[WestCoastFunding]

What's wrong with walking and chewing gum at the same time ?

And 150 phone calls.

[anonymous]

Not sure what the main point is here John. We work in a multi-billion dollar industry selling high cost alternative funding products. CAN Capital has funded over 6 billion, Bizfi over 2 billion, Yellowstone over 1 billion so there is obviously a huge demand for our "high cost" product. The only thing a rep needs to concern himself with is "how do I capture a small piece of this pie so I can make a good living?"

The way to do it is to smile and dial, and reach out to as many potential customers as you possibly can to build your pipeline. 80% of every business looks for outside capital at some point in it's lifetime. The majority of them do not qualify for bank loans or SBA loans. This is your potential market. The sales people who lament about not getting any good leads, or how terrible our product is, are the ones that quickly wash out of this industry. The ones who are willing to roll up their sleeves, build their sales pipelines and hustle every day are the ones who crush it and succeed. Many of those are here on this forum making great livings. The only reason why there is such a huge turnover among MCA salespeople is because a very small minority is actually willing to put in the work. They fill their minds with self limiting beliefs about why our "product is just too damn expensive", or "all the big funders are getting all the great clients while I'm fighting for scraps so why even bother" attitude. The battle is lost before they've even begun to fight, or they fight for a month or two and quickly give up. As in any selling industry, the winners always find their way to the top and the has-beens will continue throwing shade on the MCA sales profession. Good luck with your next gig.

VERY well said

[anonymous]

the minute you talk with the merchant you are "grabbing them by the Pu**y

wait, that's not what you're supposed to do?!

[WestCoastFunding]

wait, that's not what you're supposed to do?!

Grab by P**** is just another term for closing a deal.

[Vfunding]

I just can't believe the amount of phone and email solicitations we are getting recently from funders trying to get deals from us. Some are randoms but many are ones we are signed up with and don't send volume to. Without exaggeration it's 10X more than this time last year. And of course the number of paid or "sponsored" emails from funders through Debanked is way up too. I guess that's good for Debanked and I assume those emails work since they keep coming! But no joke we are getting hit by funders who used give zero craps about us when they were getting bombarded with deal flow during the golden age. Funders on here might talk a big game but you guys are THIRSTY, admit it or not.

[Vfunding]

I have received 2 email blasts asking for submissions since I wrote the post above.

[StackMonster]

Hi everyone, I have spent a lot of time looking at the site, and reading posts. I find this site extremely valuable, and finally decided to get an account up to post.

I am looking to start a small ISO shop, and understand the industry very well and what goes into MCA deals. I am starting small with just a couple of us, and am curious what kind of advice can be given on a start up. I am sure most are tired of hearing or seeing these kinds of posts, but I have been huge on ethics and integrity and look forward to applying that in this business.

What are the main qualifications funders look for in inking an ISO agreement?

Whatever you do, just don't send any deals to Richmond Capital, Empire Funding, New Era/Fox, or TVT Capital - they will backdoor your deals and steal your commissions. Also be careful which reps you work with at Yellowstone. Steer clear of the scumbags and trash in the industry and deal only with reputable shops, that's half the battle. It's hard enough to originate, sell and fund a deal - the last thing you need is for a lowlife to steal the crumbs right out of your mouth.

[RickyR3712]

Whatever you do, just don't send any deals to Richmond Capital, Empire Funding, New Era/Fox, or TVT Capital - they will backdoor your deals and steal your commissions. Also be careful which reps you work with at Yellowstone. Steer clear of the scumbags and trash in the industry and deal only with reputable shops, that's half the battle. It's hard enough to originate, sell and fund a deal - the last thing you need is for a lowlife to steal the crumbs right out of your mouth.

i might have added 1 or 2 to that list but he is dead on. You have been warned

[Fundyman]

Welcome to the MCA world!!! You wanna become an ISO? Here's one main qualification to become one: Be VULNERABLE.

That's my only word to the wise. If you have any questions, just PM me. I didn't have have time to read everything said on there, but you'll learn as you go along, that not every friend is truly anything more than a backstabber; in this industry, we call them backdoor funders.

Good luck!

[Oxforddan]

I second fundyman, be vulnerable quality over quantity with the people you associate with in the industry and when you find a few good people don't be afraid to ask for help

[FundingCzar]

Whatever you do, just don't send any deals to Richmond Capital, Empire Funding, New Era/Fox, or TVT Capital - they will backdoor your deals and steal your commissions. Also be careful which reps you work with at Yellowstone. Steer clear of the scumbags and trash in the industry and deal only with reputable shops, that's half the battle. It's hard enough to originate, sell and fund a deal - the last thing you need is for a lowlife to steal the crumbs right out of your mouth.

Just to be clear, "Fox Business Funding" is an very reputable funder, I've worked with them for about a year, never had ANY problems at all, really good people. Not sure if there is another Fox out there. As far the others on your list, agreed.

[Karen37a]

Not sure what the main point is here John. We work in a multi-billion dollar industry selling high cost alternative funding products. CAN Capital has funded over 6 billion, Bizfi over 2 billion, Yellowstone over 1 billion so there is obviously a huge demand for our "high cost" product. The only thing a rep needs to concern himself with is "how do I capture a small piece of this pie so I can make a good living?"

The way to do it is to smile and dial, and reach out to as many potential customers as you possibly can to build your pipeline. 80% of every business looks for outside capital at some point in it's lifetime. The majority of them do not qualify for bank loans or SBA loans. This is your potential market. The sales people who lament about not getting any good leads, or how terrible our product is, are the ones that quickly wash out of this industry. The ones who are willing to roll up their sleeves, build their sales pipelines and hustle every day are the ones who crush it and succeed. Many of those are here on this forum making great livings. The only reason why there is such a huge turnover among MCA salespeople is because a very small minority is actually willing to put in the work. They fill their minds with self limiting beliefs about why our "product is just too damn expensive", or "all the big funders are getting all the great clients while I'm fighting for scraps so why even bother" attitude. The battle is lost before they've even begun to fight, or they fight for a month or two and quickly give up. As in any selling industry, the winners always find their way to the top and the has-beens will continue throwing shade on the MCA sales profession. Good luck with your next gig.

Very Very well said

And John. Read the book how to master the art of sales . Tom hopkins, or the psychology of selling Brian Tracy. I first read Hopkins in 1980( highschool I am not that old) and at least 40 more since then, and 30-50 sales seminars... I use to get books on tape and instead of complaining driving thru NY traffic to work I would use that time to listen to the tapes. Now CDs. I know you didn't do that. Figure it out, Fix it or not.

Most brokers are not successful because they just push or kick their way in the door like a vacuum cleaner sales person( some do, they do not last)..we have a doctorate in sales psychology. And anyone who thinks selling is a dreaded and daunting task usually pitches the client wrong and gets hung up on cursed out all day long and thats why they hate it.

I read that book in Highschool because I wanted to be a stockbroker and sales person..or lawyer. I didnt just land in this position because I had no where else to go.

[Karen37a]

PS. John and anyone else about the ucc's or leads

place a bet with me.... within 20 calls to uccs ( disconnected does not count or sold business or vm). I will get someone to say Yes to a Cash advance or information on additional funds. ( without lying, stacking them to death, putting them in a bad position )Id probably do it in 10 but since we are betting ill say 20. Last time I made this bet I did it in 3 and they didn't pay me.

Its not the leads, its the sales approach you are taking towards the merchant...most of us know this.

10-20 solid leads someone is going to close...numbers game

[jotucker1983]

Very Very well said

And John. Read the book how to master the art of sales . Tom hopkins, or the psychology of selling Brian Tracy.

I'll pass on that lol.

Most brokers are not successful because they just push or kick their way in the door like a vacuum cleaner sales person

We will just agree to disagree. You guys want to run with the theory that most people fail because they either don't work hard enough or can't "sell" (whatever that means lol).

- In my opinion, most people come in here and do work hard.

- And in my opinion, the concept of "selling" is mainly business development, which is to identify merchants who are in positions to use alternative financing and you finding the right tailored product to fit their current situation. That's the "sale", not some insane book about how to walk, how to talk, how to breathe, "overcoming objections", the law of attraction, thinking "positive", or any of the other typical sales material jargon that absolutely provides no assistance with the Complex B2B sales process.

- In my opinion, most people fail because they lack some of the resources to succeed, those resources once again are:

* Some form of efficient marketing budget
* Strategic Networks to obtain exclusive leads and data
* Strategic Partnerships
* Exclusive Pricing
* Exclusive Products (reselling products that everybody else doesn't have access to)

That's what separates the guys making a career out of this, versus those who do not. Our industry hires anybody (literally anybody) with a pulse and throw them against the wall.

The ones that stick, are the ones with some of the resources I listed out....not with some sort of cartoon fantasy "Sales Midas Touch" that you read about in the Law of Attraction lol.

[jotucker1983]

PS. John and anyone else about the ucc's or leads

place a bet with me.... within 20 calls to uccs ( disconnected does not count or sold business or vm). I will get someone to say Yes to a Cash advance or information on additional funds.

Karen I'm not sure what this bet reveals? Is this bet supposed to reveal that you have the Law of Attraction/Sales Midas Touch working for you lol?

Calling a UCC list enough times to get someone to "authorize" the sending of additional information isn't even the completion of a quality lead.

- What's their annual sales?
- What's their outstanding balance(s) amounts?
- How do their Overdrafts look for the previous couple of months?
- What about their estimated personal and business credit?

Answering these questions to generate a quality lead is the goal, not to get someone to authorize sending more information. And the problem with UCCs is that while you still CAN generate some quality leads, it's no where like it used to be. Many of the people you speak to are stacked to high heaven hell with NSFs all over the place, which means you can't qualify them for anything.

[anonymous]

Gotta warm them up a bit first, no? You seem to be asking some aggressive questions for just another cold caller pitching capital (no offense). Everyone has their own strategy, I'm just not sure that's one I'd go with... In my experience, a lot of quality leads don't just answer UCC calls and start blurring out balances. It takes time, effort, lots of phone calls, and even emails to leads who may not have been fully vetted up front. It's also good when you've literally called so much that a decent number of the random connections already know you personally lol.

[MonthlyFunder]

597.jpg

this thread has officially just kicked him right out the industry...

[jotucker1983]

Gotta warm them up a bit first, no? You seem to be asking some aggressive questions for just another cold caller pitching capital (no offense).

No offense taken lol, I think this is a valuable discussion on sales/marketing related strategies. It's certainly much better than some of the pissing matches that have been going on around here lately.

But with those questions though, I usually don't have any kickback with them because they are generic business questions for the most part, it's not where the guy is giving up his SSN/DOB/Tax ID yet.

Now a merchant might not know his balance in particular or might give me an estimated percentage that he's paid down, but he would usually give me the sales average, balances average, a range that his FICO is in, any major liens, and if he's gotten a higher than usual amount of NSFs/Overdrafts lately.

From there, I can usually give him an "estimate" of what I can do at the time or if he should probably wait a little bit. If he's going to have to wait a bit, I establish a month to reconnect with him, let's say in 2 or 3 months while balances come down.

[MCNetwork]

Now a merchant might not know his balance in particular or might give me an estimated percentage that he's paid down, but he would usually give me the sales average, balances average, a range that his FICO is in, any major liens, and if he's gotten a higher than usual amount of NSFs/Overdrafts lately.

The merchant gives you all of this info on the first call? You must be using the Obi-Wan Kenobi voice on him. For me, their first response is usually, "I'm all set, thanks for the call" and that's when you have to do some foreplay before you get any further. Usually, I offer to send additional information about my programs and if there's the slightest indication of interest, I set up a follow up phone call to go into more detail about his particular situation. It usually takes a few phone calls before you can determine if this merchant will be a quality lead or not.

[anonymous]

The merchant gives you all of this info on the first call? You must be using the Obi-Wan Kenobi voice on him. For me, their first response is usually, "I'm all set, thanks for the call" and that's when you have to do some foreplay before you get any further. Usually, I offer to send additional information about my programs and if there's the slightest indication of interest, I set up a follow up phone call to go into more detail about his particular situation. It usually takes a few phone calls before you can determine if this merchant will be a quality lead or not.

agreed

[brokerCompany]

You wait a month or more to reconnect with merchant you already lost and another fund gives him money..
That is the reality today.. You need to fund them while you got them

No offense taken lol, I think this is a valuable discussion on sales/marketing related strategies. It's certainly much better than some of the pissing matches that have been going on around here lately.

But with those questions though, I usually don't have any kickback with them because they are generic business questions for the most part, it's not where the guy is giving up his SSN/DOB/Tax ID yet.

Now a merchant might not know his balance in particular or might give me an estimated percentage that he's paid down, but he would usually give me the sales average, balances average, a range that his FICO is in, any major liens, and if he's gotten a higher than usual amount of NSFs/Overdrafts lately.

From there, I can usually give him an "estimate" of what I can do at the time or if he should probably wait a little bit. If he's going to have to wait a bit, I establish a month to reconnect with him, let's say in 2 or 3 months while balances come down.

[anonymous]

Okay, that should do it for sales tips lol. Let's not create actual competition here haha.

[WestCoastFunding]

Tip of the day: quality leads don't mean anything if you don't fund them. You guys owe me for that advice.

[jotucker1983]

The merchant gives you all of this info on the first call? You must be using the Obi-Wan Kenobi voice on him. For me, their first response is usually, "I'm all set, thanks for the call" and that's when you have to do some foreplay before you get any further.

Yeah with my run through on UCCs, I would estimate that of about 20 calls I can do perhaps 4 presentations (or speak with about 4 owners). The results would usually be 1 guy who is solidly interested and I can get the qualification questions answered, then 1 guy might be "so-so" in which I establish a time to call him back, then 2 are flat out NO. I might even have 1 interested and 3 NOs just depending on the situation.

Then due to the fact that UCCs are just lower quality now in general, it would usually take about 10 leads to get to a solid application. I would have 1 solid application that I can get approved and funded, then the other 9 might fall along these lines:

- 4 have balances too high
- 2 have other issues such as NSFs or very bad credit
- 3 fall off and never move forward

Before everybody and their mother started calling UCCs, out of 10 leads I would get 4 solid applications that I can get approved and funded, then the other 6 would fall along these lines:

- 2 had balances too high, but just having them wait a couple of months was good enough
- 2 had other issues such as NSFs or very bad credit
- 2 fall off and never move forward

[jotucker1983]

You wait a month or more to reconnect with merchant you already lost and another fund gives him money..

But there's nothing else I can do. If the guy already has 4 positions out, with NSFs through the roof, and a low FICO, I can't qualify him for anything. The only thing I can do is ask him to pay the balances off and I contact him in a couple of months.

If other funders/lenders fund him in the meantime, they can't be a quality funder/lender in my opinion and most likely would back-door me if I was a Broker/ISO anyway lol.