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  1. #1
    Senior Member Reputation points: 34509 Jstarr's Avatar
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    On Deck Capital - horrible service.

    Probably one of the worst companies I've tried to sign up with I've literally sent 8 emails and six voicemails trying to get information regarding there ISO program and I haven't received one response, and when I do get somebody on the phone l they tell me is you have to email xyz in iso support.... AMAZING !!!

    , I give up....
    Jerry Starr
    Insource Funding
    433 Plaza Real, Ste 275 Boca Raton, Fl 33432
    P: 800-805-3391 Fx: 561-270-6895
    Jerry@insourcefunding.net | insourcefunding.net

    WHAT WOULD YOU DO " IF " YOU HAD THE CAPITAL

  2. #2
    Senior Member Reputation points: 16735
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    OnDeck charges to sign up as an ISO now.

  3. #3
    Senior Member Reputation points: 2218
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    You may be better off going through a bigger ISO that already has a strong relationship with them

  4. #4
    Banned Reputation points: 17587
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    I'm told that OD is starting to be a little more selective when it comes to signing up new ISOs.

  5. #5
    Banned Reputation points: 10108
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    I have a lot of ISO's sending me deals because of not only us doing in-house funding but because we have such great relationships with lenders such as ODC, CAN, BFS etc. I know many ISO's are thinking, why would I want to send my deals to you when I can send it myself...because of issues like this. Also, being that we do have great relationships we are able to get answers quicker, funded faster and better pts because we are grandfathered in to the older contracts as oppose to the new contracts that lenders are now sending to ISO's. We also know what each lender is looking for so we can place the deal properly as well if we don't fund it ourselves of course. Get paid what you deserve.

  6. #6

    On Deck Capital - horrible service.

    Lol!! They actually fall for that line??

  7. #7
    Veteran Reputation points: 134971 Chambo's Avatar
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    WOW, such originality in the Pasta Man's comments. They really get quicker answers and better offers?

  8. #8
    Banned Reputation points: 10108
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    Yes, especially when we put our own money into the deals.

  9. #9
    Senior Member Reputation points: 1815
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    On Deck Capital - horrible service.

    OnDeck as well as many of the big shops are becoming more selective with ISO's that they partner with. This is the self regulation the industry needs to eliminate the renegades.

  10. #10
    OD actually just cut 2,000+ ISOs. We work with many ISOs that may not be big enough for some lenders and we offer the same GM that you would receive going direct. Up to 12 points! Contact me with any questions.
    Greg Baker
    VP / Partner Relations
    Capital Alliance Corporation
    (408) 636-1555 I Direct
    (888) 653-1181 I Fax
    gbaker@capitalalliance.com
    www.capitalalliance.com

  11. #11
    Banned Reputation points: 10
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    A quick look at this article here posted in Business Week not even two weeks ago http://www.businessweek.com/articles...interest-loans explains a lot.

  12. #12
    Senior Member Reputation points: 1322
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    I worked with them for 3 years and out of the blue they cut me off.

    They stopped answering my calls

    Stopped paying me my renewal commissions

    I hope they get what they deserve

  13. #13
    Member Reputation points: 42
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    The large funders that are backed by institutional funds are starting to cut off ISO's due to questionable sales practices by chop shop boiler rooms. Unfortunately the good ISO's are also being lumped in with the bad. Institutional investors don't want to be involved with ISO paper and over the next 12 months the big companies will probably do away with them altogether. ISO's will have to move their paper to the second and third tier funders because the top funders will become off limits to them.
    Last edited by RCFsales; 11-25-2014 at 04:28 PM.

  14. #14
    Sounds like the broker was the sacraficial lamb to build their company until they could go IPO. Now the investors want to see a lower cost of acquiring the business through direct sales. Articles like above paint the picture of the sub prime mortgage days. They can't have that image .

  15. #15
    With the writing on the wall with Ondeck who is the best alternative to replace them for an ISO? Thanks!

  16. #16
    2 of the largest funders are in progress to go IPO. If those two decide ISo business isn't for them that has large implications to the ISo community. It also will create opportunity for smaller funders to grow their ISo relationships as well. However, I don't think you can scale the business without ISos. Direct sales has it's good and bad points but limits your growth potential. You have to have a multiple marketing strategy to obtain results and I don't think the internet or tv ads will accomplish that alone. My guess is once they see business has dropped off and can't be generated direct in a similiar fashion they will come back to ISos once again. There are excellent ISo partnerships out there and you don't have to accept everyone to sell your products. They should have vetted that from day one. Since this industries inception, what funder has gotten to $1B or close to without ISos? I agree you have to vet out felons and ISos who damage your branding but to say you want to steer away from brokers all together doesn't make sense -
    Last edited by MCAVeteran; 11-26-2014 at 10:46 AM. Reason: Addtl

  17. #17
    Veteran Reputation points: 157541 J.Celifarco's Avatar
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    I have to agree with MCAVETERAN here.. We may see some of the banks in the industry scale back on their ISO business but I highly doubt any bank ONDECK included will turn everyone off. They have minimums they have to meet and I doubt any of them can reach those limits without at least some ISO business. What is interesting is that what ondeck is doing is picking and choosing who the will do business with. This is obviously gonna start with their biggest ISO's and then after that will hopefully include any ISO's they feel do good business. Now in this industry the term good business can be interpreted a lot of different ways, that said if you are double or triple funding deals that would probably be considered bad business to ondeck, and they will turn you off.
    Ondeck is starting this trend but I doubt it will be long before some of the other big banks in the space follow suite. When that happens the ISO's that are left with strong partnerships are going to have a big advantage over any ISO's that have been turned off

  18. #18
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    Wondering about the size of ISOs, what size sales force would make up the largest of ISOs?

  19. #19
    Veteran Reputation points: 157541 J.Celifarco's Avatar
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    I dont think size or number of employees matter. I think total funding and conversion % of submitted deals to fundings is what will determine the decisions that are made

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