[NewFunder80]

As I mentioned in my last post, my company is new to the MCA business. I will try to post results and experiences on this thread. Although people probably wont admit it, I think we are often curious as to how other people are doing in the same business we are in.

We are a direct funder.

So far we have advanced 14 merchants. 2 have defaulted and are ignoring calls. 2 merchants are behind, but have set up for payments to resume this week. We received a payoff wire for one merchant, I assume he got another advance, so that merchant is paid in full. All the other accounts are performing well.

Other funders please feel free to share your thoughts and experiences here.

Edit: Total merchants funded so far is 14 not 13.

[NoBigDeal]

As I mentioned in my last post, my company is new to the MCA business. I will try to post results and experiences on this thread. Although people probably wont admit it, I think we are often curious as to how other people are doing in the same business we are in.

We are a direct funder.

So far we have advanced 14 merchants. 2 have defaulted and are ignoring calls. 2 merchants are behind, but have set up for payments to resume this week. We received a payoff wire for one merchant, I assume he got another advance, so that merchant is paid in full. All the other accounts are performing well.

Other funders please feel free to share your thoughts and experiences here.

Edit: Total merchants funded so far is 14 not 13.

So this thread is for newer funders, like yourself? Cuz for the older, experienced funders who have been around for a while, I'm sure their response will be somewhere along the lines of "too many to count"

Unless you're looking for percentages on deals paying back vs default?

[jfeinberg]

What's your company name?

[mcaguru]

What's your company name?

Silent Funding

[MCNetwork]

What's your company name?

Naive Funding

[Funder Mark]

What's your company name?

New Kidz On The Block Merchant Kapital

[TheShitzuofMCA]

Had a good laugh thanks...

[jfeinberg]

Im waiting to hear BackDoor14Funding.com?

[MCNetwork]

In all seriousness, no one should even THINK of becoming a direct funder without having their legal and collections procedures in place. That's just a recipe for disaster. smh

[NewFunder80]

Hello all,

I wanted this to be more of a thread where people could post their results and share their experience. If you choose to post your company name that's fine but if not that's fine also.

In reference to "collection papers", I think there are several collection companies that would do this for you. Otherwise I imagine you would develop a collections process that included phone calls and emails followed up by letters. Lastly the lawsuit.

I was hoping other members would share their results and experiences.

[Chambo]

If you are NOT willing to post the company name along with your alleged data, then the post is worthless and nothing more than a bunch of old crabs nagging on the boardwalk at the pigeons

[Cfairbank]

Here's some constructive advice: just white label your product with Strategic or Pearl or someone like that. you guys are going to get crushed if you don't know what you are doing -- and everyone else is right -- you absolutely should have had all this set up before you started funding. As they say, anyone can lend/advance money, but collecting is the hard part.

And another word of advice: disclose your company name if you are going to request help on this forum. DF can be a great resource for both knowledge and even access to deals, but hiding behind a screen name won't get very far

[NoBigDeal]

Here's some constructive advice: just white label your product with Strategic or Pearl or someone like that. you guys are going to get crushed if you don't know what you are doing -- and everyone else is right -- you absolutely should have had all this set up before you started funding. As they say, anyone can lend/advance money, but collecting is the hard part.

And another word of advice: disclose your company name if you are going to request help on this forum. DF can be a great resource for both knowledge and even access to deals, but hiding behind a screen name won't get very far

I agree with everything Carl pointed out. If you are looking for a white label program, PM me. Pearl has got some seriously smart underwriting and ridiculously great collections

[Karen37a]

14 Merchants funded is not a great thing. My first month in the business working for someone who only funded A paper and backdoored people I closed/funded 7 personally.

so just out of curiosity. You advanced 14 in what period of time?..repeating ...14????

And to date "knock on wood" I have never had a merchant default. I had a Franchise business looking for a renewal and I found out he was going to lose his Franchise licence and I called the lender to halt the transaction.( He was calling me during the day drunk as a skunk asking me why I couldn't fund him faster , it was a clue. ).

You had 2 out of 14 default????????????????????????????? I am not even going to comment on these posts anymore , its like im watching some sick Kardashians go into the MCA industry reality show.

Did you ever think about your own margins let alone the merchants you are funding? How many deals do you have to fund to make up for the lost income on those deals?

I would think if you have more than a 7 % default rate you are not making money..10%? you are bankrupt. ( and I am guessing because my over 200 funded deals I did not participate in any of them yet). Do you realize some of the people on these posts get 1000's of submissions in.. I am embarrassed to say 200

I do not even believe that you are funding your own deals. You are making this story up and I am wasting time responding.

Psst if you are funding your own deals I have a great lead source for you, I know someone who knows someone, who knows someone and they will give you a discount.

[Karen37a]

I am laughing( and shaking my head) at the "develop a collection process then lastly a lawsuit" procedure that isn't in place yet, and never will be .

[MonthlyFunder]

can you guys hate any more? let him go bankrupt if he doesn't know what he's doing... if he does then maybe they will grow and make money...

fact is dude is prob full of ****, and you guys are getting bent out of shape...

[Karen37a]

lol Now you made me feel bad for him and guilty for throwing stones

[soscap]

Hello all,

I wanted this to be more of a thread where people could post their results and share their experience. If you choose to post your company name that's fine but if not that's fine also.

In reference to "collection papers", I think there are several collection companies that would do this for you. Otherwise I imagine you would develop a collections process that included phone calls and emails followed up by letters. Lastly the lawsuit.

I was hoping other members would share their results and experiences.

Wow this forum is rough! I'd be happy to give you some pointers. Give me a call 212 235 5455