[funding pro]

http://www.greensheet.com/breakingnews.php?flag=breaking_news

I've never heard of this guy Richard Sachs, I have heard of TouchSuite, but I have to say this guy might be the least informed person in the business based on what I'm reading here.

But even though MCA providers are still making healthy profits, the current revenues pale in comparison to what companies were making before the Great Recession began in 2008, according to Sachs. "Before the economy blew up, all these cash advance companies were taking in millions of dollars a month in new deals," he said. "They didn't even have to call out. People were calling them."

This sentence tells me he was not in the business before 2008 and does not realize this industry's boom is a result of what is going on outside of it. Specifically, banks not lending the way they were before 2008 have driven applicants to our financing in droves. Companies like CAN, GBR, MCC, SFS and BFS weren't doing combined what some of them are doing on their own today.

Sachs said that growth is based mostly on the funding of merchants in providers' respective portfolios, not from new business. He added that the more trouble WCS has in qualifying new merchants for MCAs, the more it turns to offering funding for merchants already in the fold.

Ok buddy, if that's how your growing you keep doing you, I'll keep doing me...

[Sean Cash]

he also says, "and that of the remainder who do qualify [for an MCA], at least 50 percent default on their MCAs, forcing WCS to place them in collections."

textbook case of a funder that has no idea what they're doing. They hear about the huge returns, fund at random, and are gone before you know it.


also says "But even though MCA providers are still making healthy profits, the current revenues pale in comparison to what companies were making before the Great Recession began in 2008, according to Sachs. "Before the economy blew up, all these cash advance companies were taking in millions of dollars a month in new deals," he said. "They didn't even have to call out. People were calling them."

completely not true. before 2008, no one ever heard of this product. No one called in.

[Chambo]

SO someone should publish a rebuttal to this nonsense

[Sean Cash]

They took the story Down. I think people complained about the credibility of it

[cashguy]

What poor judgment writing something not using credible sources.

[Chambo]

sounds like someone with a bone to pick. Probably someone in the processing world who is losing all this clients to cash advance companies