[omegafund]

So we get calls from new MCA companies everyday.
They want to earn my business and such
I already work with people we like and trust.

Is there any great new MCA worth signing up for. I feel like passing on all of them since the problems the industry has.

[Michael I]

ask them the question of why you .what makes you different then who i work with . if all they can answer is customer service then no thank you . also it helps if you see them in bank statements

[J.Celifarco]

I get the same calls and tell everyone exactly what you just said, "that I have people who have already earned my business and would not be fair to take business away from them to send to you" I keep a file on my computer with all the banks that reach out to me and their ISO docs so I have them on file if I hear somebody becomes a must use bank for certain deals.. Generally though unless you have a type of deal that you cant get funded and need a bank to fill a gap for you, stick with the people you know and who has gotten you to where you are.

[FundingCzar]

Who do you work with now- I'll save you some time and tell you who else you need

[J.Celifarco]

i think the better question is are there any particular type of deal that you can't get done that you think you should be able to. If the answer is NO then he is all set

[Kevin Henry-Seacoast]

So we get calls from new MCA companies everyday.
They want to earn my business and such
I already work with people we like and trust.

Is there any great new MCA worth signing up for. I feel like passing on all of them since the problems the industry has.

Hi Omega,

I was an FINRA registered Investment Banker before becoming a lender. Over the years I developed a list of "go-to" capital sources in various places up and down the balance sheet. The only time I would seek new sources of capital is if I saw something interesting about them where they stood out from others....I usually did the out reach to them to learn more about the fund/bank.
I would also seek new sources of capital if a customer had a need and I did not have the appropriate tools in my shed. Considering most on this forum deal in the MCA/ACH world it might be a good idea to seek other types of capital sources in case you discovered a client with a need that was not a good fit for MCA/ACH.
My contact list from my investment banking days went up and down the balance sheet. I am not suggesting you go crazy gathering more tools/capital sources, but it might come in handy one day. After all....we are here to help client and if we can't....at least point them in the right direction and hopefully generate some revenue while helping them.

[Lmonus]

I think the better question everybody should be asking is " Can i trust you? "

At CFG Merchant Solutions the answer is yes. And no - im not promoting this time. I'm serious - the first thought that comes across my head when i get that phone call is "this guys sound shady"

So what makes someone trust worthy? Respect, Knowing the product and Consistency. We can all tell within the first 30 seconds of that convo if the person on the other line can actually get the job done vs telling you to send them your declines.

Seeing the company in bank statements is also a plus. It will also show you the type of deals they offer with an estimated term.

[iso@wallfunding]

I think the better question everybody should be asking is " Can i trust you? "

At CFG Merchant Solutions the answer is yes. And no - im not promoting this time. I'm serious - the first thought that comes across my head when i get that phone call is "this guys sound shady"

So what makes someone trust worthy? Respect, Knowing the product and Consistency. We can all tell within the first 30 seconds of that convo if the person on the other line can actually get the job done vs telling you to send them your declines.

Seeing the company in bank statements is also a plus. It will also show you the type of deals they offer with an estimated term.

Agree 100%. There are so many people saying to send us your declines. What is your advantage, what makes you worthwhile?

[Kevin Henry-Seacoast]

What's worse is having a direct lender call you up begging for your small declines just after you competed against them on a large deal that there is no way they could have funded. Needless to say....that was quite the awkward phone conversation.....

[mcaguru]

at times a new group opens and before they get smoked out of business they fund ridiculous deals (they forget 1 word "collecting") so if you want to try them first make sure you see them in bank statements as a real funding house.

[cardinalequity]

at times a new group opens and before they get smoked out of business they fund ridiculous deals (they forget 1 word "collecting") so if you want to try them first make sure you see them in bank statements as a real funding house.

It's not what you put out but what you collect back. It's always shocking to me how many funders have no real collection process. They're usually the first one to sell you on their awesome syndication program for ISO's. SMH UW can't underwrite intent....

[CreditGuy]

UW can't underwrite intent....

You can UW historical credit usage and recent credit seeking behavior though, both of which can be signals with regard to intent. I don't disagree at all about the importance of collections though.

[jotucker1983]

So we get calls from new MCA companies everyday.
They want to earn my business and such
I already work with people we like and trust.

Is there any great new MCA worth signing up for. I feel like passing on all of them since the problems the industry has.

I personally haven't seen any. All I see are a bunch of Me-Too lenders/funders doing exactly the same thing as (insert an established funder/lender's name here).

I never understood why a company would put together a team of underwriters, raise capital, and build a platform to fund deals....just to literally do nothing different than the established companies?

If you are looking to steal market share from the established guys, how do you do that if you are literally a copy-cat version with nothing different?

Also you have to add to this all of the fraud going on by many of these newer companies, who pose as funders/lenders but are really brokers getting ready to back-door the hell out of you. Even if the new company is a funder/lender themselves, a lot of times they are still committing fraud through back-dooring, stealing commissions, etc.

So what's my advice if you are a new funder/lender?

How about have a unique value proposition and bring some sort of value, new product, new pricing, or something to the market that we don't already have? Then two, try to establish as much credibility as you can (press releases, news media, etc.) so that I don't think you are going to steal commissions and steal deals because nobody has time for all of that.