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  1. #26

    RE

    Seize the moment and sell the book then you can thank the newbee for igniting your fire!

  2. #27
    Senior Member Reputation points: 62986
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    Apr 2015
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    Louisiana
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    Who do I use to process ACH agreement

    wow. that's amazing. not only does funding circle charge 3% you tacked on about 5% more in origination. so your merchant paid 8bps in origination fees. who knows the rate they got but it doesn't sound like you really did them any good. But most iso's are in this game for themselves and Jack their merchants as much as possible with no regards for the merchant but only for themselves. I realize it's buyer be ware but iso's that do their merchants a good service are the ones who are in it for the long haul and build relationships and get merchants to stay with them for the long haul. those are the iso's who build long lasting relationships with merchants who trust their iso and come back time after time for funding. Most iso's in this business are ex car salesmen or ex sub-prime loan officers looking for a quick buck. and we all know what happened in sub-prime. and yes, I can say that because I had a large sub-prime shop that was a lender, not broker. but almost every deal we write here we get a letter of reference and have lost less than 2% of our renewals to competition. good luck to you and collecting your $10k

  3. #28
    Scratching my head, how did you expect to have an ACH from a merchant's account w/o an ACH agreement of your own?

  4. #29
    Senior Member Reputation points: 301165
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    Jun 2015
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    3,313

    Quote Originally Posted by sigmundpannu View Post
    wow. that's amazing. not only does funding circle charge 3% you tacked on about 5% more in origination. so your merchant paid 8bps in origination fees. who knows the rate they got but it doesn't sound like you really did them any good. But most iso's are in this game for themselves and Jack their merchants as much as possible with no regards for the merchant but only for themselves. I realize it's buyer be ware but iso's that do their merchants a good service are the ones who are in it for the long haul and build relationships and get merchants to stay with them for the long haul. those are the iso's who build long lasting relationships with merchants who trust their iso and come back time after time for funding. Most iso's in this business are ex car salesmen or ex sub-prime loan officers looking for a quick buck. and we all know what happened in sub-prime. and yes, I can say that because I had a large sub-prime shop that was a lender, not broker. but almost every deal we write here we get a letter of reference and have lost less than 2% of our renewals to competition. good luck to you and collecting your $10k
    What is looking out for a merchant more . Taking him to on deck , can or bfs with no broker fee or getting the merchant a quarter the rate even with his 5 percent added on .
    When you sell a deal how many points do you add on from the buy rate 1-2 percent? With the cost it took you to get that client you will be losing money .
    Even if you don't lose any . Why should they leave it your running a charity ?
    Now don't get me wrong I am not for killing a merchant . But where do you draw the line ? I feel nick as dumb as he is for this industry , did look out for his merchant

  5. #30
    Senior Member Reputation points: 99426
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    New York, NY
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    1,780

    True. What Nick did isn't wrong, especially since Funding Circle's rates are very low. But not having an ACH processor in place shows that he didn't give it much thought.

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