[jotucker1983]

Because a merchant who is only approved for a 40K 9 month cash advance would NOT be approved for a 40K 2-3 month advance. His revenue is not high enough. Besides his daily payment will be astronomical which doesn't help him at all.

There are providers out there with 3 month premium products, with the low factor rates to accompany them if the merchant qualifies.

......the factor rate would still be higher than a discounted early payoff rate.

Depends on the provider and their early pay-off rules.

But notwithstanding Archie, did you read the link on the AMX program? They have a product that operates very similar in terms of on-going cash infushions for much less cost than any MCA provider is going to provide.

Sometimes you just have to walk away. But I know, you're a "sales guy" lol.

[MCNetwork]

And that's why I'm still in the business and you're not!

[jotucker1983]

And that's why I'm still in the business and you're not!

Who said I was out of the business?

[Karen37a]

MCN,

Stop giving away your underwriting skills to certain people who wont say thank you and say they invented it down the road : )

Superior Sales skills

Superior sales skills gets more clients in the door, they do not hold on to deals like the dead baby in the bath water .

Superior Sales skills get more Leads in. Breaks thru the gatekeeper more often, get more people to actually want to "listen " to them .

Superior Sales Skills do not talk into dial tones.

Superior Sales skills gets more applications in and full documentation.

Superior sales skills do not lose their sales at the close then cry about regulation ...they controled the loyalty of the merchant

Superior Sales Skills is not full Underwriting for the 1000th time , nor pricing, nor processing.

Superior Sales skills is not selling someone who wants a Black pen a Red Pen because you are a con artist and a fast talker.

(If they want a black pen to wet sign contracts you can talk to you are blue in the face . It isnt going to happen.)

Superior sales skills recognize a False Objection ( or a blow off ) From a real one.

Superior sales skills welcome real objections( they do not fear them ) because they know the person is engaged in the conversation ,asking questions and one step away from the close

Superior sales skills can have a merchant earn trust and confidence ( in 60 seconds ) to give you a shot to fill a need.

Superior sales skills find out the need by asking qualifying questions that lead to the close

Superior sales skills do not just throw **** against the wall and see if it sticks and waste everyones time.

Superior sales skills do not have to drop their commission to the lowest levels, because they believe they are doing a service for their clients that most will never make an attempt , or know how to do.

Superior sales skills people do not make excuses. They do not make excuses, especially in public because they recognize their abilities and non abilities and make attempt to change them, not blame others. No Excuse Mentality.

Superior Sales Skills and Leadership do not waste time at the kiddy table, they lead from the front by example and they hang out with successful people. You are who you hang out with.Water seeks its own level.

Superior sales skills have people who want to learn from them, because its duplicatable if they apply themselves and check the ego at the door.

Superior Sales skills are the enemy of the non producers because they cant achieve them

Superior Sales skills are just that, Superior.

On that note....I will follow the advise of leaders with greater leadership abilities and not waste my time on useless diatribes.

Ta Ta

[jotucker1983]

MCN,

Stop giving away your underwriting skills to certain people who wont say thank you and say they invented it down the road : )

Superior Sales skills

Superior sales skills gets more clients in the door, they do not hold on to deals like the dead baby in the bath water .

Superior Sales skills get more Leads in. Breaks thru the gatekeeper more often, get more people to actually want to "listen " to them .

Superior Sales Skills do not talk into dial tones.

Superior Sales skills gets more applications in and full documentation.

Superior sales skills do not lose their sales at the close then cry about regulation ...they controled the loyalty of the merchant

Superior Sales Skills is not full Underwriting for the 1000th time , nor pricing, nor processing.

Superior Sales skills is not selling someone who wants a Black pen a Red Pen because you are a con artist and a fast talker.

(If they want a black pen to wet sign contracts you can talk to you are blue in the face . It isnt going to happen.)

Superior sales skills recognize a False Objection ( or a blow off ) From a real one.

Superior sales skills welcome real objections( they do not fear them ) because they know the person is engaged in the conversation ,asking questions and one step away from the close

Superior sales skills can have a merchant earn trust and confidence ( in 60 seconds ) to give you a shot to fill a need.

Superior sales skills find out the need by asking qualifying questions that lead to the close

Superior sales skills do not just throw **** against the wall and see if it sticks and waste everyones time.

Superior sales skills do not have to drop their commission to the lowest levels, because they believe they are doing a service for their clients that most will never make an attempt to do

Superior sales skills people do not make excuses. They do not make excuses, especially in public because they recognize their abilities and non abilities and make attempts and changing them, not blaming others. No Excuse Mentality.

Superior Sales Skills and Leadership do not waste time at the kiddy table, they lead from the front by example and they hang out with successful people. You are who you hang out with.Water seeks its own level.

Superior sales skills have people who want to learn from them, because its duplicatable if they apply themselves and check the ego at the door.

Superior Sales skills are the enemy of the non producers because they cant achieve them

Superior Sales skills are just that, Superior.

On that note....I will follow the advise of leaders with greater leadership abilities and not waste my time on useless diatribes.

Ta Ta

Oh my goodness lol.

[Karen37a]

Post it on the wall chant it in the morning lol

Play this like I blast thru my office end of month

https://www.youtube.com/watch?v=uSD4vsh1zDA

Friday ...time to leave office yeahhh

[jotucker1983]

Post it on the wall chant it in the morning lol

But what did any of that have to do with the AMX Program v.s. MCA debate we were having ?

[Karen37a]

You saying "superior sales skills" all over the place . Just posting the difference.

If the client qualifies for this type of program, there's no way they are going to take an MCA product over this one.

I'm just waiting for all of the people who argued me down about having "superior sales abilities", to chime in on how they would "close" a merchant to take an MCA over the AMX product lol.

But I know you and Karen are the world's greatest sales folks

[MCNetwork]

I think John and Karen37 should kiss and make up

And John didn't you write a few months ago that you were leaving the ISO business to pursue other opportunities? Or did I misread that?

[Karen37a]

I agree MCN

To all the stalkers that love me..I am in love with John Tucker, he is the only man for me and I will make him love me.. leave me alone !


( kidding ...JOhn Tucker and I actually do not fight in pms. I just see the extreme difference between sales skills/underwriting/ processing/back office I seriously need to leave this office, and also take a vacation bye lol )

[Anthony@torro]

That's a damn good pitch MCNetwork. Not many people would have been able to pull that off, that takes a special kind of salesman. Bravo.

[Karen37a]

Since I assume that I'm one of the people you would lump in the "superior sales ability" crowd (sarcasm voice followed by your trademark "lol"), I'll take a stab at showing how I could persuade a merchant to take an MCA over the AMEX product.

First of all, it depends on the type of client and what the funds will be used for.

Example:

Client is a contractor specializing in asbestos removal/mold remediation. He just landed a $250,000 contract to remove asbestos at a large office building. He quickly needs $40,000 in order to purchase supplies and hire some workers to begin the job in 2 weeks. Contractor bills his clients on net 30 terms. He really just needs the funds for 30-45 days until the client pays for the first set of invoices.

He has the following offers:

1) $40,000 AMEX loan at 6% over 12 months.
2) $40,000 cash advance over 9 months at 1.25 factor

Here is what I would tell the merchant:

"Okay so you have two offers and obviously the AMEX loan has a much lower interest rate. Normally I would advise you to take that loan but in your particular circumstance, I believe that the cash advance is the best option for you. Your main issue is that you have a short term receivables gap that needs to be filled until your client pays you. You only need the funds for 30 to 60 days at the most. If you take the AMEX loan, you will be saddled with a 12 month loan and will be unable to renew with them for quite a while.

Now this is what I can do for you. Since you only need funds for about two months to bridge your receivables gap, I will include an early pre-payment discount option with the cash advance so that if you can pay it off in 60 days, you'll only be paying 8%. You've told me that you have a 30% profit margin, so this is really a small price to pay as an operational expense to grow your business. I'm basically factoring your receivables and you get to keep your invoices.

The beauty of this is that you'll be able to take another $40,000 in 60 days to cover any new projects you may undertake. You'll be able to rinse and repeat the process. Over a 12 month period, you can take up to $240,000 in working capital to finance your jobs ($40,000 every 2 months) whereas with AMEX, you'll be capped at $40,000 over 12 months. With me, you'll essentially have a revolving line of credit for a much greater amount. You'll be able to leverage my money to grow at a much faster pace than if you took the AMEX loan. And not only that, as we continue to build a relationship together, the terms will only improve over time. We're looking to build a solid foundation together so we'll be able to fuel your expansion goals quickly and efficiently. So that is why the MCA through my company is much better for your business needs and future goals than the AMEX loan."

A good salesman knows that having the lowest rate over 12 months isn't the only consideration. Use of funds is the number one factor in deciding the best program for a merchant. And yes, there are funders out there that give early pre-payment discounts.

(MCN got it 100% right Because we are not just selling one advance or loan, we are selling the renewals . Overall costs and ease of renewals or additional funds)


So Mr smith edit

EDIT

Exaccctly my point, so send in your documents Edit



(Ill take that bet on closing ratios and sales skills and see if it matters, we can pick teams..I got Mcn, )

[MCNetwork]

Damn she's good lol...

And thanks for the kind words Anthony! But it's much easier to write a good pitch than to deliver it in real time under pressure. That's why I like to keep a cheat sheet next to me to make sure I cover everything!

[jotucker1983]

And John didn't you write a few months ago that you were leaving the ISO business to pursue other opportunities? Or did I misread that?

Yes, you misread it. I said I was scaling down to free up time to pursue another opportunity, I said it I think 20 times lol. Can we get pass this now? Regardless, it's funny how you keep bringing this up because, it's not at all relevant to the discussion.

- At this point, we can agree to disagree on sales approaches.

- All I ask is that some of you guys would just "attempt" to understand the alternative point of view and sales approach I was describing.

- Archie I've been in this business over 10 years and I've only utilized the approaches I've outlined. Never any Tom Hopkins "sales mumbo jumbo" high pressure tactics, lies, fabrications, "close them" crap, etc.

- I understand that there's more than one way to make a living, but I just strongly believe the Tom Hopkins/"close them" approach is continuing to destroy the image of sales people and is one of the main reasons for why majority of salespeople don't make it.

- And all I have been trying to do is get others in the industry to understand the problems with this approach.

[MCNetwork]

Tom Hopkins is a selling superstar who is world renowned as a sales coach and is venerated by top salespeople in practically every industry. He doesn't teach anything that involves lying or misleading customers. The fact that you belittle him and his approach shows that you just don't understand what sales is really about. I could see how someone like Grant Cardone would rub people the wrong way, but Tom Hopkins is one of the good guys.

Good luck with your other opportunity. Hopefully it doesn't involve sales.

[jotucker1983]

Tom Hopkins is a selling superstar who is world renowned as a sales coach and is venerated by top salespeople in practically every industry. He doesn't teach anything that involves lying or misleading customers. The fact that you belittle him and his approach shows that you just don't understand what sales is really about. I could see how someone like Grant Cardone would rub people the wrong way, but Tom Hopkins is one of the good guys.

Good luck with your other opportunity. Hopefully it doesn't involve sales.

I said we can agree to disagree, yet you still continue?

Also I love your passive-aggressive "personal attacks". Usually people who have to continuously resort to that type of commentary have already lost the debate (in my opinion). And you have done it multiple times throughout our discussion.

I'm not stooping down to that level, good luck in your ventures Archie.

[Jstarr]

..

[golf2014]

Oy vey....enough

[WestCoastFunding]

True. But since AMEX doesn't pay me that's not the option I would pitch...

So what you're saying is your sales pitch relies on the ignorance and lack of common sense of others when selling inferior products (Dont you offer credit repair services, too?).

Because under no scenario is your sales pitch better than them taking the Amex loan.

[MCNetwork]

The cash advance isn't always inferior to the AMEX loan. Again it depends on the situation. I have customers who have picked the MCA over AMEX for several reasons (i.e., not enough money, flexibility of MCA renewals, etc.). Neither case involved keeping a merchant ignorant of his options.

And no I don't offer credit repair services. I was making an example of how to monetize leads. I would offer it if I had the bandwidth. Right now I refer leads to a separate credit repair/debt consolidation firm. Most people don't have the knowledge or desire to fix their credit on their own. That's why it's a relevant service. If your criteria for something being a scam is because a person can easily do it on his own (with a little research and effort) then you might as well condemn home cleaning services, Legal Zoom, FreshDirect and lawn maintenance companies. People are willing to pay for a service because of the time saved and convenience of not doing it themselves.

There are credit repair services that work hand in hand with mortgage companies that do a far better job at boosting credit scores and getting borderline applicants to qualify for good rates than an individuall trying to do it himselft with Google and YouTube. Although there are scam repair companies out there (like in every industry), there are reputable companies as well. Credit repair is a viable service that can add value to consumers.

[Karen37a]

MCNetworkThe cash advance isn't always inferior to the AMEX loan. Again it depends on the situation. I have customers who have picked the MCA over AMEX for several reasons (i.e., not enough money, flexibility of MCA renewals, etc.). Neither case involved keeping a merchant ignorant of his options.

So have I. People have to be good at sales to really understand the true need( because you have to extract it from them) ...and it isnt just simple math. Great Sales people care about their clients, they fill a need. And sometimes it isnt what it looks like on the surface. They do the right thing, know things in advance..

Just slapping an Amex( or any) loan/advance on someone without knowing the persons goals and financial condition is absolutely irresponsible .Relying too heavily on logic and numbers takes the human element out of the equation. I can post multiple reasons why the client can take a MCA over Amex and other products and why it would be in their best interest ( mid term or long term goals and needs.). And if it isnt, tell them to take the Amex one.

You guys ask a question and then say " it cant be done" , then jab at people in essence saying "superior sales ability cant get you out of this one"...then when its proven that you are wrong..people are like "enough already"..then they get their last parting comment in disparaging someone or something ( like Tom Hopkins )..someone responds...then the few say "enough already", then you say...we are having a healthy debate...then when you are out debated you say ...enough already.

Just like Debate teams in school, some are better than others.Some orators are better than others, you are not going to deliver a speech as well as Demosthenes , Abraham Lincoln, Winston Churchill , Gandhi. And you need to get over the fact that some people are BETTER at speaking on the phone, or in public or in debates. Thats just the way it is.Why not just work on it instead of picking on the people who are better ( because you cant admit to yourself that they are better thats why)

Change your skinkin thinkin.

Finding a true need and helping a client fill it isnt pushy sales, in fact its just the opposite.

Veh Iz Mir!

( Anthony, the sat morning commentary lol)

[WestCoastFunding]

The cash advance isn't always inferior to the AMEX loan. Again it depends on the situation. I have customers who have picked the MCA over AMEX for several reasons (i.e., not enough money, flexibility of MCA renewals, etc.). Neither case involved keeping a merchant ignorant of his options.

Yet you hand-crafted your own scenario above with your pitch, and the holes were apparent immediately. It would take the merchant about 3 seconds to say "why can't I use the AmEx loan in the same way as the cash advance for cheaper?".

I mean: the logic-fail was apparent. So was the math. And that even after you took liberties with the facts (Amex does offer immediate funds, and there isn't a prepayment penalty - in fact there are prepayment savings).

You said in your pitch that you believe it was the best option for the merchant. I would love to see you quantify that.

[MCNetwork]

The pitch has worked well for me in the past and I have the happy customers to prove it. I've gone head to head against AMEX and beat them half the time. I'll take those results. I don't have to convince you of anything.

[Karen37a]

Flawed logic. Because even if it was true in the end we are not saints nor is any other business model out there.

If you worked for Kmart and you knew walmart was giving a savings or coupon you can not stand there and direct traffic from your employer to the competition. Workers do nto say " hey by he way, do not by that product here, a guy down the road has a product thats similiar."If you are an inhouse salesperson for a Direct lender. You cant tell people on the phone..by the way, I think you should go to Kabb or Amx

Some of us actually like our Merchants and became semi friends with them but we are not to be held to a higher moral standard than anyone else in the country in any industry because we are independent. In my mind I am acting in a Fiduciary capacity for the benefit of my client but none such truly exists.

I Believe for 100% fact that once I get a client in house I am doing them a favor by directing or coaching their future financial decisions, in regards to advances with my inside financial knowledge and compassion for people. I am a tough Coach and I do not let my clients stack themselves and put themselves out of business. And if they had to pay more to "hire" me ( its commission only). Tough . I am worth it. I am saving them from potentially going to you or doing what 90% of other merchants do, borrow their way out of business.

If you did a study and found the people that you let get out of your control, 2 to 5 years down the road. They took additional advances, stacked themselves and are out of business. Nice move, math wiz. ( unless I caught them, pulled them in and helped them stay in their margins and borrow responsibly , thats what Brokers Sales people are for.) I have to remind myself that If you didnt mess up constantly Id be out of business.


If some of you do not see the value in people doing business with you than so be it. Thats why you drop your rates so low.Thats one of my edges,


And THATS the real reason why I can out close you, not this bulshi* he got a 1.22, now a 1.27. I can UPSELL, because I am selling ME

I am exiting on that note. Topic beaten to death.

[WestCoastFunding]

Cool. You claimed to have merchants out of doing what's in their best interest to, instead, do what was in your best interest. Congratulations, I suppose. Good job.