[WestCoastFunding]

I got cursed out and lost my first few approvals that had COJ`s lol

Haha. To me, presenting a COJ to a merchant was a lot like a police officer notifying a a victim’s family of a death. The first ones were so uncomfortable, but after that it became so routine.

With that having been said, I think in the past 3 years I’ve only had 2 people turndown offers because of a COJ. One of them asked me some really good questions, one of which is: “what are the triggering events, in detail”?

[fundingsmbs]

Haha. To me, presenting a COJ to a merchant was a lot like a police officer notifying a a victim’s family of a death. The first ones were so uncomfortable, but after that it became so routine.

With that having been said, I think in the past 3 years I’ve only had 2 people turndown offers because of a COJ. One of them asked me some really good questions, one of which is: “what are the triggering events, in detail”?

as a broker, you really can't answer that question because you have no idea what YSC or any other coj funder really will do in their collections. you can try and explain as best as possible, but, now knowing merchants banks have been drained, will you continue to push cojs?

[WestCoastFunding]

as a broker, you really can't answer that question because you have no idea what YSC or any other coj funder really will do in their collections. you can try and explain as best as possible, but, now knowing merchants banks have been drained, will you continue to push cojs?

That’s a tough one. I always felt the competitive advantage I had was speed getting offers from funders that offer exclusivity and no COJs. Felt that if my offer didn’t have a COJ, but the other brokers did, I would most likely win the deal. So I try to stay as far away from COJs as possible. Really, I try to stay away from MCAs as a whole. But when you have files that are obvious MCA fits its hard not to place them - even with COJ funders.

Knowing what I know now, will I still place merchants with YSC and others? Yep. But I’m going to explain what’s at stake with much more clarity. I’m also going to explain that a triggering event isn’t clear, so the best way to avoid issues is to stay in communication with the funder. At that point they have to make a decision on what’s best for them.

[Fundingfordollars]

That’s a tough one. I always felt the competitive advantage I had was speed getting offers from funders that offer exclusivity and no COJs. Felt that if my offer didn’t have a COJ, but the other brokers did, I would most likely win the deal. So I try to stay as far away from COJs as possible. Really, I try to stay away from MCAs as a whole. But when you have files that are obvious MCA fits its hard not to place them - even with COJ funders.

Knowing what I know now, will I still place merchants with YSC and others? Yep. But I’m going to explain what’s at stake with much more clarity. I’m also going to explain that a triggering event isn’t clear, so the best way to avoid issues is to stay in communication with the funder. At that point they have to make a decision on what’s best for them.

What are deals are you prospecting if you dont mind me asking since you are shying away from MCA`s ?

[WestCoastFunding]

What are deals are you prospecting if you dont mind me asking since you are shying away from MCA`s ?

I like the path of least resistance. Commercial real estate seems underserved.

[Fundingfordollars]

I like the path of least resistance. Commercial real estate seems underserved.

Good Luck to you with it. I love the fast sales cycle of the MCA product. My biggest issue is marketing. Its such a gamble in this industry. Very hard to find a great source.

[WestCoastFunding]

Good Luck to you with it. I love the fast sales cycle of the MCA product. My biggest issue is marketing. Its such a gamble in this industry. Very hard to find a great source.

I hear you. Don’t get me wrong, my focus has never been solely in the MCA space. I always focus elsewhere, but the MCA tool is a very valuable one to have. Businesses get caught with their pants down every now and then and need a quick $100k. Take away MCAs and some of these guys would be missing payroll.

[Fundingfordollars]

as a broker, you really can't answer that question because you have no idea what YSC or any other coj funder really will do in their collections. you can try and explain as best as possible, but, now knowing merchants banks have been drained, will you continue to push cojs?

My answer was and will continue to be is " if you plan on paying them back with no issues the COJ shouldnt make a difference".