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No longer is it a wise business decision to be undercover, incognito, or anonymous when trying to grow your business. This should have been apparent for quite some time but its more clear today than ever before. One of the drawbacks of operating that way is you aren't building your personal brand at the same time which is worth doing for anyone given how the economy has changed. So if you are staying in ‘incognito mode’ while operating your business then you are doing yourself a disservice in the long run. This applies to most industries but I’ll speak to the commercial finance industry as there has been a desire to stay incognito for many because either they want to avoid repercussions of their actions or maybe they don’t understand or aren’t willing to accept how the ways of doing business have changed. Even getting people to provide real information when joining our site isn't an easy task for some. We have adapted to the changing times by figuring out who people are before being approved. There are several different ways we do this including speaking with them, reviewing websites, phone numbers, and social media accounts like LinkedIn, as I wrote about before. But no system is perfect so people will slip by or go on to change their profile on our site so they can try to be incognito. There will always be people trying to game the system. Their reasons for doing so usually equate to taking shortcuts or performing shady business tactics. A member of our site recently wanted to access one of our member's pages that they didn't have permission for so they tried to create a fake profile after logging out of their real one. We were able to catch this and then asked the member what was going on. They tried to play dumb, lie and deny everything. We immediately blocked his account. Another member wasn't approved after he submitted false information so he started spamming us and threatening to hack our site. When users do these kinds of things it tells me this is the way they conduct business including with their clients. This isn’t a winning long-term strategy. Funders and ISOs are as wary of each other as ever. Funders have instituted many different policies to prevent or minimize dealing with partners that have a checkered past. One of those policies starts at the very beginning of the new partner onboarding process. At least one funder I spoke to does a video meeting with any new ISO before they can be approved as a partner. Most also do background checks and other due diligence online for anything else that may be relevant. There will be other changes and adjustments to business processes as technology changes and the economy evolves. The best way to grow your business is to ensure you and your brand are presented well enough so that you have the chance to stand out in a crowded market.

OPERATING IN VIRGINIA AT THE CLOSE OF BUSINESS DECEMBER 21, 2022 List by Name as of December 21, 2022 STATE CORPORATION COMMISSION -- BUREAU OF FINANCIAL INSTITUTIONS SALES-BASED FINANCING PROVIDER REGISTRANTS ADVANCE SERVICING INC. 15 Main Street Holmdel, NJ 07733 AdvancePoint Capital LLC d/b/a advancepoint 51 Haddonfield Road, Suite 135 Cherry Hill, NJ 08002 Ally Merchant Services LLC 5572 War Admiral Road Virginia Beach, VA 23462 BUSINESS CAPITAL LLC 5201 Ravenswood Road, Suite 103 Fort Lauderdale, FL 33312 BYZFUNDER NY LLC d/b/a Tandem d/b/a Nano-FI 530 7th Avenue, Suite 505 New York, NY 10018 CFG Merchant Solutions, LLC 180 Maiden Lane, 15th. Floor New York , NY 10038 CLOUDFUND VA LLC (Used in VA by: CLOUDFUND LLC) 400 Rella Boulevard, Suite 165-101 Suffern, NY 10901 Corporate Lodging Consultants, Inc. 8111 E. 32nd. Street, Suite 300 Witchita, KS 67226 DIRECT CAPITAL SOURCE INC. 132 Franklin Place, Suite 490 Woodmere, NY 11598 Errant Venture LLC 301 N Scales Street Reidsville, NC 27320 FC CAPITAL HOLDINGS, LLC d/b/a FundCanna 420 Stevens Avenue, Suite 120 Solana Beach, CA 92075 FIDELITY FUNDING GROUP LLC 1655 Richmond Avenue, Suite D Staten Island, NY 10314 Fintegra, LLC 1150 First Avenue, Suite 105 King of Prussia, PA 19406 FleetCor Technologies Operating Company, LLC 109 Northpark Boulevard, Suite 500 Covington, LA 70433 Flexibility Capital Inc. 1501 Broadway, Suite 1515 New York, NY 10036 Fora Financial East LLC 1385 Broadway, 15th Floor New York, NY 10018 Forward Financing LLC 53 State Street, 20th. Floor Boston, MA 02109 Fox Capital Group Inc. 1920 Hallandale Beach Boulevard #704 Hallandale Beach, FL 33009 Fundamental Capital LLC 20803 Biscayne Boulevard, Suite 300 Aventura, FL 33180 Funding Metrics, LLC d/b/a Lendini d/b/a Quick Fix Capital 3220 Tillman Drive, Suite 200 Bensalem, PA 19020 Good Funding, LLC 5286 E Rural Ridge Circle Anaheim, CA 92807 Invision Funding LLC 2500 Wilson Boulevard, Suite 350 Arlington, VA 22201 Itria Ventures LLC 1 Penn Plaza, Suite 3101 New York, NY 10119 Kapitus LLC 2500 Wilson Boulevard, Suite 350 Arlington, VA 22201 Knight Capital Funding III, LLC 110 SE 6th Street, Suite 700 Fort Lauderdale, FL 33301 LG Funding LLC 1218 Union Street Brooklyn, NY 11225 Legend Advance Funding II, LLC d/b/a Legend Funding 800 Brickell Avenue, Suite 902 Miami, FL 33131 Libertas Funding, LLC 411 West Putnam Avenue, Suite 220 Greenwich, CT 06830 Loanability, Inc. 610 York Road, Suite 107 Jenkintown, PA 19046 Millstone Funding Inc. 2 Huntington Quad, Suite 1N15 Melville, NY 11747 National Funding, Inc. 9530 Towne Centre Drive, Suite 120 San Diego, CA 92121 Nav Technologies, Inc. 13693 S. 200 W., Suite 200 Draper, UT 84020 PEARL ALPHA FUNDING, LLC 410 Jericho Turnpike Jericho, NY 11753 PEARL BETA FUNDING, LLC 410 Jericho Turnpike Jericho, NY 11753 PEARL DELTA FUNDING, LLC 410 Jericho Turnpike Jericho, NY 11753 PROTO FINANCIAL CORP. 1025 Old Country Road, Suite 200 Westbury, NY 11590 PWCC Marketplace, LLC 7560 SW Durham Road Tigard, OR 97224 Parafin, Inc. 611 Mission Street, 7th Floor San Francisco, CA 94105 Platform Funding LLC 150 West Flagler Street Suite 1460 Miami, FL 33130 Prosperum Capital Partners LLC d/b/a Arsenal Funding 15 West 36th Street, 11th Floor New York, NY 10018 Reliant Services Group, LLC 9540 Towne Centre Drive, Suite 200 San Diego, CA 92121 Retail Capital LLC d/b/a Credibly 25200 Telegraph Road, Suite 350 Southfield, MI 48033 Revenued LLC 410 Jericho Turnpike Jericho, NY 11753 Rewards Network Establishment Services Inc. 540 West Madison Street, Suite 2400 Chicago, IL 60661 SKY BRIDGE BUSINESS FUNDING, LLC 410 Jericho Turnpike Jericho, NY 11753 Santa Barbara Tax Products Group, LLC 4675 Cornell Road, Suite 280 Cincinnati, OH 45241 SellersFunding Corp. 1290 Weston Road, Suite 306 Weston, FL 33326 Shine Capital Group LLC 124 Grove Avenue Suite 309 Cedarhurst, NY 11516 Shopify Capital Inc. 151 O'Connor Street, Ground Floor Ottawa, Ontario, K2P 2L8, Canada, NA Shore Funding Solutions Inc. 2 Huntington Quad, Suite 1N15 Melville, NY 11747 Streamline Funding, LLC 60 Cuttermill Road, Suite 204 Great Neck, NY 11021 Stripe Brokering, Inc. 112 Gull Drive South San Francisco, CA 94080 THE LCF GROUP, INC. 3000 Marcus Avenue, Suite 2W15 New Hyde Park, NY 11042 United Capital Source Inc. 1001 Franklin Avenue, Suite 200 Garden City, NY 11530 Upfront Rent Holdings LLC 379 W. Broadway, 4th Floor New York, NY 10012 Vox Funding, LLC 1395 Brickell Avenue, Suite 800 Miami, FL 33131 You can find this list and more info here: Virginia State Corporation Commission

The conclusion of one of the more well-known lawsuits affecting the MCA industry happened with a settlement on Tuesday. It was announced by the NJ Attorney General's office that they reached a settlement with Yellowstone Capital LLC and related entities “to resolve allegations that the companies targeted small businesses with unconscionable, misleading, and abusive lending, servicing, and collection tactics that caused financial harm through their merchant cash advance (“MCA”) business.” All New Jersey consumers who entered into MCA agreements with these companies will have their balances forgiven for a total amount of $21.75 million dollars as part of the settlement. The remaining $5.625 million will be granted to the Division of Consumer Affairs for expenses, civil penalties, legal fees, and reimbursement to some New Jersey customers. Yellowstone has since rebranded a couple of times, currently named Delta Bridge, with supposedly improved business practices and operations. The settlement names a few things they must do including: “Provide current customers with enhanced rights to request modifications to their payment terms based on actual receivables; Improve internal business practices, be transparent in any terms of future MCA agreements regarding fees and reconciliation rights, and give notice to customers before taking legal action to collect on purported unpaid balances.” The ability for customers to request modifications to their payment terms is one of the most critical for any funder to not only have in their contracts but to actually carry out with the customer when it comes time. Among the reasons why there are more regulations recently enacted and others in the pipeline are lawsuits like this one. This was the second of 2 major lawsuits against Yellowstone Capital in recent years from government agencies, the other one was from the FTC which was settled in June 2022 for $9.8 million dollars. We can only hope they and every other Funder have learned from this and adapted to the current legal landscape and business practices that won’t get them into hot water. Original filing: https://www.njoag.gov/ag-grewal-files-suit-against-yellowstone-capital-llc-and-associated-companies-alleging-the-merchant-cash-advance-companies-targeted-small-businesses-with-predatory-lending-and-abusive-collection-pract/

With the new year upon us, it's time to reflect a bit on 2022. There are many good things that happened for Funder Intel and myself personally. Funder Intel has evolved over the last year as I have introduced new features and iterated on them until finding the right balance for what my vision is for the business. A few of the things I am proud of are the one-on-one interviews with industry experts, the launch of the business loan broker course, a new Group/Community Forum, offering website development and consulting services, a member rewards system, and more. Personally, I finished my MBA which was a lifelong goal of mine that I went back and forth on for many years but ultimately got it done. The progress Funder Intel has made this year could not have been done without our members, sponsors, and partners, and I will continue to strive to bring value to our community while we reach our goals. We thank you for reading, watching, and interacting with others on our platform. I hope you had a great 2022 and wish you an even better 2023! Happy New Year! Shane Mahabir President Funder Intel shane@funderintel.com

Businesses of all sizes have adopted document management software to improve workflows. Over the last two years, that adoption has accelerated. As companies have moved more and more of their processes to the cloud or other electronic versions, new companies have sprouted up and gained market share. One of those is Pandadoc. Over 40,000 people use the document management software, which was valued at $1B last year. It features capabilities designed expressly to help sales teams and can be used for any form of legal document. What Is Pandadoc Pandadoc is a document management and automation software that helps small businesses streamline their contract and proposal processes. The platform allows users to create and send professional looking documents, track their progress, collaborate with team members, and get electronic signatures with an audit trail. Features The capacity of Pandadoc to save time spent and boost productivity is one of its major advantages for small enterprises. The platform offers a wide range of customizable templates, so users can quickly create professional-looking documents without starting from scratch. Additionally, Pandadoc’s e-signature feature allows users to easily collect signatures from clients. Other features and functionalities: PDF Export Collaborative Editing Document Analytics Document Audit Trail CRM Integration Document Library Approval Workflow e-Signature Customizable Branding Customer Pipeline Alert Notifications Contact Management Access Control Pros Pandadoc for small businesses has the ability to improve collaboration and communication. The platform offers a centralized hub where team members can view and comment on documents in real-time, ensuring that everyone is on the same page. This can help to avoid confusion and ensure that important deadlines are met. Others: PandaDoc’s free plan allows you to send unlimited documents Offers interactive quotations, a content library, and in-document payment processing, all of which are useful sales tools. PandaDoc offers a library of over 450 templates Cons Its document editor lacks common editing capabilities including the ability to rearrange pages. The capacity to gather many signatures has an additional expense. You are unable to receive recurring payments using the PandaDoc platform. Pricing In terms of pricing, Pandadoc offers a range of plans to fit different business needs. First, they offer a freemium model and a 14-day free trial. The Essentials plan starts at $19 per user per month(annual plan) and includes basic document management and e-signature features. The Business plan starts at $49 per user per month(annual plan) and includes additional features such as customizable templates and real-time collaboration. For the Enterprise plan which includes even more advanced features such as integration with other business tools and advanced reporting, you will have to contact Pandadoc. Conclusion In conclusion, Pandadoc is a useful tool for small firms trying to simplify their proposal and contracting procedures. The platform provides an extensive selection of e-signature capabilities, real-time collaboration tools, and configurable templates that may help organizations save time and operate more effectively. As long as you have the volume of work that requires some sort of document management software, Pandadoc's time and efficiency benefits may make the investment worthwhile.

One of the most important parts of the merchant cash advance sales process is negotiating an offer the merchant will accept. Whether you are on the funder or the broker side, negotiations between the two for sellable offers are a daily routine. The ones who understand this process the best will have long-term success in funding. I am going to discuss this process mostly from the funder's perspective. Brokers will have their own strategies for doing things but many of them we’ll touch on as it correlates to what funders are doing or should be doing. First Step Really the first part of negotiations is to take a step back and figure out if you are dealing with the right ISOs to accept submissions from. If you sign up just anyone who uses the shotgun approach to send all their files to you and 10 others, it will be a waste of time. Then they will complain you don't ever send offers even though you gave them your underwriting guidelines yet they failed to put much of an effort into seeing if the deal fits your box before sending it in. The ISOs who understand your underwriting guidelines are where you are going to put out your best offers most consistently. Part of larger strategic decisions for funders is also how often they want to max out their offers. When maxing out offers it leaves no room for negotiation which then puts pressure on the broker and the merchant either accepting it the first time or moving on. That strategy will lead to the frequency of having to negotiate with brokers. If your offers are flexible most brokers will ask for better terms EVERY time especially if it's going to result in them making more commission. You will come across some brokers who ask for better terms ONLY when they need to however that seems to be few and far between. Those are the brokers you need to develop a good relationship with as they are showing integrity. Brokers rarely down-sell points unless they have to, depending on the other offers they might have for a merchant. After all, they want to get paid as much as possible while also getting the merchant the capital they desire. This is part of the business but often the part where misdeeds or shady business practices come into play. Example Let us go through a quick example of how an offer is presented and negotiated: Offer sent to ISO. Terms are 100K, 10 months, 1.24 buy rate, and max upsell 12 points. Broker reviews, then respond to Funder saying what he needs to get the deal sold, ex: 120K and 12 months? He can say he has additional offers or even show the funder the actual valid offers from other funders. This typically helps underwriting as it proves the offer exists. Often all parties aren’t giving all the information upfront, or to be more direct they are lying. ISO rep from funder discusses with underwriting to see if the offer can be revised to meet the request of the broker. Underwriting decides they can meet halfway and improve the offer to 110k, 11 months but the buy rate goes to 1.26 since it's an additional month. If the broker doesn’t have any better offers he will try to sell it first at max commission but keeps the possibility of down selling points to get the deal done if need be. Otherwise, the broker will tell the funder that the offer isn’t good enough or any number of reasons why the merchant won’t move forward. A final follow-up is done on either side. Often someone is not being totally straightforward in their negotiation or honest regarding the terms needed to close the deal. If there is any way to sweeten the deal or get an exception then that's the last chance. Frequently merchants will wait until they have exhausted all possibilities, and if they move too quickly that also sometimes is a red flag. We won't cover every situation as there are many, but the idea is that once the merchant is satisfied they have accomplished their goal of attaining capital and not been sold or taken advantage of, they will move forward with the best offer. So there offer many different factors, strategies, and policies involved with providing the best offer to a broker. Even getting as much information on the initial submission like existing offers, if they are going to pay it off early, etc... as helpful with everyone getting what they want. What needs to happen for a successful long funder-ISO relationship is a level of trust in how offers are completed all the way to funding a deal that pays back on time. This is built over time. Performance Metrics There are performance metrics as well that funders will use to give ISOs priority underwriting, special pricing or exceptions, faster approval times, and other VIP offerings if that ISO funds a high volume of units or dollars with that funder. Some of those metrics are conversion ratio, monthly funding amounts, loss ratio, and total defaults. (read more about those in our KPIs article.) If ISOs aren't closing offers at a reasonable rate if they are argumentative, disrespectful, and dishonest, then why would a funder continue to work with them given those issues? There are too many ISOs out there to work with to continue to spend resources on those kinds of ISOs. Just the same for brokers, if a funder isn't providing you with offers you can sell, then find the ones who can and build that relationship. In the long run that's what is going to make the difference. This concept works in many other industries if not most. Summary To conclude, if you aren't analyzing how to put out offers that brokers can close and the negotiations of closing the ones you do put out, then you are missing out on funded deals. This goes for brokers too, with regard to developing relationships with the right funders and being respectful while negotiating offers with a high standard.

Product Review: The Latest from Canva You may already use Canva or certainly have heard of it but there are some new features that Canva has rolled out and some that will be released that you should be aware of because they could have a significant impact on your creativity and production. Canva seems to have big plans to become more than just a design tool with the latest addition. What is Canva? Canva is a graphic design software that allows users to create professional-looking designs and graphics without the need for advanced design skills. The platform offers a wide range of templates and design elements, such as icons, shapes, and images, that can be easily customized to create unique designs. Features One of the standout features of Canva is its user-friendly interface. The drag-and-drop functionality makes it easy to move elements around and create custom layouts. The platform also offers a range of tools and features, such as the ability to add text, apply filters, and adjust the size and orientation of designs. The latest feature is a major one, Canva Docs. It is similar to a word processing software like Google docs or Word but with Canva Docs you can create documents and easily add designs from Canva directly into the document to quickly create beautiful documents. Also, it has some new AI technology. One of its high-powered features is its AI writing assistant called Magic Write. This is their description of Magic Write: "Kickstart your ideas with the help of Canva's Magic Write. Magic Write uses the power of AI to follow your instructions and generate original copy from scratch. Simply start with a prompt and watch as copy, blog outlines, lists, bio captions, content ideas, brainstorms, and more appear in seconds. The more specific your request, the better the results." "Here are a few ideas: 'Write a heartfelt poem about unsung heroes' 'Write a children's story about a rainbow and a cloud' 'Write a social media strategy for healthy cupcakes'" Another advantage of Canva is the vast library of templates and design elements. The platform offers templates for a wide range of applications, such as social media posts, presentations, and documents. Additionally, the platform offers a range of design elements, including icons, shapes, and images, that can be easily added to designs. Canva also offers a range of collaboration features that make it easy for teams to work together on designs. The platform allows users to share designs with other team members, and includes a range of tools for commenting and providing feedback on designs. Coming Soon: Paraphrase tool and a Summary generator. Paraphrase tool An AI-powered paraphrasing tool that will reword and rewrite any piece of content, so you can focus on spinning and editing it into a unique sentence or paragraph. Summary generator An AI-powered text summarizer tool that will condense and extract key topics from any piece of content, so you get a shortened, more readable version. Pros Easy to use and user-friendly interface Wide range of pre-made templates and design elements Collaboration and sharing features Affordable pricing options The new Canva Docs Cons Limited customization options for advanced users Limited compatibility with other design software Limited access to premium design elements unless subscribed to a paid plan Pricing In terms of pricing, Canva offers a free version that includes basic design elements and templates. The paid version, Canva Pro, offers additional features and design elements, as well as access to a range of collaboration tools for $12.99 per month or $119 annually. As they add more features I would not count on the pricing to stay the same for long. Conclusion Overall, Canva is a powerful and user-friendly graphic design platform that offers a wide range of templates and design elements. The platform's user-friendly interface and collaboration features make it a great option for teams looking to create professional-looking designs. For most SMBs and solopreneurs, this software is really the best option for graphic design and marketing content generation and is highly recommended. Leave a comment, and share your experience if you use Canva.

When it comes to choosing a banking solution for a business, there are numerous options available these days. Working with a good bank that can perform all the functions you need is critical to operating any business. A reliable bank that you can trust to take care of all your transactional needs will give you more time to focus on your day-to-day tasks. A business checking account is essential to managing your business’ finances including the ability to access loans or other working capital in the future. What is Novo Bank Novo Bank is a financial technology company that serves as an ideal banking solution for most small to medium size(SMBs) businesses that need a business checking account. It has been designed to help a business grow by providing powerful features intended to keep you informed about everything your business is doing. With powerful insights into your banking activities, you will make better decisions and run more efficiently. There are no minimum balance requirements or monthly fees, which have been barriers for many businesses in the past. Their mobile app makes your banking easy and stress-free no matter where you are working from. In as little as ten minutes, you can have your account ready for your business. Using Novo you avoid physically going into a bank branch to apply for a business checking account, which is an issue still with most traditional banks. Features Accessible Digital Banking Novo Bank is one of many Neo banks, meaning it's a digital-only bank, entering the market over the last several years. The bank has been designed to make it easy for you as a business owner to manage your money online through their website and mobile application. Digital Integration You probably use many apps currently to run your business but Novo can help you run it more efficiently. Novo integrates easily with many other popular online tools that you might be using for your finances. These include Shopify, Stripe, and Quickbooks. Novo has made it simple by way of a drag-and-drop dashboard where an SMB can integrate and view transactions across all of those apps in one central place. You can do international transfers through TransferWise and get notifications on Slack which makes it easy to integrate into your business workflows. Human-powered Customer Service There is always support when you need it, so you do not have a reason to worry about using the services provided by Novo Bank. Novo Bank's customer service is friendly, helpful, and readily available when you need their support. There is currently only one type of account that is provided through Novo, a small business checking account. As a business owner, you can: Make deposits to your account using the mobile check deposit Withdraw money via ATM(fees reimbursed) Create, send, and track invoices Process transfers for free Send unlimited payments and paper checks for free However, wire transfers are not supported by Novo Bank. To open a new account, you will need $50 minimum, but there are no minimum balance requirements after that. You’ll receive a Novo Mastercard Business Debit Card to pay for things around the world and use any ATM without fees from us. Novo does not currently support businesses that engage in cryptocurrency, privately owned ATMs, money services, and cannabis sales. Pros of Novo Bank Free payments and transfers Easy digital integration with other online tools and applications Novo's debit card Invoicing capabilities There are no fees associated with most of the activity, besides insufficient and uncollected funds. Cons of Novo Bank No interest will be earned on your balance You cannot send outgoing wire transfers There are no loans or lines of credit that Novo offers yet Novo does not offer a savings accounts Summary Novo is highly ranked for being a trusted financial service provider that is affordable, accessible, and very easy to use. Small businesses that need a digital banking service provider that will integrate seamlessly into their existing digital tools and solutions will find Novo Bank quite helpful for their needs. It's simple to get started with Novo to begin benefitting from their service.

If you are a sales-based financing provider or broker seeking to do business in Virginia, you need to be registered with the state to comply with the new sales-based financing laws. For those that haven’t done so, I am going to dive into what the process is like if you aren't an expert at navigating the system and haven't researched what needs to be done to get registered. This will be the registration system for many funders and brokers as they decide to do business in Virginia. As of November 30th, there are only just over 30 registered entities with the state so there should be many more in the years to come. Registration process for sale-based financing providers or brokers The process should be the same for either a direct provider(funder) or a broker. I started by finding the state commission website. Once on the Virginia SCC website, there isn’t a clear section for the registration of sales-based financing providers. After searching by different terms, I finally ended up with the results for sales-based financing. At the top of the results are: -Application Forms -Regulated Financial Institutions- Verify a License -Sales-based-financing-provider-registrant-report (with a PDF) -Sales-Based Financing Registration Form-ccb13001 (with a PDF) So after downloading the ccb13001 form(found below) it seemed like it should be simple and straightforward enough but after reading the instructions it is still a bit unclear as to a second part of what is needed to comply. The first part that says you must fill out the form and then either mail it with a $1,000 check or email the form to an email address and then wait for an invoice is simple. However, it goes on to say that you “must separately comply with the corporate registration requirements referenced in § 6.2-2230 of the Code.” When clicking on the link they provide to complete that step, there is nothing but a general website page for businesses. Not knowing what to do from there, I figured I would call the office to make sure all the procedures are followed. This is when it became apparent that no one knows what they are doing with regard to this new sales-based financing registration system. The first person that I talked to was very short and not very helpful to put it lightly. She didn't have any idea what new law I was asking about. So she transferred me to the automated service line where I had to explain myself all over to the 2nd person who wasn’t immediately aware of the new law and registration system. After a couple of minutes of going around in circles, she says I needed to talk to the Bureau of Financial Institutions department and transferred me to an automated service again! A lady by the name of Kathleen comes on. I tell her she was now the 3rd person I spoke to after 30 minutes and no one is able to tell me what else I have to do to comply besides fill out the form and email it. After going back and forth for a while through all the instructions with her she admits the instructions are unclear on what else is needed to comply. I tell her to relay that message to the higher-ups because there will be many people who end up going through the same thing I did and waste time doing so. Kathleen still says that I need to register separately over the phone first before I submit the ccb13001 form. The part that I believe she means is referring to obtaining the authority to transact business in Virginia, according to the provisions of Title 13.1. To do so she says she has to transfer me to the correct department. I reluctantly agree to be transferred but only if it's going to the correct person. Guess what happens? The automated system! It was 45 minutes on the phone at that point so I hung up. No way I was willing to waste another minute. With the information I had, I decided if I was filing for a provider or broker I would simply email the form and wait for the invoice for the $1,000 fee. Steps to register While all of the previously mentioned may sound like a lot, it can be narrowed down to a few steps without the hassle of speaking to anyone at least initially. To summarize the steps, you should: download the ccb13001 form, fill it out and get notarized send the notarized form to the email address provided BFIApplications@scc.virginia.gov and wait for the invoice, OR mail the ccb13001 form with a $1,000 check to the following address on the form: Bureau of Financial Institutions State Corporation Commission 1300 East Main Street, Suite 800 Post Office Box 640 Richmond, Virginia 23218-0640 Once you send the form, you can call (804) 371-9690 with any questions or wait until you hear from their office. It can take several weeks to hear back. If they have any questions or issues they might reject the registration but tell you what you need to provide to overcome any issues. Many who have already registered may have had a much easier time or better experience. I get that it's a new law and new system so they are getting used to things just as I was. Things they can control and improve on are clarifying the instructions and educating their service reps. Good luck to all of you who need to register. Current Registrants If you would like to see who is already registered then view our post on those companies or you can download the PDF file on their website which is updated monthly.

Before the pandemic, while working for a direct funder I created a mastermind group for 5 ISO(loan broker) companies in the South Florida area that allowed the owners of these ISOs to learn some valuable information from their peers. Some of the most valuable I will share to provide some insight into the possibilities to grow your ISO business within a mastermind group. How It Started The idea for the mastermind started from the desire to help these ISO owners grow their businesses and learn all the things that worked as well as their pain points. This could lead to a better understanding of how to work with them more efficiently to fund more deals. I had past experience in participating in mastermind groups from my time as a Regional Business Consultant for a franchise so I thought to present the idea to a few of the ISO owners that I knew the best in the local South Florida area. This was prior to the pandemic lockdowns so we wanted to all be close enough to meet in person. The goals and plans for the mastermind group were discussed and finalized at the beginning to make sure everyone was committed for at least 6 months. We initially did a group phone call to get everyone introduced to each other. Then once everyone agreed, we had an NDA signed in order to make sure everyone was comfortable enough to share as much information as they wanted to with the group without any sensitive information being shared outside the group. General information like that mentioned in this article was fine. We had an attorney amongst the members which made getting the NDA done easier. Even within the south Florida area, these owners didn’t see themselves as competitors given the market that they all competed was the whole country. Process We planned to hold one in-person meeting at one group member’s location every other month. The first one was held at Mass Capital Access. I won’t get into the names of other companies or members. Mass Capital at the time had a relatively large operation going, with over 30 people in the Florida office funding a high volume. They also opened a New Jersey office later. At the beginning of the meeting, setting rules were important. Everyone’s buy-in was needed before going forward to make sure the meetings ran smoothly. We started off with everyone talking about what are the key questions they had for the group so they ensured they are getting something out of this process. Takeaways As the meeting went on, a couple of things were most prominent that came up from almost everyone, hiring and leads. These were the two biggest problems faced by these owners regardless of their experience in business lending. 1) Without being able to find the right people, they couldn’t grow and scale. 2) If they weren’t improving on the number of quality leads and data, they couldn’t reach the goals they had. This may sound simple to some, but these were veteran business loan brokers running their companies for several years. Problems with hiring included some thinking it was their geography in southwest Miami that lacked the quality candidates they desired. Another had a similar experience that resulted in them actually moving further north from Miami. Another issue was how they were finding applicants. Some used the typical job search engines like Careerbuilder and others used Craigslist and LinkedIn. The job description and compensation weighed heavily in actually getting interviews. A problem with many that were hired is they would just work for the base salary that was provided, even though it was low, without making much effort for the commission. Those types didn’t last long at all. As for leads, this is every broker’s issue. Good or bad leads are subjective as long as the contact information is connected at a high percentage. Most agreed that once they have confidence in that aspect, then it’s the salesperson’s job to make the most out of the leads. Still, there are varying levels of the quality of leads. Some of the characteristics include if that person has expressed interest directly, how recent is the interest, are they prequalified in terms of revenue and business type among other data, and many more data points that are prioritized by brokers. The mastermind group members discussed these two issues and much more at length at this meeting. Conclusion We had several more monthly calls for the group which was productive. However, at the 6-month mark, one owner was moving from the area. Another was traveling overseas for the foreseeable future, so the group was discontinued. It is not easy to keep a mastermind group together for long periods of time. I know they all felt the group was productive and helpful but it ran its course for the small number of people involved. Maybe a larger number could withstand a few dropping out over time. The return on investment has to be such that the members stay committed. The members really need to connect on a personal level as well to form a tighter group. I have seen mastermind groups turn into lifelong business partners and friendships that shook up a franchise so there are powerful possibilities( more on why you need and how to create a mastermind group). Creating a mastermind and keeping it together in the alternative finance space could do wonders for those group members. If you are an ISO Manager for a Funder it might be something to consider. If you own a loan broker business it is certainly something to consider. Either way, be cognizant of two of the major issues ISOs face still today, finding the right people and finding quality leads.

Are you tired of not being able to hear an urgent call, dropping the connection at absolutely the worst time, or missing out on a conference call altogether? All personnel in roles who are on the phones constantly need to stay in touch with their customers and vendors at the time that they need to, not several hours later. VoIP technology has allowed them to do this without waiting. RingCentral, Inc. is an award-winning global provider of cloud unified communications and collaboration solutions. More flexible and cost-effective than legacy on-premise systems, RingCentral solutions empower todays mobile and distributed workforces to be connected anywhere and on any device through voice, video, team messaging, collaboration, SMS, conferencing, online meetings, contact center, and fax. Its voice-over-internet-protocol (VoIP) phone system comes with features like call monitoring, directory listing, and more. It costs $29.99 to $59.99+ and is best for small businesses as well as large enterprises with high call volumes. With all things considered, RingCentral is our choice for the best business phone service because it is the complete package for unified communications. It can handle all of your communication needs, regardless of how small or large your business is. The system is extremely reliable, offers multiple price points to fit your budget, and has nearly every calling, collaboration and mobile feature businesses could want from a phone system. While several phone systems excel in some of these areas, RingCentral nails them all. Features Features vary by service plan. More expensive plans have expanded features, such as more toll-free minutes per month or video conferencing for more participants. The meetings feature allows businesses to meet with their employees through the web, audio, and video conferencing. Its video conferencing functionality can accommodate a meeting with up to 500 people in different locations worldwide, while its audio conferencing function can accommodate 1,000 people. RingCentral protects its users’ data with a system fortified by seven layers of security. It also has 17 data centers across four regions and has a global cloud infrastructure with more than 45 direct peering connections with Tier 1 international carriers. Other notables: 50 calling, collaboration, and mobile features Caller ID control One-touch calling Call recording Call screening and paging Call reports and logs Multilevel IVRs On-hold music To top it all off, RingCentral service allows you to go mobile, with a RingCentral mobile app that features full functionality. Translation: there’s virtually nothing you can do on your desktop computer that you can’t also do on your phone. The RingCentral App Gallery has more than 180 pre-built integrations. Popular applications include Salesforce, Zapier, Zoho CRM, Zendesk, Microsoft Outlook, Desk, Trello, PieSync, Google, HappyFox, Cloze, PCRecruiter, Box, ServiceNow, GitHub, WebHooks and MailChimp. In addition, RingCentrals APIs let software developers build custom integrations to meet a company's specific communication needs. Plans and pricing RingCentral offers four service plans that vary in price and features to fit the budgets and needs of a wide range of businesses. While most systems have multiple price points, few offer as many options as RingCentral does. This flexibility gives many businesses the opportunity to use the service, regardless of their budgets. All of the plans include unlimited calls in the U.S. and Canada, unlimited business text messaging, a mobile app for iOS and Android devices, HD voice, visual voicemail, voicemail-to-email, file sharing, team messaging, and call logs. Here is a breakdown of the plans and their differences: The least expensive option is the Essentials plan, which is only available to businesses with 20 or fewer users. Be clear that there are no audio or video meeting services in this plan. It costs $29.99 per user per month and includes 100 toll-free minutes. It's the only RingCentral plan that limits the number of employees who can use it. The Standard plan is $34.99 per user per month for up to 99 users. The price drops to $32.99 for businesses with more than 100 users. It includes everything in the Essentials plan, as well as 1,000 toll-free minutes, a multilevel auto-attendant, an internet fax service, custom app development and deployment, and reports on quality of service. It also allows unlimited audio conferencing and video conferencing with up to 100 attendees, and it offers integrations with Office 365, G Suite and Slack. The Premium plan is $44.99 per user per month. The price drops to $42.99 for businesses with more than 100 users. The Premium plan includes everything in the Standard plan, plus 2,500 toll-free minutes, video meetings for up to 1,200 people, automatic call recording, multisite support, hot desking, real-time analytics, single sign-on, and integrations with Salesforce and Zendesk. The most expensive option is the Ultimate plan, which costs $59.99 per user per month and includes everything in the Premium plan, plus 10,000 toll-free minutes, reports and alerts on device status, and unlimited storage. Prices drop by up to 33% per user if you pay annually instead of monthly. RingCentral does not have a free plan, but it offers all users a 30-day risk-free trial. While each plan comes with one local or-toll-free number, there is an additional cost if you want more numbers. Toll-free numbers and local numbers are $4.99 per month, and vanity numbers are available for a one-time $30 fee. Businesses have the option to buy or rent desk phones from RingCentral. You can purchase desk phones for $80 to $400 each or rent them for $5 to $21 per month. Performance The performance of cloud VoIP business phone service depends on a company's local network and internet connection. RingCentral provides quality of service (QoS) reports to help companies monitor and troubleshoot call-quality issues affecting global users in real time. Reports give an overview of call quality by location, endpoint, codec and internet service provider. RingCentral has a service-level agreement for enterprise customers providing 99.999% uptime. Conclusion RingCentral Office is straightforward from a user's standpoint. We give it an overall rating of 5 out of 5 stars. It goes beyond what any small or medium size business would need. There is flexibility in the plans offered which allows you to adapt as you grow your business. Also currently they are offering discounts on plans billed annually. We recommend RingCentral as its as good as anything on the market.

You may be familiar with the term Revenue-Based Financing(RBF) by now but within the last year or so, revenue-based financing has evolved into a business financing product that is offered to startups with monthly recurring revenue(MRR). Seeing the recent influx of financing companies entering this niche space is a bit surprising given that RBF is often used interchangeably with Merchant Cash Advance, Business Cash Advance, and Sales-Based Financing. To some, revenue-based financing may seem like a unique financing product but its variations are really part of the evolution of the merchant cash advance(MCA) product. What is revenue-based financing? There isn’t one clear definition of revenue-based financing but most companies and other sources have the main components correct. RBF is providing capital to a business, for a fee by a factor rate, based mainly on its future revenue and is paid back by a percentage of its sales either daily, weekly, or monthly. RBF may have a longer term length and payment structure than a typical MCA, with some offering expected term lengths as long as 5 years with monthly payments. The expected part is the key as the payments fluctuate based on the actual sales of the business during the contracted time period. So when sales increase the payments are higher and when they decrease the payments are lower. This helps business owners manage these times more effectively than a fixed payment amount. How is RBF different from an MCA? The way companies are using the terminology the differences are minimal. The one main point may be that MCAs have been for years mostly using a fixed payment amount whereas originally it was a split of the percentage of sales from the credit card processing. RBF products are mostly using a split percentage from the relevant business bank or processing accounts. MCAs take into account all true sales from business bank accounts and credit cards unless doing a split only from the processing account that a merchant has on their platform. There are some companies that state that RBF is also taking into account all sales and that's why it is different than an MCA but as previously mentioned that is what MCAs already do. All sales from all accounts should be included in an MCA or RBF to provide the full scope of the business which should help everyone. RBF for startups Essentially the original merchant cash advance has evolved into multiple variations and structures. There are now several companies that are marketing their RBF product to startups. They include Capchase, Pipe, and Founderpath. They are positioning the product as a good non-dilutive alternative to venture capital or venture debt. Saas and other tech companies are the main target audience where they can turn monthly recurring revenue into flexible growth financing. There are other lenders that provide a similar product but in a different niche, such as E-Commerce funding platforms and Gig economy funding platforms. Though they may have a hard time keeping up with some of the bigger players like Amazon, many of these companies are able to offer a fast level of service with certain advantages and fair pricing. They can do this the way many commercial finance lenders do which is by using bank verification software that links a merchant's account to allow that lender to analyze the bank activity in minutes. It also allows the lender to stay connected to their account so they can offer renewals as soon as possible and be aware of any issues that may arise. All of these variations of financing products are a plus for entrepreneurs overall because it gives them more options without having to relinquish more equity. As technology changes as well as laws specifically targeting commercial finance, there will be more variations in the future.