Bfs

MerchantMoney · #1 (**permalink**) 11-20-2008, 07:02 PM

I am new to the business, and have questions about funding sources and how to deal with them.

In particular, does anyone have any information about Business Financial Services (BFS)? I want to sign up with them because they say they will fund Merchants who process a minimum of only $3,500 per month in credit card transactions, and everyone else I work with has a $5K minimum.

One concern I have is that after I submit my client's application, they take it from there and work directly with the merchant. I don't want to just be a referral source and lose control of the merchant. Is this normal, or am I just being paranoid?

Perfect Lending · #2 (**permalink**) 11-20-2008, 08:31 PM

Quote:

Originally Posted by merchantmoney

i am new to the business, and have questions about funding sources and how to deal with them.

In particular, does anyone have any information about business financial services (bfs)? I want to sign up with them because they say they will fund merchants who process a minimum of only $3,500 per month in credit card transactions, and everyone else i work with has a $5k minimum.

One concern i have is that after i submit my client's application, they take it from there and work directly with the merchant. I don't want to just be a referral source and lose control of the merchant. Is this normal, or am i just being paranoid?

good luck my friend!

1st Merchant Funding · #3 (**permalink**) 11-20-2008, 09:41 PM

Rapid will also look at $3500 deals although most companies aren't too interested in these types of deals unless you have a nice mix of larger deals as well. If a merchant cant get $3500 on a credit card it's usually a problem waiting to happen.

Regarding the BFS question about being paranoid, I am sure there are or were people on here that dealt with BFS before that will probably chime in.

Hope this helps.

rfgfinance · #4 (**permalink**) 11-23-2008, 11:45 AM

take control of your deal!!!!! plain and simple. i dont like these basic referral programs where you send in paper to a company and they call your merchants and tell you days later what happened. where is the selling in that??? i dont know of any seasoned veteran in our industry who does it this way. Work witha funder who will let you price your own deals and close it from A-Z. Requires more learning on your side, but, there are oodles of ISO's you can sign with that have multiple relationships w/funders or you can call around.

Perfect Lending · #5 (**permalink**) 11-23-2008, 04:53 PM

DEAL directly with reliable FUNDING SOURCES not only the BROKERS.

They will exhaust all your energy without you getting paid.

There are some reputable sources in this forum that you can contact.

GOOD LUCK with your search.

LauraFranklin · #6 (**permalink**) 11-24-2008, 02:21 PM

It's important to look at many different advance companies and sign up with the one(s) you are comfortable with.

I also suggest having more than one company - one that is your primary and then ones that do those smaller, riskier ones.

BlB · #7 (**permalink**) 12-20-2008, 12:51 AM

Advance Me will look at 2,500. It's not that you lose control, but it has to go through UW & file has to be worked. The merchant is called by the companies because information has to be verified. There are a lot of fraudulent reps out there that will say whatever to get that merchant money, even if it will potentially hurt that merchant's business. At the same time, all the merchant has to say if it ever went to court is, "My rep told me to say that." Or even, "The rep told the company that. I didn't." Reps are bread & butter to MCA companies. They are held in high regards, or at least at my company, but at the same time, there is a process. After the it has been submitted, the merchant is going to qualify for whatever he is going to qualify for, if it is correctly UW

ISEllCASH · #8 (**permalink**) 12-26-2008, 11:08 AM

We will fund small advances too and also let you work directly with the merchant. We just a full deal submitted to us for your compensation.