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    7 Replies Latest reply on Sep 2, 2008 2:38 PM by Chris_Black

    What are my options

    phinsm Newbie
      FORUM MODERATOR PLEASE READ - Not yelling just trying to get your attention to this section of my post. This is my 3rd attempt at posting here so lets see if this one goes through. My computers clock was set incorrectly to 1 week from now which I think threw some kind of error because it has been hours since I posted. If that is the case and I'm not breaking any forum rules please delete my other two posts. Otherwise, this post will probably appear thrice. Once today and twice next week

      To everyone else...

      Hello, great forum...dont know if anyone can help but here's the situation. I've been in business 5 years, more stories about the ups and downs experienced than could fit in a thousand posts here. In particular, the bootstrapping of this venture has put me into an incremental growth patern. Those of you who have done it know what this is like. In order to implement any strategies you have to wait til you have the funds after the nut to do so. Although we've done a respectable job thus far, I could surely get there much sooner with some assistance. Currently I am barely getting by but I don't advertise and am not taking advantage of the internet as a means to sell. This is strictly a finance issue, I cant get a loan or loc because I have very little credit with a couple hits on it, as a result of putting the businee bills first, and no collateral. We rely on my direct sales to keep things going so suggesting alternative ways to market my product dosent really help cause I can barely find the time between my sales work and family to facilitate other company tasks. My freinds and family are 9 to 5ers and are just getting by themselves so that's a no go. My credit card sales are about 80% of what comes in and I've checked into merchant loans but the numbers don't work and the companies I've checked into want too much interest while taking a chunk out of revenue that is far more than a traditional loan. Besides that, I'd only qualify for abbout 10 - 12 k. I'm prepared to continue doing it the way I have been because I am determined and I can see progress albeit slow. However, if somehow I could get financed for 100 k, that would be more than enough to pay off current debt, deploy some creative maketing plans I have, create Internet presence and get some sleep. I have my original business plan from when I started the company but it is outdated and I don't have time to get it up to speed with where we are at. I don't want to give away ownership (which I've been presented with on a couple occations) and in a perfect world I would offer a more than fair return for a good faith loan, that's it. But why is that so difficult...I'm not a criminal, not dying (not any time soon I hope), not a moocher or a deadbeat, I've put lots of money into the local economy, created jobs, introduced a new product concept to the world, I'm a family man and have been in my community for 3 decades. So, there it is... but if I have to continue to paddle upstream on sh**'s creek, I will. Just wanted to post here to see if anyone feels me!
        • Re: What are my options
          MerchantClub Newbie
          Hello Phinsm, my name is Nicole and I work with a cash advance company called Merchant Club. I know you said you have looked into getting money before, but have you ever considered a cash advance? you dont need to have good credit, and there is no interest on the money, and we require no collateral. Since you say your business is about 80% credit card transactions, and we "buy" your future credit card transactions... there is a good chance we can help you. I would need to know a little bit more about your business. Depending how much volume you do per month would determine how much you would qualify for. If you are interested and think we may be able to help you please contact me or Mr. Brown at 1-866-374-9557, and we can talk about your options. There is more information on our website I wish you luck!
          • Re: What are my options
            Fortis Adventurer
            Hell phinsm,

            After reading your post I see the dilemma. Have you first considered speaking to one of those credit repair companies? We send people to those companies all the time when their credit is holding them back from an approval. A lot of times the service is successful. Downside is sometimes it can take a few weeks to a few months.
            • Re: What are my options
              phinsm Newbie

              Hi Nicole, the situation you described sounds a little similar to one I have explored and after going through the process they qualified me on a tier where the max they were offering was about 12 k. My monthly CC revenue on average was about 9 k at the time and I'm current doing roughly 8 k over the last 2 or 3 months. The decline in sales is not really because of any other reason than an interruption in my lead source which has been somewhat resolved. If you could verify all that I told you would you be able to do any better? I opted not to go with their offer because it really would only put a band aid on the problem. I have about 60 k in business debt which includes multiple vendors and an loc I got from my bank. I got the loc about a year ago based on my banking relationships and habits with my branch. But that was as far as they could go without pulling my credit and getting the higher ups or usual red tape steps involved. I'm current with the line and if i could pay it down, I believe it would open other doors there like a limit increase or an expansion type of loan without having the bank officials scrutinize my credit profile as much. Which brings me to your response fortis, I only have 3 things listed over all the 3 credit bureaus my car (charged off for a 1600 balance) a hospital bill for 400 and an old account with a balance of 1000 on it. I'm in the process of trying to get RFD letters on them but then I will show no credit history at all once they are paid.

              On the positive side of things... with our current employees we could put out 5 times our current volume (if we could get the sales in the door, that is). In our location and setup we could conceivably blow those numbers away by adding a few more employees. Sales is where my focus lies right now but the nature of my product is such that the leads we go after will not order hundreds of units... It's more like onesies and twosies. On occasion we sell 15-20 units but larger accounts escape us for the lack of time it would take away from the steady sales and the resources to persue them.
                • Re: What are my options
                  MerchantClub Newbie
                  Well, I do wish you luck, it sounds like you need it. Just remember that their are always programs out there to help people, you just need to dig for them. Please keep the cash advance system in mind if you ever decide that you would like to try it again, not all companies are the same, you might have luck with one that you might not have with another. We here deal with multiple advance companies and we see one company deny a certain client where another will approve the same one.

                  That being said, I do hope that everything works out for you!

                    • Re: What are my options
                      MerchantClub Newbie
                      Also, we can contact you and discuss what we may be able to do for you and your business. You should use the members profile to your advantage and include a phone number or an email for people to be able to reach you at. I really think we may be able to help you, just need to do some talking. If you would like to contact us here at Merchant Club, you can call and ask for me or Mr. Brown. It cant hurt to find out how much you would qualify for, and its completely free to fill out an application so we can get some dollar amounts to you. Just dont let past experiences turn you down, like i said in the last post, all companies are different.

                  • Re: What are my options
                    finsolamerica Newbie
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                    • Re: What are my options
                      Chris_Black Newbie
                      I just wanted to go ahead and explain a little bit more about a Merchant Advance. First, a Merchant Advance basically has the same payback as a 5-year business loan at 12%. Second, Merchant Advance companies don't want to overextend a business, or lend more money then the business can afford to payback at that time. Third, you said that you wanted to do three things: creative marketing, payoff some current debt, and create internet presence; why not start with just one. If you did want to start with an internet pressence, you might want to look into your local high school. You might be able to get them to design your basic site, for a much smaller fee, and it gives them experience in webdesign (most of the kids are a good as the professionals anyway). Then you will have your website, and only have to pay for upkeep and SEO. This could be step one. Then when you deployed your creative marketing, you could attach a website, step 2. Then you will have enough money coming in to pay off your debts. If you decide on a Merchant Advance or want more information from me, feel free to give me a call or send me an email. Our website is full of information as well:

                      Chris Black
                      Making Obstacles Manageable
                      (866) 942-9199 ext. 223