B2B sales are down in the cash advance industry. TCPA related fines and settlements are up. Some B2B’s are questioning their business model – the one involving substantial outreach calling volumes. Compliance has become just too problematic. Reselling your leads? Those companies expect those prospects to be compliant. Proper compliance language on lead gathering forms? Ahh - huh? Still, business to business callers
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B2B lending sales are down.
Giant small business loan seller OnDeck had a brutal fourth quarter according to Sean Murray, Editor of DeBanked Magazine in the merchant cash advance industry. Lending Club racked up $146 million in losses for 2016. Compliance remains a huge and expensive nuance here. How much, we're not sure, as companies don't like to brag about their lack of preparedness with TCPA compliance. But even the biggest financial participants admit the "TCPA has been a huge problem we've had to deal with" as Capital One's Sr. Director Ryan Barker confirms.
The challenge: B2B sales calls were exempt for so long.
The game changer, of course, came in October 2013 when cells became consumer agnostic. That is, all cells became comply with the more stringent TCPA calling interpretations. Most B2B
#1 tip: Stop trying to figure out these compliance laws logically.
The laws aren’t logical. It doesn’t matter how smart you are. Any creative answers to slime out of a demand letter from the company you represent or the companies you sell to has been thought of and probably rejected. These laws are hopelessly slanted for the plaintiff. Heck, they shouldn’t even apply to businesses. That’s why they call it the CONSUMER protection act.
B2B’s have unique compliance advantages.
Yes, you can protect your B2B company without having much number fallout. You can respond appropriately to letters of demand from predatory attorneys (if your attorney wants you to respond at all the first time around!)
The phone is still the best way to go. There's nothing like active live engagement. The level of automated technology you use to reach out depends on your business model, and if you still want to call cells. Either way:
Scrub and archive wireless numbers. No matter what method of calling you choose.
Get rid of folks that have sued under the Telephone Consumer Protection Act before calling with a Litigator Scrub.
Have a third party compliance specialist handle these chores, so predatory attorneys will see a brand name on your call protections and walk away. You'll also have a partner in potential liability exposure.
B2B’s still haveno call compliance protections at all - so a little can go a long way. Predatory attorneys are looking for the path of least resistance here. And the most money!
For more information on protecting your B2B calling procedures, call my personal line at 561-317-3001 or email me here - Bob
- Why Cell Scrubbing is the top B2B priority for TCPA Defense Lawyers today.