Money Merchant Network - On Deck

**Zach** · 04-24-2014, 04:18 PM

Gents,

Just had one of my deals stolen from an On Deck submission. I ONLY submit this deal to On Deck, and someone named "Mike O" from Money Merchant Network (MikeO@MoneyNetworkInc.com) called my client and said "I am aware you are in the process of negotiating a contract with a funding partner of ours; please forward the contracts they send out to you and we will beat it, hands down."

She said she has never been called by a company who does what we do, and has not submit any deals to anyone else. I have done 2 loans for her previously, and we have a great relationship.

Not sure how this information got to Mike. Any ideas guys?

**Scott Williams** · 04-24-2014, 05:37 PM

Either someone at Ondeck tipped off a friend/ISO or an ISO finally found out how to pull data from a trigger list (gets data when a lender pulls credit).

**Sean Cash** · 04-24-2014, 05:44 PM

Originally Posted by Zach

Gents,

Just had one of my deals stolen from an On Deck submission. I ONLY submit this deal to On Deck, and someone named "Mike O" from Money Merchant Network (MikeO@MoneyNetworkInc.com) called my client and said "I am aware you are in the process of negotiating a contract with a funding partner of ours; please forward the contracts they send out to you and we will beat it, hands down."

She said she has never been called by a company who does what we do, and has not submit any deals to anyone else. I have done 2 loans for her previously, and we have a great relationship.

Not sure how this information got to Mike. Any ideas guys?

did these 2 previous loans have a UCC filing? Could be a plain old UCC poach.

**Scott Williams** · 04-24-2014, 05:47 PM

[QUOTE=Zach;6130
"I am aware you are in the process of negotiating a contract with a funding partner of ours; please forward the contracts they send out to you and we will beat it, hands down."
QUOTE]

That's the weird quote that would show its not a standard UCC poach.

**Sean Cash** · 04-24-2014, 05:56 PM

eh if it's a numbers game and you're calling UCCs that got funded 4-5 months ago, it might work to try that line on everybody. Some will be in the process of renewing or considering other options. The UCC game has been saturated for a long time so some people will try weird things.

**Scott Williams** · 04-24-2014, 06:08 PM

Originally Posted by sean bash

eh if it's a numbers game and you're calling UCCs that got funded 4-5 months ago, it might work to try that line on everybody. Some will be in the process of renewing or considering other options. The UCC game has been saturated for a long time so some people will try weird things.

I guess you are right. It wouldn't surprise me. If ISOs call merchants pretending to be the current funder on the UCC and tick them into signing new contracts.....then this wouldn't be that different.

**Sean Cash** · 04-24-2014, 06:17 PM

Originally Posted by Scott Williams

I guess you are right. It wouldn't surprise me. If ISOs call merchants pretending to be the current funder on the UCC and tick them into signing new contracts.....then this wouldn't be that different.

during the financial crisis, UCC hunters were calling and saying:

"your current company [went out of business] [is shutting down][is not funding anymore][wishes they never got involved in this stupid industry] and we're in charge of your account going forward."

With so many ISOs and funders closing their doors or turning off funding, it was really easy for merchants to fall for. It was a feeding frenzy.

**Al1** · 04-24-2014, 07:43 PM

Originally Posted by sean bash

eh if it's a numbers game and you're calling UCCs that got funded 4-5 months ago, it might work to try that line on everybody. Some will be in the process of renewing or considering other options. The UCC game has been saturated for a long time so some people will try weird things.

I'm curious to know if UCC poaching is just as prevalent in other areas of financing, ie factoring, equipment financing, traditional lending, as it is in alternative lending. Is it unique to the industry or something that is done around any sort of secured financing?

**Zach** · 04-25-2014, 01:07 PM

After speaking with my rep at On Deck and my merchant, I believe it was a trigger lead.

Anyone know a good place to purchase On Deck's/CAN's trigger leads? Sounds like a good lead source.

**Scott Williams** · 04-25-2014, 01:14 PM

Originally Posted by Zach

After speaking with my rep at On Deck and my merchant, I believe it was a trigger lead.

Anyone know a good place to purchase On Deck's/CAN's trigger leads? Sounds like a good lead source.

I looked into it many times but never found a credit agency that could provide it for our industry. It will be a gold mine if someone is able to do it. I know lot of ex mortgage brokers used it as their main lead source in that industry.

**Scott Williams** · 04-25-2014, 01:20 PM

I spoke to Bob at Meridian Leads years ago about this. He was also trying to figure trigger leads out for our industry. Maybe Bob can chime in and give his opinion on it if he is reading this post.......

**CO1** · 04-25-2014, 01:21 PM

Whats a trigger lead?

**Sean Cash** · 04-25-2014, 01:42 PM

that would be an epic lead source.

**AMERICApital1** · 04-25-2014, 06:30 PM

what's a trigger lead I second this

**Eddie.deangelis** · 04-27-2014, 11:22 AM

What's a trigger lead ? Is it a deal on deck just funded ??

**Sean Cash** · 04-27-2014, 11:32 AM

Originally Posted by Eddie.deangelis

What's a trigger lead ? Is it a deal on deck just funded ??

Brief answer: http://www.merchantprocessingresourc...trigger-leads/

**Eddie.deangelis** · 04-27-2014, 10:10 PM

Wow Sean that's insane ! Thanks for the info. I sure hope we are not at that point in the industry.

**Ryan Shiroky** · 04-28-2014, 09:56 AM

god forbid anyone figures this out lol "chaos" indeed... people would be going to war...

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