Instant Coffee
Need a Funder or Vendor? START HERE

Results 1 to 25 of 31

Hybrid View

  1. #1
    Banned Reputation points: 306
    Join Date
    Jan 2013
    Location
    New York City
    Posts
    409

    Quote Originally Posted by MCNetwork View Post
    I believe this industry is more factor driven than speed driven. Most of the merchants I deal with would gladly wait a week or two to get funded with a low rate than to be funded a 1.45 factor in 60 seconds.
    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?

  2. #2
    Senior Member Reputation points: 99426
    Join Date
    Sep 2012
    Location
    New York, NY
    Posts
    1,780

    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.

  3. #3
    Banned Reputation points: 306
    Join Date
    Jan 2013
    Location
    New York City
    Posts
    409

    Quote Originally Posted by Joseph Esparza View Post
    And lets look even closer:
    1 - Business Lic? Computer can check
    2 - Driver's Lic /ID? Computer can check
    3 - Business Bank Statement: Computer can scrub, not to mention you can't get one without a human verifying the first 2 anyway.
    4 - Credit Check: Computer
    5 - Factor: Computer (can always be adjusted)
    6 - Amount offered: Computer (adjustable)
    7 - Landlord: human

    ^^^JACK FREAKING POT ^^^


    Quote Originally Posted by MCNetwork View Post
    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 10-15 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.
    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.

  4. #4
    Senior Member Reputation points: 325 Ryan Shiroky's Avatar
    Join Date
    May 2013
    Location
    New York
    Posts
    247

    Quote Originally Posted by JayBallentine View Post
    ^^^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.
    and then, the landlord says "nah man, he is behind 2 months, thats what he wants the money for"... dead deal at that a-paper shop AND now you have wasted the merchants and lenders time...

  5. #5
    Senior Member Reputation points: 325 Ryan Shiroky's Avatar
    Join Date
    May 2013
    Location
    New York
    Posts
    247

    and what happens when your merchant tells u to suck wind because he wants the deal he already signed for?

  6. #6
    Veteran Reputation points: 135672 Chambo's Avatar
    Join Date
    Sep 2012
    Location
    New York City
    Posts
    3,189

    "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?



Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  


INDUSTRY ANNOUNCEMENTS

Blue Owl Capital acquires Atalaya
Kansas added to disclosure service tool
FIS launches SMB digital lending


DIRECTORY