[Davincinc]

This post was edited because initial had too many characters. I will put the scenario back up in full in a reply.

Anyone know why 4 brokers can work on the same deal with bfs?

Anyone know why 4 brokers can submit just the same app from different brokers and a fifth broker comes along submit his app and with all stips (full package) and all the brokers get same offer at the same time!?

I had this well detailed and will repost but the basically all u need is the name of a file which is almost complete submit an app from customer and get the same offer. No hard work, no customer relation, cutthroat theft. Opinions?

[funding pro]

It's a "you're damned if you do, damned if you don't" situation. If they dont give the other guys the same offer, than they were at a disadvantage and will get pissed. If you do enough business with the same company, than at the end of the day the policy should benefit you as often as it hurts you. If you are the better sales person and think the policy hurts you more than it helps, I would look at new funding partners.

[Nunya]

This post was edited because initial had too many characters. I will put the scenario back up in full in a reply.

Anyone know why 4 brokers can work on the same deal with bfs?

Anyone know why 4 brokers can submit just the same app from different brokers and a fifth broker comes along submit his app and with all stips (full package) and all the brokers get same offer at the same time!?

I had this well detailed and will repost but the basically all u need is the name of a file which is almost complete submit an app from customer and get the same offer. No hard work, no customer relation, cutthroat theft. Opinions?

So to recount, you were fifth in line and still have a shot at closing the deal? I'd be pissed if I was first with the file and you showed up late to the party and then came on Daily Funder to complain about it. It's the last day of the month and you came here to complain. Why don't you get on the phone and go get some more files. Or, alternatively, there's time management courses you could take which might help you be a little more productive.

[Davincinc]

I was first but merchant was working all angles. But to continue.

Each broker provides a peice of the package to make it complete. All get the same offer at the same time whil the fifth whom put little to no effort in the whole thing can close it at 2-5 points.

Meaning** if u know the files that are almost complete. All u need is an app and missing doc to close em.

Sux

[WestCoastFunding]

I was under the understanding that the first broker to send back a complete package with all the stips gets it?

My guess is the broker charging the least points was the one that sent in the signed contracts and all other stips.

[Karen37a]

Technically the first broker who gets the contract in gets the commission BUT

Some places use this as a convenient excuse to not pay ANYONE.
Or they pay the broker or Iso they like the best( does the most business ) or the inhouse broker.

Sometimes you can be legitimately beaten to the close with the contract.

( there is no way to know, you have to base the decision on the honor and integirty of the Funder)
....unless you have the merchant on your side or are in contact with them and they say..."i went with this other person" or "I never talked to anyone but you"..you cant prove it

When you have a shifty merchant the shifty funders know that noone has to be paid.
Or as stated you were legitimatly beaten to the close.


Contracts should also be signed or initialed by the broker submitting them ....add that to the regulations.

[Jstarr]

Steve i think BFS is taking the "Ink Wins" stance - the first person with a signature and all the docs gets the deal.

you should contact Cathy Bass and complain about this.
https://www.linkedin.com/in/cathy-bass-26b92a14/

[Karen37a]

I would tell you it's better to call the merchant but I am sure he is in the "witness protection program" sarcasm or won't answer you, fell off the grid.


* the few that did this to me or my team defaulted before the first payment.. i thought I was catching back up with them at renewal

Two actually stung me..bragging how they are A paper and so ethical.

( isos have to tell their brokers...well you are not getting paid, sorry you are being evicted...good try though. And if the Brokers didnt trust the ISO 100% they would think they did it too or the broker farmed out the deal from the Iso..you get to know people and know they didnt do it)

Ps West. Outside Brokers hold 7-10 as inside brokers try to drop on the back end constantly ( no company in particular)

Or they drop, new contract...now it's not yours.

( so the idea that brokers sign the contracts will slow people down, it doesnt 100% thwart the effort)

That's why you cant sell on rate or rate alone

gl

[MCAVeteran]

If 4 brokers are sending in the same deal than you have to expand your funder network to a less saturated well. I spoke to a rep recently who does alot of direct marketing and he said he funds quite a bit with off the beaten path funder names. If you find yourself in the rat race, may want to start searching for more ammunition

[Karen37a]

If 4 brokers are sending in the same deal than you have to expand your funder network to a less saturated well. I spoke to a rep recently who does alot of direct marketing and he said he funds quite a bit with off the beaten path funder names. If you find yourself in the rat race, may want to start searching for more ammunition

This is true. That's why its best to go to a B/C/ D Funder at times, or a Big Iso that syndicates their own $$$$, or brokers broker who can get a deal through that has your best interest ( partially) at heart, that will be gracious to the merchant on renewal; if he uses the money for the purposes intended and the health of his business stays the same or gets better

And why I opposed mandatory comparisons against certain companies.

[fundmcas]

Karen I see you post on here quite a bit. Who do you recommend to work with as a iso or investor?

[shieldfunding]

I would look into another lead source if your merchant is being shopped by 5 brokers.

[Karen37a]

Karen I see you post on here quite a bit. Who do you recommend to work with as a iso or investor?

PM me your email address. If i post it its no longer a special weapon in my arsenal.

Some people on these boards are good.

Some people might not like me mentioning them, they pretend to not know me and chastise me on the phone lol

[Esteban2000]

Operationally, this is a tough call. The best bad option, IMHO, is to give the same offer to every Broker who sends in an acceptable (ie, complete) application. Then it's a 'first blood on the contract' situation. This obviously doesn't please everybody all the time, but i have found it to be the fairest solution.

Steven Hunter

[Karen37a]

The best Option is to not send some Funders documents piecemeal. You are handing over a piece to the puzzle. Get full documents in, in an attempt to control the sale

***solid "pre approval" then full docs