[J.Celifarco]

Just get a call from existing merchant saying "look what I got in the mail.. Why when I take more money from you do you make me pay off the balance"

Smart business decision to put in writing on company letter head directing merchants to breach existing contracts and stack offering deals that do not exist making promises you cant keep.. You want to know why we as an industry will be regulated. It will be because of mental midgets like this.. UNBELIEVABLE nothing but lies and in writing company name and closer name included. Begging to get sued.. I cut off the company name and closers name but if this is how you are soliciting business do yourself a favor and stop.. You are begging to be sued

[Zach]

It is also lying about the APR

[J.Celifarco]

It is also lying about the APR

its lying about everything

[Funder Mark]

Who is it from?

[J.Celifarco]

not putting them on blast didn't put this up for that. Just trying to make a point that if we as an industry dont stop with dumb **** like this, we are all going to get screwed. This is wrong for so many reasons I dont know where to start, and I am sure this isn't the only company pulling this crap.. All these fly by night johnny come lately shops just need to stop with the nonsense because in the end their stupidity will screw over all the companies trying to do things the right way

[TStein]

not putting them on blast didn't put this up for that. Just trying to make a point that if we as an industry dont stop with dumb **** like this, we are all going to get screwed. This is wrong for so many reasons I dont know where to start, and I am sure this isn't the only company pulling this crap.. All these fly by night johnny come lately shops just need to stop with the nonsense because in the end their stupidity will screw over all the companies trying to do things the right way

Never going to stop. Be it a small shop or a big shop, the shadiness will always happen.

I had to laugh at some contracts I recently saw from a high risk funder. The fee structure was laughable. $10,000 deal. 70 payment days. $2,000 in fees. The best fee on it was for a "Professional Service Fee for $500".

At this point we all know the future of this industry and the direction it is heading in. Companies like the one above and the one posted in this topic are just going to take complete advantage of the situation. You can be the most honest person to your merchants, but some shmuck is always going to be calling your merchants selling them a dream.

[WhoisKingsley]

MY BLOOD IS BOILING.

1: the attempt of writing on top of their basic "UW Criteria" they send to perspective ISOs in Calibi font is the epitome of saying "I have no professional bone in my body"

2: Where do these people get off by saying they have a LOAN product. An Advance is not a LOAN and just the verbiage used in their marketing tactics can land them in hot water. Who do you call when this happens though? The consumer protection bureau? They are just as lost on how to come into our space and tackle this.

3: Using the "Hey Mr. Merchant- remember me, we talked a few months, years ago about financing"... Merchants are not dementia patients- They are people and hoping that line sticks is like hoping your sh*t doesn't smell bad after eating Mexican take out.

4: 1.14... really? Even with spotless credit, unless you are qualifying them to higher grade Funders- you are going to add 10 pts to that- stop lying.

5: Yes, the most important part- How dare a company directly say that it is not a requirement to PAY OFF an existing balance and then lie within the entire body of the letter.

If I did my woman due diligence google searching correctly- They are not BBB accredited, They state that they are "Licensed", and though I see some positive contributions from that company- Thumbs way down on your origination attempts.

[MCNetwork]

Those are some pretty low factor rates...

[Funder Mark]

Those are some pretty low factor rates...

AND they dont require you to payoff anyone else!!!

[NoBigDeal]

Just get a call from existing merchant saying "look what I got in the mail.. Why when I take more money from you do you make me pay off the balance"

Smart business decision to put in writing on company letter head directing merchants to breach existing contracts and stack offering deals that do not exist making promises you cant keep.. You want to know why we as an industry will be regulated. It will be because of mental midgets like this.. UNBELIEVABLE nothing but lies and in writing company name and closer name included. Begging to get sued.. I cut off the company name and closers name but if this is how you are soliciting business do yourself a favor and stop.. You are begging to be sued
Attachment 1252

Ohhhh now I remember you Mr. ISO. You were the one who DIDN'T require me to pay my other 7 positions off. Ok, I'll send over the signed app and statements right away. Let me know when I could sign the contract for the 1.14 you're telling me about

[J.Celifarco]

Just flat out bad business

[ridextreme]

bate and switch has been around forever.

I was closing someone out on a deal a few weeks ago when he said he has a much better offer. I asked what the offer is and it sounded like BS so I asked him to forward the contract to me. He forwarded an email that looked very similar to this.

I tried telling him it's not an offer, it's just an advertisement but he wanted to proceed with the other offer. A few days later when I followed up, he said I was right, and I sent him my contract.

[FUNd]

Google the phone number in the pic. Will tell you who it is.

Capture.JPG

[ADiamond]

http://www.bbb.org/west-florida/busi...491/directions

Financial Advantage Group LLC
Phone: (800) 550-1123
Fax: (813) 482-0767

[NoBigDeal]

http://www.bbb.org/west-florida/busi...491/directions

Financial Advantage Group LLC
Phone: (800) 550-1123
Fax: (813) 482-0767

This looks more correct. You could see it spelled out towards the cut-off bottom of the page

[FUNd]

This looks more correct. You could see it spelled out towards the cut-off bottom of the page

Ah. I stand corrected. I'm guessing the financial advantage of responding to this marketing would be slim?

[Scott Williams]

This letter did come from Financial Advantage. One of our reps sent it to a merchant. It was sent to a merchant that has done either Invoice Factoring, Equipment Leasing, or an American Express advance. Its highlighting a program with an A lender that doesn't require them to payoff those programs. It is a term loan program with an APR.
There isn't anything wrong with highlight this program and I asked Sean to remove the post since everyone else wouldn't want their marketing info posted to the forum.

[WhoisKingsley]

Google the phone number in the pic. Will tell you who it is.

That was the first thing I did. I found enough and I am done.

[FUNd]

This letter did come from Financial Advantage. One of our reps sent it to a merchant. It was sent to a merchant that has done either Invoice Factoring, Equipment Leasing, or an American Express loan. Its highlighting a program with an A lender that doesn't require them to payoff those programs. It is a term loan program with an APR.
There isn't anything wrong with highlight this program and I asked Sean t remove he post since everyone else wouldn't want their marketing info posted to the form.

It's amazing how many people watch this show.

[NoBigDeal]

This letter did come from Financial Advantage. One of our reps sent it to a merchant. It was sent to a merchant that has done either Invoice Factoring, Equipment Leasing, or an American Express loan. Its highlighting a program with an A lender that doesn't require them to payoff those programs. It is a term loan program with an APR.
There isn't anything wrong with highlight this program and I asked Sean t remove he post since everyone else wouldn't want their marketing info posted to the form.

You're A Lender only funds between $10k-$150k?

[ADiamond]

Just get a call from existing merchant saying "look what I got in the mail.. Why when I take more money from you do you make me pay off the balance"

Smart business decision to put in writing on company letter head directing merchants to breach existing contracts and stack offering deals that do not exist making promises you cant keep.. You want to know why we as an industry will be regulated. It will be because of mental midgets like this.. UNBELIEVABLE nothing but lies and in writing company name and closer name included. Begging to get sued.. I cut off the company name and closers name but if this is how you are soliciting business do yourself a favor and stop.. You are begging to be sued

I don't understand the point in you posting this accusing people of doing something wrong? Calling them liars, etc. Where does it say on there that they are asking clients to breach their existing contracts? It's up the merchants to do that.

I swear to god this industry is full of pansies

[WhoisKingsley]

This letter did come from Financial Advantage. One of our reps sent it to a merchant. It was sent to a merchant that has done either Invoice Factoring, Equipment Leasing, or an American Express loan. Its highlighting a program with an A lender that doesn't require them to payoff those programs. It is a term loan program with an APR.
There isn't anything wrong with highlight this program and I asked Sean t remove he post since everyone else wouldn't want their marketing info posted to the form.

With all do respect, and I see that you are a respected person in this industry and this may get deleted, but do you monitor your marketing attempts and how the verbiage comes across? Our industry (whether you are A paper or not) are having a hard time with the collection process that is brought on primarily from the instruction from the originator/closer. The highlighted portion, unless it pertains to YOUR advance that was given, is wrong.

[ADiamond]

It states that they don't require the merchant to pay off existing loans/advances. All of you crybabies that only do A paper think this is so detrimental to your business. What about all the "a" paper deals you do on top of Kabbage, Funding Circle, MCA Splits, Etc?

Those don't count right? That's what you're saying.

Sounds like a double standard to me.

[Scott Williams]

Amanda, I respect your opinion but some programs are still advances (American Express)

[FUNd]

I personally like the robo-dials I get every other day that say my company is APPROVED for $250,000. Those are the best. I always press 1.