years and I am still doing it. I help them close sales if need be ( more exhausting) And I have 5 top agents who were ex mortgage brokers/stockbrokers who shield me from the crazy questions from the newbies on their "team". So they are "team leaders" not "sales mgrs"...semantics.If someone annoys me I will just give them to another team leader and give them 1% for babysitting them.

I try to get a more quality person to work for me. I also have a lot of Referral agents. Business professionals that have a full time job ( accountant etc ) but send me pre qualified merchants . Ive learned how to ignore them all without jumping off the bridge though its very hard.

You have to chant in the morning " Some will some wont so what, some will some wont so what'

When I get agents who are "smaller", they argue with me about the Taco stand they have that wants a 20k loan, they only make 2 k a month but they make a lot more in cash, but they just don't deposit it, but we should count the revenue.

The best part of all this is that we get renewals. Their is a method to the madness.

No matter what, we do get high commissions and can build a book of business of merchants who hopefully stay loyal and don't over extend themselves.

The hardest part is dealing with a few lenders who reply...does not meet the algorithms , or scoring model when they turn down a file.


I have 3 lenders that are great. Once I put skin in the game this will all change as well.

I have to contain myself and not say " the reason you are working an hourly job for someone else is because you cant make it in sales, do not EVER use the word algorithm to me again"


Big Smile **** laughing

Rah Rah Rah lets all make money today !!!

No one works harder then Karen!