[John Galt]

Just an FYI: Business Union Financial after promises of sending commissions due a week ago, after telling me they were direct and then not sending a copy of customer agreement to me and getting it from customer and finding out they funded with EBF (I already represented them for over a year) a week ago and got paid the next day, after not answering 20 emails and calls or so....Never paid. Realizing I am an idiot and fell victim, that they were a scam and have no other recourse then to ask the customer to close his checking account and open another, so EBF claws back. Have to look at Michigan State website to see if they have an efiling system for small claims as we do in Miami. Hard enough to find new accounts nowadays, but these marketers on the site make it worse for ISOs. Caveat Emptor!

[CreditGuy]

LOL. This industry is a **** show.

[Sachip24]

their ads on here are not the most professional

[sigmundpannu]

Is stealing a deal from an ISO really worth it? If your that desperate to close a loan, shut down your shop-seriously.

[ridextreme]

LOL. Some people in this industry is a **** show.

fyp

[jeff@bufinancial.com]

Just an FYI: Business Union Financial after promises of sending commissions due a week ago, after telling me they were direct and then not sending a copy of customer agreement to me and getting it from customer and finding out they funded with EBF (I already represented them for over a year) a week ago and got paid the next day, after not answering 20 emails and calls or so....Never paid. Realizing I am an idiot and fell victim, that they were a scam and have no other recourse then to ask the customer to close his checking account and open another, so EBF claws back. Have to look at Michigan State website to see if they have an efiling system for small claims as we do in Miami. Hard enough to find new accounts nowadays, but these marketers on the site make it worse for ISOs. Caveat Emptor!

The Deal was funded last wednesday. According to the ISO agreement, commissions to be paid within 7 business days however we always provide commissions via ACH which can some times take a couple extra days. This was your first deal and we will be providing your commission as regular scheduled (shortly as we always provide our ISO commissions ASAP) and will hit your account depending on your bank. Please call me to clear up any communication as communication is the most important part of any partnership. Thank you Steve, I look forward to talking with you soon.

[John Galt]

This guy just lies and lies. His accounting dept said Friday commission would be paid last Friday or Monday via wire (but now its an ach). He personally called me yesterday and said a wire would be sent out yesterday. He told me he was a direct writer and then said. Oops! We sent it to another funder (without asking me, since i already represented them). He refused to send me a copy of the contract. I made it clear it was a local client that I had on the books for years, and EBF was local to me so why should I send it to him..he gave me this rah rah bit that BUF would provide marketing, leads etc. so I let him keep the account rather than get new apps signed by the client which EBF suggested I do....an ACH takes minutes to do and hits at 12.01 am daily. A wire is immediate after going thru the Fed. No additional paperwork as he suggests. My bank is the 2nd largest in the US and I get wires and ACHs daily.

[bdshaw]

Sorry to hear that High. I'm familer with small claims here in Michigan. Why not give me a call after today. Perhaps I can help.
Bob
734.929.3800

[John Galt]

Thanks Bob. I'll be up in Detroit and Windsor again in 2 weeks.

[HDF]

The Deal was funded last wednesday. According to the ISO agreement, commissions to be paid within 7 business days however we always provide commissions via ACH which can some times take a couple extra days. This was your first deal and we will be providing your commission as regular scheduled (shortly as we always provide our ISO commissions ASAP) and will hit your account depending on your bank. Please call me to clear up any communication as communication is the most important part of any partnership. Thank you Steve, I look forward to talking with you soon.

Pretty weak. Try again?

[John Galt]

A PS added on here....the guy says " I look forward to talking to you soon" and " we will be providing your commission as regular schedule" in public here, yet told me yesterday "we will not be doing business with you anymore" after I complained my girls were not getting return calls or emails and had been told that the commission was due to be wired last Friday. Hmm...."communication as communication is the most important part"...How about misrepresentation or no communication?

[jfeinberg]

The Deal was funded last wednesday. According to the ISO agreement, commissions to be paid within 7 business days however we always provide commissions via ACH which can some times take a couple extra days. This was your first deal and we will be providing your commission as regular scheduled (shortly as we always provide our ISO commissions ASAP) and will hit your account depending on your bank. Please call me to clear up any communication as communication is the most important part of any partnership. Thank you Steve, I look forward to talking with you soon.

AKA We don't have the money to cover commissions so once we receive the commissions on the past 3 funded deals you get the commissions ASAP

[John Galt]

Yup, nature of the beast. Buyer beware. My own stupidity and laziness for not getting a new app. Been around a long time with a good book, I should've known better. But we can all use more leads as competition increases and I always like the 15% deals. I even asked why were they paying the whole commision that EBF pays and they said they were on the banking side participating in the funding...seemed logical.

[RichardGerard]

The Deal was funded last wednesday. According to the ISO agreement, commissions to be paid within 7 business days however we always provide commissions via ACH which can some times take a couple extra days. This was your first deal and we will be providing your commission as regular scheduled (shortly as we always provide our ISO commissions ASAP) and will hit your account depending on your bank. Please call me to clear up any communication as communication is the most important part of any partnership. Thank you Steve, I look forward to talking with you soon.

Just saying:

that's weak.. Pay the man.. Call the bank- give them the routing and check account #'s (and wire # if applicable) and pay him via wire.

Bad publicity is lot worse than writing a check (unless the funds aren't there).. How many folks here will ever feel comfortable submitting something your way after this.

Unsolicited advice: speak to the owner- make up a good excuse as to why it hasn't happened already- then pay the man.

[jeff@bufinancial.com]

The payment was already made. Please reserve all of your comments until you understand the situation. Communication is the most important aspect here and I still have not received a call from you to discuss. The simple fact is that the payment was already made and you should contact your bank anyway to see what's holding up your payment. We typically ACH payments as a rule of thumb however treasury sent you the wire. I would appreciate your patience and look forward to helping you resolve this issue. Let me know when you see your payment.

Also telling a merchant to close their account after they've been funded is not a good practice for a broker, buyer be ware! Don't take files from ISOs who try to scam funders, this is why you were told to not send any more files.


Thanks Steve,

[fund it]

The payment was already made. Please reserve all of your comments until you understand the situation. Communication is the most important aspect here and I still have not received a call from you to discuss. The simple fact is that the payment was already made and you should contact your bank anyway to see what's holding up your payment. We typically ACH payments as a rule of thumb however treasury sent you the wire. I would appreciate your patience and look forward to helping you resolve this issue. Let me know when you see your payment.

Also telling a merchant to close their account after they've been funded is not a good practice for a broker, buyer be ware! Don't take files from ISOs who try to scam funders, this is why you were told to not send any more files.


Thanks Steve,

this steve of Jeff ?

[jeff@bufinancial.com]

This is Jeff but I'm saying thanks to Steve since the ISO's name is Steve S.

[John Galt]

What a liar...not funded. Your company lies to you. I did just now get an email from your accounting dept that a wire was done from your Chase account and what might be a confirmation. We'll see. And I've been around a long time. I control my clients and surely don't need advice from someone that can't even spell "beware". I guess we tried to "scam a funder" by requesting a commission to be paid timely and when you said it would be.

[jeff@bufinancial.com]

So who's lying here Steve? I'm confused.

[John Galt]

Yes Jeff, you are confused. Your Treasury said it would be paid last Friday or Monday, it wasn't and we got no return calls or emails as we don't know who you are and the miscommunication of your rep to say you were direct was already a problem. You just now emailed me what appears to be a confirmation that it was wired yesterday. The confirm doesn't have an approval on it. The wire hasn't been received as of yet. Maybe it was real, I don't know but we'll soon see. You tell me communication is important but after talking to you yesterday you said you'd find out and call back, and you didn't as all in your firm are apt to do. You then accuse us of attempting to scam you when all the girls did was ask when the commissions were paid.

[jeff@bufinancial.com]

Im sorry, our treasury department spoke with your staff nine times in the past couple days. Im not sure how there was a communication gap with that many discussions.

[Jonathon]

So who's lying here Steve? I'm confused.

Why are you telling everyone you are a direct lender when you are brokering your deals out?

[John Galt]

Yes the receptionist took messages for Linda who never returned the call. Your rep had to give me to someone else to try to sell me on why you brokered my account to a fund op that I already represent. Wire still not received. If it is I will retract that part of my rant. Also the wire confirmation says "not available". Maybe in the spirit of "communication" someone could confirm that it actually went out.

[Vfunding]

I remember a time when one could hop on the DF to meet people in the business and learn about cool new stuff happening in the industry. Ah the glory days. Dramaaaaa

[Michael I]

Why are you telling everyone you are a direct lender when you are brokering your deals out?

same question i have