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Sorry to hear about the EIDL issue. Not sure where your file was with SBA for the increase but I THINK the funding ran out around May 5th. Even if you had a file in to SBA even before that I would say you were SOL. There may have been a chance for the increase if it was approved. SBA got really weird about that time. You have to call SBA about that but it sounds like he intentionally collected money from you knowing you would never be successful but I can't say for sure. Good luck going forward.

Not really. I’m talking about using a funders contracts, debits, and crm to fund. I would put up the money and bring the isos. Like an umbrella of them

I'll check it out thanks!!

Go into your loan on the website there is a place where you can request 6 month hardship payment reduction. 10i% of your normal monthly payment. SBA numbers: 833.853.5638 • 800.659.2955 • also: 800-487-6019

I couldn't agree more! I've heard many negative comments from banks about MCAs but I always tell them that I wouldn't have been able to grow so fast if it wasn't for them! Luckily have Joe as a resource to guide to guide me. Unfortunately Michael has shown me the bad side of this industry but lesson learned for me.

Thanks! Where would I report him and if you don't mind, I'd love to know the best number to call to ask for some help with temporarily reducing the eidl payments. Slow season :-)

Not great, kinda missed the point.

I keep hearing all these names that you never see on bank statements solicit for business. Are all these DBAs for a funder who is trying a scheme to get deals and stiff ISOs? Has anyone vetted the office location? Are they virtual locations?

ISO's are clawed back typically if deals default within 30 days. Some try and stretch that to 60-90 days. Funder's are paying up to 12 points, sometimes higher, sometimes lower all upfront. This is totally different than how an employee is paid to manage ISOs .

I 've been laying around with it since the release in November. I now try to ask it any question that I run across, just so I can get a feel of exactly how awesome this is... I have discovered that it can not do math well, even thought it gives an answer, as well as an explanation that sounds like it makes since. So I find that, even though the answers sound great, you need to vet them.. So I was wondering what was the quality of ChatGTP's answers regarding those questions posted.

Seems like someone discovered chatgpt...

How is the quality of the below answer? The cost of using someone else's backend for your own book can vary widely depending on several factors, including the size of your book of business, the complexity of the services provided, and the terms of the agreement. Typically, a fee is charged as a percentage of the transaction volume processed through the backend. This fee can range from a few basis points to several percentage points and can be based on a monthly or annual basis. Some providers may also charge additional fees for specific services, such as chargeback handling or customer support. It is important to carefully evaluate the terms of the agreement and the services provided to ensure you are getting a fair price and that the backend provider is able to meet your needs. It may also be useful to compare the costs and terms of several providers to find the best fit for your business.

Does the answer below check out? Clawbacks for ISO representatives typically occur if there are chargebacks or other violations of their agreement with the acquiring bank. The acquiring bank may require the ISO to refund some or all of the compensation they received for a specific transaction if the transaction is later found to be fraudulent or violates the terms of the agreement. The reasoning behind clawbacks for ISO representatives is that the acquiring bank may bear financial liability for chargebacks or other violations, and the ISO is seen as being responsible for ensuring the transactions they facilitate are in compliance with the agreement. The clawback serves as a way for the acquiring bank to recover some of its costs in such cases. It is important for ISO representatives to be aware of and understand the terms of their agreement with the acquiring bank, including any provisions for clawbacks, in order to minimize their exposure to financial risk.

Is the below a valid answer? The compensation structure for ISO representatives (Independent Sales Organizations) can vary widely depending on the organization and specific agreement between the ISO and its merchants. Typically, ISOs are paid a percentage of the transaction fees charged to merchants for processing credit card transactions. The exact percentage can range from a few basis points to several percentage points, with higher percentages often being paid for transactions with higher fees. In terms of clawbacks, ISO representatives may be subject to similar terms as brokers, including clawbacks of compensation for chargebacks or other violations of their agreement with the acquiring bank. In conclusion, the compensation for ISO representatives is usually a percentage of the transaction fees charged to merchants and can vary widely, with higher fees potentially resulting in higher compensation. Additionally, they may also be subject to clawbacks in certain situations.

How many subs on average should a good rep bring in on a monthly basis to earn these numbers ?

You talking about a syndication platform or just a large iso to go through on brokering ?

There's way too much of this going on. This behavior is appalling. As Steve said above, report that company ASAP! People like that are one of the biggest reasons alternative financing gets a bad rap.

Consistently funding 1st and 2nd all the way up to 4th. Capped at 750k at the moment however.

American Choice Capital is funding California, Virginia, and Utah.

We fund up to 4 million. All my information is below! feel free to reach out

Wore a wire for the FBI...was interesting... All doing jail time and millions in restitution.... https://archives.fbi.gov/archives/losangeles/press-releases/2013/federal-agents-arrest-operators-of-loan-modification-scam-that-targeted-struggling-homeowners

It still matters that you filed a claim against them. If nothing is done, companies will keep behaving badly with no record of their wrongdoing. At least there was a paper trail of their malfeasance.

call me 929-996-8972

This is not us posting so that we can fund just your calli deals.

There are few lenders that will actually fund more than a 1m wire and underwriting it in under a day even fewer. Blade Funding Apex Prob your best bet.

We "Free-fi" all the time! There's nothing better than having your shop make money while you sleep. Obviously we don't do this unless we have that type of relationship with the broker. Get signed up so we can have this type of relationship!

Hi Michael. Email and me, easier to go through it with you but other than restricted industries we fund everything. Does have to be credit cards only.

Damn! Appreciate you posting this type of info. It is our duty to self regulate this industry. Dealing with crooked brokers is where us funders have to take things into our own hands and cut them off.

Complete con...you can't forgive an EIDL loan. Only the PPP offered that. You can report the fraud to the SBA though. Call them. You can call the SBA and ask for loan payment reduction due to financial stress with the payments. Go into the payment system and get a 6 months payment reduction for 10% of the monthly payment. Keep in mind I hear from brokers all the time who charge merchants up front fees as a secure funding charge or somesuch nonsense.

We can come in as a 2nd position once he has payment history for a month And CA is not a problem