[bostriba]

I am curios of the requirements that need to be addresses so to become a broker in this industry. Are there expensive fees etc.?

Also, Can I deal directly with underwriters? Or do I need to work with an intermediary? Let me know. Thank u in advance.

[rld]

I was already a merchant services provider when I got into it.. so all I had to do was sign up and start selling.

I think some of the bigger companies do a background check on you.. other than that all you have to do is figure out which companies products/commission you lik the best.. sign up and start selling. At this point there is no license that you need or anything..

[bostriba]

Thank you for response!!! Can I go right to underwriter directly then? I am assuming I would have my agreement (merchant service provider) with them directly and can have agreements with a number of them as well???

[JSL23]

Thank you for response!!! Can I go right to underwriter directly then? I am assuming I would have my agreement (merchant service provider) with them directly and can have agreements with a number of them as well???

Yes, you can sign multiple agreements. You will want certain Lenders for your "A" paper, certain Lenders for High risk and others for the in between. After a while you will start knowing where to send what. Always ask what their sweet spots are and what type of situations will always cause a decline. Most Funders assign a Rep to you who sends the file to UW. You may have some interaction with the Underwriters, but mainly it will be the ISO Relations person, Account Rep, or some other Front Office type.

[@jeannette]

Welcome! Most companies will allow you to sign up directly. There are a few that will charge a fee like OnDeck to get signed up. You will want to sign with multiple companies because everyone does not have the same appetite for Deals. I would love if you signed with Retail Capital, we make offers for your high risk to moderate deals. Send me an email to jmcgraw@retailcapital.com and I can send you over our programs. We have an aggressive commission structure at9% on the payback amount, paying the same for renewals. We have a variable ACH payback method for merchants that qualify to help get your deals funded quicker.

[AMERICApital1]

I have never paid a fee with on deck....I joined several years ago though

[@jeannette]

It's a new thing, I sent a rep there bc I thought he would get a better deal from them than we were giving and he said they wanted 500 to get an ISO agreement.

[Eddie.deangelis]

I never paid a fee with on deck. I think that may be an error.

[isaacdstern]

Yellowstone capital can help you fund your high risk and declined files

800-955-2411

[@jeannette]

It could be an error, he tried at the end if April. The rep only does a deal or so a month, and they may have called someone else. I just apologized to him and pointed him in a new direction after he called me with the news.

[1StopFunding]

OnDeck does charge a fee now.

[funding pro]

It helps to avoid time and effort spend on agents and ISOs that only have one deal or just want to go through the process of getting an ISO agreement to see what they pay. I believe they reimburse the fee after you meet some minimum submission or funding count.

[JSL23]

OnDeck does charge a fee now.

Wow, I would literally tell someone to GFY if they charged a fee! Too many shops out there for that. Do they give nice offers sure, but last week I sold a $92,000 from BFS with a rate of 1.41 15 mo. with 15 built in and they just expanded to 18 month terms. There's other funders out there that pay just as well and give you a lot less grief.

[1StopFunding]

Lol jsl23!

[rld]

BFS has always been my go to company for "A" paper.. But lately they have been hard to deal with.

I am trying to figure out now who is going to be my new company for those deals. Many companies don't think stuff that I consider primo really is eh.. If someone has average daily balances that are more than they are asking for and has a good use for the cash then that should be considered primo.. At least it should in my world eh..

[rrichardson]

If you are an ISO looking for a reliable / efficient direct lender call Raymond Richardson at Capital Stack: 347 897 5454 X 1041!

[Chambo]

If you are an ISO looking for a reliable / efficient direct lender call Raymond Richardson at Capital Stack: 347 897 5454 X 1041!

They're talking about A paper dude, not declines

[aredmond]

Lol @ Capital Stack.......the name says it all.......

[rrichardson]

At Capital Stack LLC there are no fees to sign- up and become part of our growing ISO network. Call us at 347 897 5454 X 1041!

[Chambo]

At Capital Stack LLC there are no fees to sign- up and become part of our growing ISO network. Call us at 347 897 5454 X 1041!

Hey newbie, I'm on the phone with Rubin right now....we are having a good laugh at your post

[Zach]

I've had nothing but good experiences Capital Stack. Despite their name, they are not really a 'stack' funder (only do 2nds and the rare 3rd).

[rrichardson]

Thanks for he complement, Zachary!

[rrichardson]

Attention all ISO's, if you would like to become a Capital Stack affiliate please go to the following link and input / submit your contact information: 1workforce.com/apply
To speak to our ISO Relations Team call : 1 888 782 2510 or to reach Raymond Richardson direct call 347 897 5454 X 1041