In the October cover story in deBanked.com, Jared Weitz, founder & CEO reveals that less than 2 percent of United Capital Source small business funding volume comes from outside broker business.
In an excerpt of the article, Jared comments that “We self-generate all of our business. United Capital Source sales people achieve their results because they have detailed knowledge of the industry. The staff’s understanding of alternative finance doesn’t end with sales but also includes underwriting and finance. That’s what makes you a very good and knowledgeable sales rep”.
Jared requires our salespeople not to just tell a client what he or she wants to hear but rather to take the time to understand the client’s financial situation. “They know how to read a profit and loss statement, a balance sheet and tax returns,” Weitz said.
While 90% of United Capital Source sales team has a college degree, most of the salespeople have come from outside the industry. One came from Sleepy’s, the mattress company. Another was selling memberships at a gym, one worked for a credit card processing company, two were barbers and one had just graduated from college.
United Capital Source doesn’t make double-digit commissions because our company isn’t over-charging merchants. Jared says “The company does not obtain excess funding that a customer can’t afford or increase the factor rate to dangerous levels”.
“You’re not really helping the merchant” by providing too much capital, Weitz asserted. “You’re sucking the blood out of him before he goes away. That’s not why I’m in business.”
Integrity in the workplace can also spill over into other parts of a person’s life, Weitz believes. This is a founding principle at United Capital Source.