Over the past couple of weeks, I have witnessed some major developments in the MCA industry. I mention last week that one of my team members recently received a call from a funding company offering him a position selling full packages. This company told my agent that they were stealing data from ISO teams and selling the leads out the back door. The same broker called my team member this week reiterated his offer to sell full packages, but also asked my agent to join him in a debt settlement company. We met this broker at Funder – Forum last year and he was discussing building his business and purchasing leads from us. In a few short months he is selling packages and has pivoted to debt settlement. This has become a recent trend in the industry. We are seeing more and more brokers, selling data and pivoting into debt settlement. These are brokers who do not want to invest the time to build a real business, invest financially in technology, Proper lead sources and invest in training. What’s the good news? This is your competition. If you train your team properly, invest in technology, investing a strong lead source and build lender relationships you will destroy the competition and more of these types of teams will exit the industry.
Texting Platform Turn to Debt Settlement
Prior to 10 DLC coming into play, there were many options available for text messaging. Many iso teams ran their business primarily using text campaigns. When 10 DLC came in to play many of the options for texting went away and iso teams were limited to only a few players in the industry. It has come to my attention that several of the players that were facilitating text messaging campaigns through their platforms have recently established funding companies and debt settlement organizations. These organizations are leveraging the data that was uploaded on their platforms and are now using that data to fund or settle MCAs. If you are going to upload your data on to a texting platform, make sure you vet the ownership to make sure the best you can the owners of these platforms are not your competition or settling your clients.
New Texting Service
On the subject of texting one of my trusted partners has recently established a texting platform that is coming out of beta and will be available for live campaigns over the next two weeks. This company looking for potential customers who will be executing campaigns of 500,000 to 1,000,000 texts per month. Early indications are the service will exceed any service and could be a game changer. If you are interested in a small test, please call or message me and I will make the introduction to my industry associates. I can confirm he is neither a funder, ISO shop nor debt settlement.
Kris Roglieri
There was an update this week in the case of Chris Roglieri were a judge clear the way for his case to be moved from chapter 11 bankruptcy to a chapter 7, which would be a liquidation of his assets, and for all purposes, the end of his business Roglieri had his office raided last year by the FBI in it is rumored that there is over $100 million missing of client money. If these charges prove to be true Roglieri faces decades in prison.