Who's got cash?I was wondering if you could help me with something. I believe on one of The Green Sheet blogs/forums, there is a pie chart breaking out market share of different merchant cash advance providers. Do you happen to know where that can be found on the site? I'm having a hard time locating it.
Thanks so much for your help.
Karen Millman
Intercontinental Payments Inc.
Karen,
To my knowledge, we do not have a chart like the one you have described. However, "Cash advance leaders advance," published in The Green Sheet, May 12, 2008, issue 08:05:01, and archived on our Web site at www.greensheet.com/emagazine.php?issue_number=080501&story_id=742&search_string=Cash advance &search_string2=" target= may be of interest to you.
The article discuses the formation of the North American Merchant Advance Association Inc. and lists the organization's 10 founding member companies, which may have information on how much of the market each of them has cornered. To contact the NAMAA, visit www.northamericanmaa.org.
Also, Marc Abbey, Managing Partner at First Annapolis Consulting (www.firstannapolis.com) has researched the cash advance industry and may be able to provide the breakdown you are looking for or point you to someone who can. The company's phone number is 410-855-8500.
Editor
In addition to being a place to pick your colleagues' brains about all things pertaining to making a living in the payments industry, GS Online's MLS Forum is a great place to share successes and find inspiration. Here are a few quotes from the "It pays to pick up the phone and call" thread, which was initiated by MLS Form member faithm, whose concern for a merchant who wasn't her customer paid off:
"I stop in every now and then and say hello, if I am nearby, and chat for a minute. I called him today to give him a heads up on an issue several of my other accounts are having in regards to fraudulent cards. It just so happens he is fed up and wants to change, seems he can't get hold of his rep. What he said to me was, 'You stop by, you call me and give me info to help me, and I don't even do business with you. So I think it is time I switched, and I will see to it my other partners switch as well.'
"How many accounts will I get from this simple phone call? I do not know yet, but, it only took a simple kindness."
- faithm
"Faith, after our conversations, I can say that this does not surprise me in the least. Pat yourself on the back, as you earned that merchant's respect and business; you didn't need to sell it."
- gmartin
"I love reading success stories like this. Good job! I always try to train my newbies that persistence pays off. When you are seeing a merchant consistently, whether they are with you or not, you will earn the business. We need more happy postings."
- ccrdgal
"Great job pursuing that merchant. You just proved that one of the most sacred secrets of a successful salesman/woman is the perseverance."
- marinesteban
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