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04-03-2014, 04:22 PM #1
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Let's simplify. Let's take offers off the table. Let's assume that papers go to underwriters who come back with offers. Why are you still being subject to having to solicit pieces of paper when those papers can be solicited electronically? We all know getting the docs back is half the battle, if you can get the docs in 60 seconds why not do that? Why are merchants being subject to multiple credit checks in order to evaluate funding options at multiple funders?
We're technically a broker, and because we downsell our rate and won't require folks to be subject to having to fetch papers, we'll get more apps in faster, and turn them over faster. Shouldn't that be the name of the game?
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04-03-2014, 04:37 PM #2
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Jay, a large percentage of merchants do their banking through small regional banks and local credit unions with 1980's technology. Not everyone works with Chase and Wells Fargo. You're quite a few years away from the type of electronic paperless submissions that you envision and the ones you can get currently will be a small minority for a while.
Last edited by MCNetwork; 04-03-2014 at 04:49 PM.
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04-03-2014, 04:49 PM #3
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^^^JACK FREAKING POT ^^^
MCN,
You are way off the mark. As of THIS MOMENT - RIGHT NOW, there are ISO's who are in beta on a private platform who are killing it.
They sit down with merchant on phone. Send merchant a secured link via e-mail, merchant completes app, banking, credit, etc. while being "counseled" through the offers that eventually will appear on the screen. What does this mean? What does that mean, etc. At the end of the process the entire stack is delivered to funder with a SIGNED CONTRACT. Funder may adjust offers, but that's handled electronically too. The funder is left to do the things on Joesph's list that only a human can do.
This is a COMPETITOR OF MINE. They're in beta. This is happening right now, no fairytale. How exactly do you propose to compete with that? You can't - you will need them to survive. So you will be using the product before the year is out because you will have no choice. You want in now - whip me a note and I'll try to plug you in.
By the way Yodlee covers 95% of banks. Small. Regional. Super regional.Last edited by JayBallentine; 04-03-2014 at 04:55 PM.
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04-03-2014, 05:01 PM #4
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04-03-2014, 05:02 PM #5
and what happens when your merchant tells u to suck wind because he wants the deal he already signed for?
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04-04-2014, 11:55 AM #6
"Why are merchants being subject to multiple credit checks in order to evaluate funding options at multiple funders?"
Because each funder submitted to wants to run their own credit. Then you have some ISO's running credit themselves "to decide where to send"
Funders will not trust the sales reps on the credit content of a report. How many reps deliberately or inadvertently send in a submission with fraudulent statements?