[FUNd]

There is probably no worse time than now to open an ISO or become a lender with no industry experience.

[J.Celifarco]

There is probably no worse time than now to open an ISO or become a lender with no industry experience.

way too late to a party that is already way to packed

[FUNd]

way too late to a party that is already way to packed

And even if you get in, every chick already has 30 drunk guys hitting on her.

[WhoisKingsley]

There is probably no worse time than now to open an ISO or become a lender with no industry experience.

Preach Fund. Preach.

I am all for assisting companies but if you don't "think" you need help, then your wrong.

By "help" I mean putting your ego aside and admitting you don't know 100% what you are doing rather than asking for a strait answer or connection to help you.

[FUNd]

Preach Fund. Preach.

I am all for assisting companies but if you don't "think" you need help, then your wrong.

By "help" I mean putting your ego aside and admitting you don't know 100% what you are doing rather than asking for a strait answer or connection to help you.

I always use the metaphor - even Peyton Manning has a coach, and Tiger Woods was constantly making adjustments to his swing.

[NewFunder80]

Wow, seems like the only responses I got were "your in over your head."

One of my questions was answered though. So I do reinvest all these payment I'm collecting.

Can anyone help with the second set of questions?

Has anyone ever sued a merchant for default or fraud? How did the law suit turn out?

So far I have had two defaults. Other merchants that had returned payments have responded to calls and emails and I can usually get their payments back on track. Just curious how to handle the merchant that completely ignore you.

So far things are off to a good start, even had a merchant get another advance and the payoff wire was sent to my account.

Hopefully we can get some more positive responses this time.

Thanks

[FUNd]

Wow, seems like the only responses I got were "your in over your head."

Welcome to Daily Funder.

[J.Celifarco]

Wow, seems like the only responses I got were "your in over your head."

One of my questions was answered though. So I do reinvest all these payment I'm collecting.

Can anyone help with the second set of questions?

Has anyone ever sued a merchant for default or fraud? How did the law suit turn out?

So far I have had two defaults. Other merchants that had returned payments have responded to calls and emails and I can usually get their payments back on track. Just curious how to handle the merchant that completely ignore you.

So far things are off to a good start, even had a merchant get another advance and the payoff wire was sent to my account.

Hopefully we can get some more positive responses this time.

Thanks

MCA Recovery is the best for collections.. Reach out to Zach and he can set you up with collections.. And Good luck

[NewFunder80]

MCA Recovery is the best for collections.. Reach out to Zach and he can set you up with collections.. And Good luck

Zack? What is the name of his company?

[J.Celifarco]

Zack? What is the name of his company?

MCA Recovery

[skideeppow]

Zack? What is the name of his company?

OK this has to be a troll. No way someone is this clueless. I mean really. This is text book idiocy.

[NoBigDeal]

Hello all,

I am glad a found this forum. I have found some of the information here very helpful. I wanted to share my experience and ask a few questions.

Our company started funded deals about 45 days ago. We are off to a good start so far. Over 10 deals funded so far.

Have two questions:

How do most funders handle cash flow? Meaning do funders usually "reinvest" collected monies into other advances or just wait until the advance finishes?

Defaults and fraud:

Had one merchant approved for an advance and then it appears closed the business down about 1 week later. Another merchant closed their bank account and has not provided another one.

How are you guys handling defaults? We are taking the collections route, calling and sending letters. At some point have any of you guys actually sued the merchant? How did the law suit go? Because the advance is under the state limit we were considering using small claims court. Just wondering if anyone has actually taken a merchant to court?

Or perhaps other funders are just writing off the debt and still turning a profit. I just hope that merchants cant just default and we have no recourse????

Advice please.

What's the name of your funding company?

[Sachip24]

[QUOTE=NewFunder80;50437]Hello all,

I am glad a found this forum. I have found some of the information here very helpful. I wanted to share my experience and ask a few questions.

Our company started funded deals about 45 days ago. We are off to a good start so far. Over 10 deals funded so far.

Have two questions:

How do most funders handle cash flow? Meaning do funders usually "reinvest" collected monies into other advances or just wait until the advance finishes?

Defaults and fraud:

Had one merchant approved for an advance and then it appears closed the business down about 1 week later. Another merchant closed their bank account and has not provided another one.

How are you guys handling defaults? We are taking the collections route, calling and sending letters. At some point have any of you guys actually sued the merchant? How did the law suit go? Because the advance is under the state limit we were considering using small claims court. Just wondering if anyone has actually taken a merchant to court?

Or perhaps other funders are just writing off the debt and still turning a profit. I just hope that merchants cant just default and we have no recourse????

Advice please




I have now seen It all.

[NewFunder80]

[QUOTE=Sachip24;50567]

Hello all,

I am glad a found this forum. I have found some of the information here very helpful. I wanted to share my experience and ask a few questions.

Our company started funded deals about 45 days ago. We are off to a good start so far. Over 10 deals funded so far.

Have two questions:

How do most funders handle cash flow? Meaning do funders usually "reinvest" collected monies into other advances or just wait until the advance finishes?

Defaults and fraud:

Had one merchant approved for an advance and then it appears closed the business down about 1 week later. Another merchant closed their bank account and has not provided another one.

How are you guys handling defaults? We are taking the collections route, calling and sending letters. At some point have any of you guys actually sued the merchant? How did the law suit go? Because the advance is under the state limit we were considering using small claims court. Just wondering if anyone has actually taken a merchant to court?

Or perhaps other funders are just writing off the debt and still turning a profit. I just hope that merchants cant just default and we have no recourse????

Advice please




I have now seen It all.

Perhaps you could give some insight, share some experience?

[TheShitzuofMCA]

[QUOTE=Sachip24;50567]

Hello all,

I am glad a found this forum. I have found some of the information here very helpful. I wanted to share my experience and ask a few questions.

Our company started funded deals about 45 days ago. We are off to a good start so far. Over 10 deals funded so far.

Have two questions:

How do most funders handle cash flow? Meaning do funders usually "reinvest" collected monies into other advances or just wait until the advance finishes?

Defaults and fraud:

Had one merchant approved for an advance and then it appears closed the business down about 1 week later. Another merchant closed their bank account and has not provided another one.

How are you guys handling defaults? We are taking the collections route, calling and sending letters. At some point have any of you guys actually sued the merchant? How did the law suit go? Because the advance is under the state limit we were considering using small claims court. Just wondering if anyone has actually taken a merchant to court?

Or perhaps other funders are just writing off the debt and still turning a profit. I just hope that merchants cant just default and we have no recourse????

Advice please




I have now seen It all.

I will make this quick getting busy. Yes you reinvest the money as it comes in daily, compounding the interest as you do this and driving up your ROI. The two scenarios you stated smell like fraud. Collections isn't aggressive enough with fraudsters, I would get an attorney letter head if you don't have an attorney in house and start sending letters threatening legal action. Escalate the letters and usually that works, if it doesn't you may have to go the legal course file charges for fraud. You may get someone to pay you back months later cause they reapply for more money or the UCC affects them. Unfortunately in the cases you mentioned you probably got screwed, those are great lessons to learn anyways. FYI Some of the more aggressive companies have merchants sign COJ confession of judgement with the agreements, this helps to get a judgement in your favor if it goes to court. Like any case you run the risk of losing if your contracts and agreements aren't right. Good luck new funder

[NewFunder80]

[QUOTE=The****zuofMCA;50580]

I will make this quick getting busy. Yes you reinvest the money as it comes in daily, compounding the interest as you do this and driving up your ROI. The two scenarios you stated smell like fraud. Collections isn't aggressive enough with fraudsters, I would get an attorney letter head if you don't have an attorney in house and start sending letters threatening legal action. Escalate the letters and usually that works, if it doesn't you may have to go the legal course file charges for fraud. You may get someone to pay you back months later cause they reapply for more money or the UCC affects them. Unfortunately in the cases you mentioned you probably got screwed, those are great lessons to learn anyways. FYI Some of the more aggressive companies have merchants sign COJ confession of judgement with the agreements, this helps to get a judgement in your favor if it goes to court. Like any case you run the risk of losing if your contracts and agreements aren't right. Good luck new funder

Thanks for your response.

[mcaguru]

The****zuofMCA you took day off yesterday ? gone fishing ? next time take me!!

[Karen37a]

They are telling you are in over your head because you are.

I am rolling my eyes at all this. I am amazed and sit shaking my head because as one person stated..its becoming a bubble. In my opinion; although bubbles can burst like the dot com crash or Real estate , it wont because buffoons will bankrupt themselves, diving into shark invested waters playing Gordon Gekko on the phone.

I am not participating in my deals yet because I have enough sense to know that I have to have tremendous volume to make it work...or Ill be scraping the bottom of the barrel for any ole z paper loan that comes by, and then Id fund it like a fool not taking default risk into concern not knowing the psychology of a sale, underwriting guidelines , big red flags and fraud signs.

When i first started I had merchants that I talked to on the phone that I would have swore they were sending in their documents...never did. I had Merchants I thought were bssing me...they sent their documents in. So I learned one thing quickly..you cant use your keen perception to tell whats going on.

Just out of curiosity Id like to know your background . You are like the 100 agents who come into the business who don't listen because you know it all, then get bankrupted or run to get a J.O.B. I bet you have a technical background...no sales..back-office ( and that my keen perception, zeroing in on the situation).

The gotcha in MCAS is , everyone can enter the fray and think they can start at the top.

Do you think Stockbrokers walk into a wall st firm and start at the top? Do you just OPEN a firm with no background? You cant because they are licenced. Same with mortgage brokers/ Real estate brokers etc.

Can you imagine how you would react to some lunatic telling you " well I am going to open a Real Estate office and I am going to lend out my private money to people who flip homes, if they do not pay me back..ill try to find out how other people got their money back and try to do that"

In those industries you start at the bottom making 30% commission, then you get 40% when you get better, then 50/60/70/80/85...And if you make BIG VOLUME you think , why am i giving someone 15% when it would be cheaper to rent an office and open my own place. Then you are self employed,and if you dont work you dont get paid.If you get good..agents join your company at 30-50% and so on and so on . And you learn business along the way, and sales, take your lumps, make $$ hopefully.

But you just think you have the talent and expertise to just open a place, and then of all things lend money?And you don't know what the collection process is?

Send vito to costa rica cause thats where the guy is after he closed his business down and absconded with your money. Or go force him to move his money back into his main account because he shifted the assets on you.

I've seen better men go down, casualties of the financial industry.I wish you well in the industry BUT you are not going to make it. Not to be mean but really rethink what you are doing. Save yourself while you can.

[305Shark]

Wow, just wow. Smh

[Karen37a]

I do not believe this person is real.

I think he is just trying to play with the big boys, like those senile clients on the phone who will just talk to you because they have nothing else to do and their cable was disconnected.

[TStein]

I do not believe this person is real.

I think he is just trying to play with the big boys, like those senile clients on the phone who will just talk to you because they have nothing else to do and their cable was disconnected.

Truth be told, I would not be shocked at all if he was being honest.

I'm sure some shops have the mindset of "Why only make 8 points when I could make the full 45!"

But as mentioned...legal fees, underwriting, collections, etc are all factored in. I doubt the average boiler room is even thinking about anything other than the extra initial return.

[MCNetwork]

I do not believe this person is real.

I think he is just trying to play with the big boys, like those senile clients on the phone who will just talk to you because they have nothing else to do and their cable was disconnected.

Karen37 you crack me up. If you were really a female I think you'd be my soulmate : D

[mcaguru]

Karen37 you crack me up. If you were really a female I think you'd be my soulmate : D

shes deff a female !

[NewWay ISO]

Hello all,

I am glad a found this forum. I have found some of the information here very helpful. I wanted to share my experience and ask a few questions.

Our company started funded deals about 45 days ago. We are off to a good start so far. Over 10 deals funded so far.

Have two questions:

How do most funders handle cash flow? Meaning do funders usually "reinvest" collected monies into other advances or just wait until the advance finishes?

Defaults and fraud:

Had one merchant approved for an advance and then it appears closed the business down about 1 week later. Another merchant closed their bank account and has not provided another one.

How are you guys handling defaults? We are taking the collections route, calling and sending letters. At some point have any of you guys actually sued the merchant? How did the law suit go? Because the advance is under the state limit we were considering using small claims court. Just wondering if anyone has actually taken a merchant to court?

Or perhaps other funders are just writing off the debt and still turning a profit. I just hope that merchants cant just default and we have no recourse????

Advice please.

It's hard to believe that you have enough money to lend out to so many people, I'd guess at least 10k each, but you can't afford to sit down with an attorney for two hours to discuss your legal strategy, let alone get some collection strategy. If your advances are "below state limit" then I guess you're just playing with your savings.. Did you copy someone's contract, because they might find you and sue you as well, and then the judge might say, hey wait a minute, you're the guy who is suing that other guy? well CASE DISMISSED! (I'm kidding...)

[MCNetwork]

shes deff a female !

Yeah that's what I thought about Yuliya lol!