Activity Stream

Just fund another deal. You're like a broken record. No one is agreeing with you lol

Your customer DEFAULTED on their agreement. Even if they end up paying, they still did not pay on the agreed terms since they bounced a payment. The idea that because they are paying now makes them not a default is crazy. If a merchant stops on the first payment but 3 years later pays in full, that is still a default. With that being said you seem to know a lot about the law. Maybe you would do better in that line of work. Clearly this isn't for you.

News Flashhh*** Laws have changed for NY and CA recently. We are a NY ISO. We have claims under the CFDL, UDAAP laws, breach of contract, and tortious interference theories. Our clawback period is only 30days and there was never a legal default within that time period. The NY CFDL applies to any "commercial financing transaction," which includes MCAs, that are offered or provided to a "recipient" located in New York state. This means the law can reach beyond just New York-based funders and apply to out-of-state funders doing business with New York merchants or brokers. The NY CFDL contains specific requirements around the disclosures and contractual terms that must be provided to MCA brokers. For example, the law limits the duration of commission clawback provisions to up to 4months, and prohibits certain deceptive practices by funders towards brokers. The NY CFDL gives the New York Department of Financial Services the authority to investigate violations and impose fines of up to $2,000 per violation. If a MCA funder is found to have violated the broker-related provisions of the NY CFDL in its dealings with a New York broker, the funder could be subject to these civil monetary penalties. Not only that but can also be sued for untimely wages due to the broker. The funder is essentially purchasing labor services from our company, and we use that money to cover expenses and the wages of the workers providing the services. We have the right to dispute for up to 100% on the original commission amount plus lawyer fees as per contract. Not the funder telling us we will get paid in December. Lol You guys need to learn to respect your laws and brokers. Carry on with your busy days, hope fathers day was great.

Throttle Lendora Search the forum youll find more

What does the company do? Perhaps a better financing package would be a better solution.

We're funding Bluevine statements diana@ontapcap.com 929-566-7317

I don't think it's that deep brudder, I think he would take 1 point if he got the deal done. Another way to get a 1.18 factor rate would be to get an Early Payoff Addendum if u have someone who does that

Funding Blue Vine statements. Email Underwriting@capitawize.com & CC Kareem@capitawize.com

Why dont people fund if they have bluevine statements

nah, it's you that needs to "get real", not me. I've been doing this a long time (obv much longer than you). You're great merchant bounced payments within their first week of being funded. The funder told you there's gonna be a longer waiting period to get paid. If you don't agree with it, hire a lawyer and sue them instead of crying your eyes out on a public forum looking for people to feel sorry for you (and if you do hire a lawyer, he'll probably read the ISO agreement and tell you the funder was within their rights). This industry doesn't seem like it's a good fit for ya.

If you got someone to give you the 1.18 making 1 or 2 points, you wouldnt take it? You HAVE to make 3-4? Isnt it better to make something than nothing?

The real interesting part is that the article doesn't just quote the lawsuit verbatim. They actually claim to have additional sources identifying the people directly involved in these transactions. This is the beginning of a potential criminal case if there's any truth to it.