[SCP]

I just received a call earlier today from a blocked number. I noticed whoever it was had left a voice message on my personal desk line (forwards to cell when OOO) and on it said something to the extent of "Hey this is another guy in the industry, I had a couple questions for you" and left the number 312-770-0761

Did not leave a name or a company name, yet I called back anyway and left him a return VM.

A few seconds later, I get a call from a blocked number, who I assumed to be him and it was indeed.

The conversation was very strange. He said he was a broker (I'm assuming just 1 man shop) that makes a ton of UCC calls and also charges an additional 4-5% on top of commissions FROM THE MERCHANT in a fee to make up the for the fact he felt the industry was slowing down. That's one of the more terrible acts I've ever heard of in this industry..

He almost immediately rushed into questioning us on "how do you make money in this industry?" - "how much did you make last month?" - "how are you getting leads?" etc...

I jumped to the fact that "I felt very uncomfortable discussing information because I had no idea who he was or what company he was with, but upon having some small talk and learning a bit more about him, I'd be happy to talk some shop."
- - - -
Then he immediately became irate haha, saying "you're full of s***, you don't make any money, neither do any other brokers, go stroke your c***, F*** off!" and proceeded to hang up the phone, lol.

I was curious if anybody else here had received a call like this before? The most information I know is that his name is (supposedly) Ben, his number he left in the voice message was 312-770-0761, and upon calling it says you've reached "Lead You To The Top" in his voice, not a professional recording or VOIP VM prompt.

Let me know if anyone knows this a-hole. He needs to get out of this industry. Operating out of a position of pure profit and greed with no actual interest in helping the merchant...

[FUNd]

So some dickhead crank called you? Cool story bro.

[dpFund]

Hey Ryan -

I have to admit I get incensed when I receive calls like this too. These people are cowards and scumbags. As mind-numbing and distracting as it is, there will always be jerks like this among us, whether it be in this industry or any other. I understand your rage and know the feeling well.

Eventually I get to the point where I realize that low-life ripoff artists like this make the honest people look very good.

Yes, it is rationalization, but with an undercurrent of truth.

Just keep doing what you do, treating people right and you will continue to be successful.

- Dan Page

[SCP]

So some dickhead crank called you? Cool story bro.

I wouldn't so much as call it "crank" as his concerns/attitude were rather authentic. Wasn't letting loose a sob story - curiosity got the best of me and I was trying to figure out if anyone else had heard from this guy and merely warning others to be wary of him. I hope the guy finds peace in his life, lol.

[SCP]

Hey Ryan -

I have to admit I get incensed when I receive calls like this too. These people are cowards and scumbags. As mind-numbing and distracting as it is, there will always be jerks like this among us, whether it be in this industry or any other. I understand your rage and know the feeling well.

Eventually I get to the point where I realize that low-life ripoff artists like this make the honest people look very good.

Yes, it is rationalization, but with an undercurrent of truth.

Just keep doing what you do, treating people right and you will continue to be successful.

- Dan Page

You're always a class act brother. Thanks for the rationalization and best wishes. I'm sure we'll chat soon. Cheers - R

[jotucker1983]

Well, when you have an industry with a low barrier to entry (or should I say, NO barrier to entry) then anybody or "any thing" can just walk right on in.

Until that barrier is raised, inconjunction with having some sort of centralized authority to regulate the actions of those who are allowed through the gates, none of these types of "acts" are going to stop.

[bdshaw]

I think this part of the growing pains a new industry goes though. Eventually the quick buck artists will fade away, no doubt when the lenders tighten up their standards. They will do it on their own or will be forced into it by outside interests.
Either way the professionals will survive and thrive.
I agree with John.
Bob

[snk1lp]

Our office received calls from this guy a few times last spring. Also went by Ben and had the same MO. He was super nice and asked a lot of questions before flipping a switch and berating our staff, telling them (and later me) that he made more money in the mortgage industry than we would ever see, and talking about his watch. Glengarry much?

He admitted to me that he brought in leads by having a friend who worked for another lender steal them under the table. He wouldn't say the lender's name but I pulled our call recording. The idiot mentioned the other company to one of ours reps before they transferred the call to me. I then hopped on a call with an exec working for the lender in question and forwarded the recording to them so they would know an employee was stealing.

The guy was a joke and I'm surprised he is still in this industry, but I guess he found a way by charging extra fees.

[AndyYSCISOdept]

This is both unbelievable and happens way to often! While I find it completely understandable when people new to the industry have questions, the fact that many of them resort to threats, cursing etc when their questions aren't answered with the information a lot of us have worked for years to get is just plain wrong.

You will never get my help ever when you approach me in this way. I would encourage other industry vets to be careful with whom they dvulge trade secrets. You wouldn't give nuke codes/stock tips/inside info for betting to just anyone right?

[J.Celifarco]

This is both unbelievable and happens way to often! While I find it completely understandable when people new to the industry have questions, the fact that many of them resort to threats, cursing etc when their questions aren't answered with the information a lot of us have worked for years to get is just plain wrong.

You will never get my help ever when you approach me in this way. I would encourage other industry vets to be careful with whom they dvulge trade secrets. You wouldn't give nuke codes/stock tips/inside info for betting to just anyone right?

the fact that people think they are entitled to this info is what I find amazing.. How about you get a job working for someone work your ass off and learn before deciding to open your own office. It is amazing to me how people just seem to wake up one morning and say
DO I HAVE ANY EXPERIENCE IN THE MCA INDUSTRY???? NO
DO I HAVE ANY INDUSTRY CONNECTIONS???? NO
DO I KNOW WHAT A CASH ADVANCE IS??? NO
AM I GOING TO OPEN A CASH ADVANCE ISO??? YES YES YES

I WILL NEVER UNDERSTAND THIS

[AndyYSCISOdept]

John I couldn't agree more, the freedom with which information offering competitive advantage is requested and given in this industry is astounding. Don't get me wrong if someone wants some basic information about the mechanics of the industry Im happy to help, but don't expect me to offer the blueprints to the last 8 years of my success., and furthermore don't get pissy when I tell you to kick gravel and travel

[snk1lp]

Exactly. I gave the guy a couple ideas of where to find his own information but that was it.

When he showed his true colors, I disconnected the call and we reached out to the lender his friend stole leads from.

[AndyYSCISOdept]

^^^That was a solid move on your part^^^

[snk1lp]

Thanks, Andy. We're just an ISO doing our part to make the world a more friendly, fundable place.

[AndyYSCISOdept]

Thanks, Andy. We're just an ISO doing our part to make the world a more friendly, fundable place.

No, Thank you! If this was a more common practice we may have more productive threads on the forum rather thant people warning others about crazy phone calls and ISOs getting ripped off. In truth while I was on this post I got a phone call from an iso of mine whose partner left and took all the data and files with him over the weekend. 30 seconds later the guy who left calls me asking for a new ISO agreement...you cant make this up!

[jotucker1983]

....How about you get a job working for someone work your ass off and learn before deciding to open your own office. It is amazing to me how people just seem to wake up one morning and say
DO I HAVE ANY EXPERIENCE IN THE MCA INDUSTRY???? NO
DO I HAVE ANY INDUSTRY CONNECTIONS???? NO
DO I KNOW WHAT A CASH ADVANCE IS??? NO
AM I GOING TO OPEN A CASH ADVANCE ISO??? YES YES YES

I WILL NEVER UNDERSTAND THIS

In my opinion John Celifarco, we (as an industry) are to blame for this.

- We've established no barrier to entry into the industry

- We recruit anybody with a pulse and a heartbeat

- The same recruiting message is used in regards to how you can leave your Burger King drive thru job, "dedicate 40 hours a week" calling UCCs, and make $200,000 a year. You can pay off your credit card debt! You can pay off your student loans! You can move out of your mother's basement!

- Most direct funders and lenders do absolutely no background checks on who they allow to resell their services. They don't pull credit, they don't do a criminal check, they don't do a civil judgment check, they don't know well capitalized the office is, hell, most of them don't even remember the name of the broker after they send back the ISO agreement.

So guys like Billy Joe from the Burger King drive-thru, keeps running into our industry working off of his partywithbilly@yahoo.com email addres, because he sees it as a get rich quick scheme. And he sees it as such because that's how we (as an industry) recruit people.

We don't respect ourselves, so why should Billy Joe respect us?

[omegafund]

Hopefully this is not another plea for regulation after a clown called digging for info.
I hang up on most brokers. I have no need to work with them

[J.Celifarco]

In my opinion John Celifarco, we (as an industry) are to blame for this.

- We've established no barrier to entry into the industry

- We recruit anybody with a pulse and a heartbeat

- The same recruiting message is used in regards to how you can leave your Burger King drive thru job, "dedicate 40 hours a week" calling UCCs, and make $200,000 a year. You can pay off your credit card debt! You can pay off your student loans! You can move out of your mother's basement!

- Most direct funders and lenders do absolutely no background checks on who they allow to resell their services. They don't pull credit, they don't do a criminal check, they don't do a civil judgment check, they don't know well capitalized the office is, hell, most of them don't even remember the name of the broker after they send back the ISO agreement.

So guys like Billy Joe from the Burger King drive-thru, keeps running into our industry working off of his partywithbilly@yahoo.com email addres, because he sees it as a get rich quick scheme. And he sees it as such because that's how we (as an industry) recruit people.

We don't respect ourselves, so why should Billy Joe respect us?

Cant argue with any of this.. This is all 100% true. Barrier to entry is one regulation I would love to see

[FUNd]

Cant argue with any of this.. This is all 100% true. Barrier to entry is one regulation I would love to see

The cost of acquisition is quickly creating a natural barrier.

[J.Celifarco]

The cost of acquisition is quickly creating a natural barrier.

not when people come in grab 100000 UCC and spend all day calling our merchants offering bull**** promises and terrible stack deals

[FUNd]

not when people come in grab 100000 UCC and spend all day calling our merchants offering bull**** promises and terrible stack deals

What's the profit in that though? False promises and crap offers don't keep the lights on.

[J.Celifarco]

What's the profit in that though? False promises and crap offers don't keep the lights on.

yeah true, but still makes my job harder everytime some idiot calls my merchant and promises him the world. Then they call me and ask why i cant get them that

[FUNd]

yeah true, but still makes my job harder everytime some idiot calls my merchant and promises him the world. Then they call me and ask why i cant get them that

No argument with that.

[jotucker1983]

Also brings up the other point as to why UCCs need to stop being filed on good accounts.

Talk about souring the relationship with a merchant you just acquired, you fund them in January and tell them you will be back in contact in March to discuss reload options. But through the entire month of January, February and March, they have been getting on average of 20 calls a week about a "cash advance" and how they should "stack it". They get called SO MANY TIMES, that they dedicate someone to answer all phone calls and anybody who might be a financing rep they immediately cut them off with the "we aren't interested, take us off the list" line.

Let it come out that YOUR PARTNER (funder/lender) filed what the merchant soon discovers to be a "UCC" against them that has tied up their telephone lines for the last 3 months, and you will have to rebuild a relationship with a merchant that you worked so hard to build initially.

Companies need to stop filing UCCs on good accounts, file them on the slow paying/collections/high risk accounts. Those are the accounts you WANT someone else to come in and buy off of you anyway.

[funda21]

Very true more funders need to stop filing UCC's or at least wait until a later time to file them like if a merchant starts missing payments. I'm unsure what's taking many funders so long as filing the UCC is doing more damage to their books than anything else.