[FUNd]

You are the man FunD. But I would be willing to bet that I make a lot more than you. I say that with confidence by simply judging your response to Joe Tucker where you said "I tried what you are talking about early on, and failed. I found that these people don't remember your name or when you have to offer a day later, much less months down the road." The reason they do not remember your name is because there is nothing for them to remember about you....funny that I do not have that problem.

Right. Because great salespeople make foolish bets with no information. And, yes, I know, your charisma knows no bounds. If you call and pitch someone, they never forget you. Congratulations on your success.

[AlexSMF]

Kind of like your "I am picking up the easy slammers while you are following up with Billy Joe Bob that has a 4% LOC at his local bank but is afraid to tell you the word 'no'"? My bet was based on your posts and the amount of time you spend on this forum trolling.

[MCNetwork]

In all fairness, it depends on the size of your pipeline and lead flow. The salespeople working at large shops probably get close to 100 leads per month. They are in a position to grab all the low hanging fruit, discard all the Nos and even most of the Maybes and still have plenty of income opportunities. The one man ISOs don't have that luxury and have to work each lead like their next rent check depends on it. Because it probably does...

[FUNd]

Kind of like your "I am picking up the easy slammers while you are following up with Billy Joe Bob that has a 4% LOC at his local bank but is afraid to tell you the word 'no'"? My bet was based on your posts and the amount of time you spend on this forum trolling.

...says the guy trolling my posts and bragging how big his stick is.

[jotucker1983]

FUNd,

Yes, I agree with Alex in this regard to where I would just keep their information on file and send them email newsletters from time to time, while there are on hold. The email newsletters just remind them of the upcoming "touching base date range" as well as keeps them updated on various news, events, etc., going on in the industry and with my company in particular. Plus you want to have already had a conversation with them and you both agree to why the project is being put on hold.

Now, this is completely different than if you are dealing with a prospect that just isn't interested. Those are the individuals that you want to filter off as fast as possible because yes, those guys would be a waste of time because there's more than likely no active business cycle. The business cycle is based on the merchant's current or upcoming need for working capital.

But let's say you meet a merchant in March that's getting ready to open a 2nd location in June, and he wants to use the cashflow from the first location as a basis for an MCA to help jump start the 2nd location. Now, you don't want to throw that guy in the trash do you? No, you want to make sure you get all of his contact information and confirm with him that you will touch base in late May to continue discussions and begin the quoting process for capital to jumpstart the 2nd location.

While we as Sales agents have a particular timeframe to close deals so we can "eat", sometimes this timeframe doesn't align with the business cycle of the client. Some clients are just going to take longer to "close", based on the status of the business cycle. Throwing those clients away because they aren't closing "this month", is just throwing away your future production.

[FUNd]

In all fairness, it depends on the size of your pipeline and lead flow. The salespeople working at large shops probably get close to 100 leads per month. They are in a position to grab all the low hanging fruit, discard all the Nos and even most of the Maybes and still have plenty of income opportunities. The one man ISOs don't have that luxury and have to work each lead like their next rent check depends on it. Because it probably does...

Hey, I never said my way was the right way. Just answering the OP's question and talking about what works for me.

[anonymous]

About 2 minutes. If they aren't ready to go now...and are ball busters on rate/term, it goes right in the trash and I move on to the next file.

send them to me! don't mind holding their hand for a week or two for a big deal! they have a problem with rate and deal is as good as dead, I'll even encourage them to shop, letting them know your deal stands. after a few competitor offers, I know my rate is going to look MUCH better to them

I've worked approvals for over a month before funding, notable ones... Deal is dead when they are no longer in business.

Also didn't read the rest of this post yet, but had to stop and jump in.

[FUNd]

FUNd,

Yes, I agree with Alex in this regard to where I would just keep their information on file and send them email newsletters from time to time, while there are on hold. The email newsletters just remind them of the upcoming "touching base date range" as well as keeps them updated on various news, events, etc., going on in the industry and with my company in particular. Plus you want to have already had a conversation with them and you both agree to why the project is being put on hold.

Now, this is completely different than if you are dealing with a prospect that just isn't interested. Those are the individuals that you want to filter off as fast as possible because yes, those guys would be a waste of time because there's more than likely no active business cycle. The business cycle is based on the merchant's current or upcoming need for working capital.

But let's say you meet a merchant in March that's getting ready to open a 2nd location in June, and he wants to use the cashflow from the first location as a basis for an MCA to help jump start the 2nd location. Now, you don't want to throw that guy in the trash do you? No, you want to make sure you get all of his contact information and confirm with him that you will touch base in late May to continue discussions and begin the quoting process for capital to jumpstart the 2nd location.

While we as Sales agents have a particular timeframe to close deals so we can "eat", sometimes this timeframe doesn't align with the business cycle of the client. Some clients are just going to take longer to "close", based on the status of the business cycle. Throwing those clients away because they aren't closing "this month", is just throwing away your future production.

Of course John. I'm not trashing well-qualified, well vetted leads. I am trashing the guys who pound their fists about "low-rates" and "daily payments". Or the guys who bring in 200K a year and want 100K and won't settle for a penny less. I see guys chase these deals all the time, for months, and they are lowest producing agents in my sphere.

[J.Celifarco]

Of course John. I'm not trashing well-qualified, well vetted leads. I am trashing the guys who pound their fists about "low-rates" and "daily payments". Or the guys who bring in 200K a year and want 100K and won't settle for a penny less. I see guys chase these deals all the time, for months, and they are lowest producing agents in my sphere.

I think though, what you are talking about comes with a certain level of experience.. For the guys on here who are doing this a while who has been around since we were selling just credit card splits because there was no such thing as an ACH deal, I think with the experience comes the sense of what deals are going to get done. I know that when I pitch a deal I can usually tell within 2 minutes if it is a deal that is going to get done am I 100% of course not but I can generally tell. For new guys coming into the industry the only way to learn is to try and try and try again. They need to go up against the I WONT DO DAILY PAYMENT GUY or I WONT PAY OVER 10% GUY so that they can learn.
Spending a ton of time on a deal and spinning your wheels on deals that wont get done might be a waste of time for some and a good learning experience for others.

[Michael I]

Sour grapes? Must be paying back or we wouldn't fund her for 3 years....LOL

yup plus tax . every time she bounces you tack on fees . i think last year i did the math and it came out to a 1.78 factor after all fees she accrued

[AlexSMF]

...says the guy trolling my posts and bragging how big his stick is.

Says the guy that responded to my post originally in troll like fashion(as you usually do with almost everyone else and hijack the post). What is it with you? Were you not breast fed as a child? Do you want to come over and Ill have the entire office get in a big circle and give you a group hug? This is what I get for feeding the trolls.

[jotucker1983]

Of course John. I'm not trashing well-qualified, well vetted leads. I am trashing the guys who pound their fists about "low-rates" and "daily payments". Or the guys who bring in 200K a year and want 100K and won't settle for a penny less. I see guys chase these deals all the time, for months, and they are lowest producing agents in my sphere.

Oh yeah, I 100% agree with you. It's why what I do is ask questions upfront to determine number one, does the merchant have a current or upcoming need for working capital? If the answer is yes, the next question is what's the best product to recommend to the merchant right now?

Sure, he might want the conventional type of deal with 36 - 60 month terms, every merchant wants that, but he's going to need to bring to the table good personal credit, good business credit, no liens, good cashflow, good debt management and good profitability in order to qualify for that product. If he qualifies, that's what I'm going to recommend.

Now, if he doesn't qualify, I'm going to explain why he doesn't and provide alternative options. If he still needs that working capital and the only option he has is an MCA at 1.30 over 12 months, well, that's what he has to go with or just continue to struggle without the needed working capital for the situation at hand.

I don't like how a lot of merchants are pushed out of the conventional lending market just for being a small business in general, but for the life of me, some of these merchants can't tell their head from their rear. They are unorganized, don't pay their bills on time, overdrafts all over the place, liens all over the place, bankruptcy here or there, stacking cash advances to high heaven hell, etc, etc. Why in the hell would the bank (or anybody for that matter) want to provide a loan to someone like that lol?

[NoBigDeal]

Not sure if you are new to this industry or not but if you wanted to pick my brain then feel free to reach out.

Not new to the industry. Just a recent deal that took over a week to work on and ultimately declined after signed docs, so curious to know the opinions of the other DF members

[FUNd]

Says the guy that responded to my post originally in troll like fashion(as you usually do with almost everyone else and hijack the post). What is it with you? Were you not breast fed as a child? Do you want to come over and Ill have the entire office get in a big circle and give you a group hug? This is what I get for feeding the trolls.

U mad bro?

[J.Celifarco]

Not new to the industry. Just a recent deal that took over a week to work on and ultimately declined after signed docs, so curious to know the opinions of the other DF members

depending on the banks you work with this is going to happen. If they declined for a valid reason throw it in the garbage and move on, you disagree try to get done somewhere else. My question is why did it take a week for the bank to decide to decline the deal. Shouldn't take that long for a bank to make a decision

[FUNd]

Not new to the industry. Just a recent deal that took over a week to work on and ultimately declined after signed docs, so curious to know the opinions of the other DF members

Some funders "reverse underwrite" deals. Ask about the UW process with your banks, and that will cut down on some of the confusion.

[anonymous]

Not new to the industry. Just a recent deal that took over a week to work on and ultimately declined after signed docs, so curious to know the opinions of the other DF members

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