[Brightpoint]

This is my first time posting here at DF and forgive me if my questions are too newbie.

We are actually a direct funder here in SoCal, but never had ISO relationship with other big funders like OnDeck and CAN Cap. In other words, we have not passed any deals to other funders for commission but worked directly with merchants in CA by partnering w/ our local CC processing company. We accept application and we either fund or decline. Btw we only do 1st position. But from one point, we were throwing away too many good merchants who are 1) considered to be B-C paper, 2) out of state CA, and 3) industries we don’t service like trucking & construction. I have no idea how they found us since only sales channel we have is local CC agents. So we are planning to become ISO for reputable funders (not many but around 3-4 funders would be enough).

My questions are:

1) As an ISO, do merchants need to fill out two different applications if we decide to submit the deals to two different funders? The merchant already filled out our application and will be troublesome if we ask them to fill out two other but same-type application. Can we use our application and submit to these two lenders along with other required docs?

2) We run the owner’s credit from Experian directly. Yes we do a hard pull. Would each funder pull the credit of the owner again even if we attach the most recent comprehensive credit report? If so, that’s 3 credit pulls for the merchants.

Is there any reputable funder who can solve these two?

And what is the avg volume per month to be treated as super ISO and get highest level of customer support?

As we develop our business in becoming ISO for other funders, our company will have so many things to newly develop from CRM software to marketing.. and I will have a lot of questions and will heavily rely on super experts from DF! Come to Orange County and I will buy you a lunch, dinner, drink, flower, everything anything you like Thank you all!

William
Brightpoint Capital, Inc.
william@brightpointcapital.net

[abfunders]

1) Make sure your first app allows you to pull credit and any affiliates/partners from the get-go, and you won't have any problems/

2) You should start doing a soft pull or submitting to other funders who only do soft pulls, like QuarterSpot or IOU (or soft pulls until funding like Rapid). That's assuming you can only do MCA deals. If you go out and do something like factoring or collateralized deals, then you can probably submit your own credit report with it and they won't need pulls until funding, as well. It will really depend on the funder their credit pull policy and your relationship with them. Ask each funder directly what their policy is, and specifically request that they don't pull credit, "CREDIT REPORT ATTACHED."

Don't limit yourself to MCA deals. If you can't fund it, there are other ways to get money to merchants aside from MCAs.

[J.Celifarco]

Most banks will accept your app. When you sign up some of the bigger banks will ask to see a copy of the application you use and make sure there is no language in it that they have a problem with but you should be fine with your app. In terms of the credit most if not all will want to pull credit. You can find someone who does a soft pull and will only do a hard pull for funding but they will want to pull a copy of the credit for themselves. Good luck moving forward here to help if we can

[patrickw]

1) Make sure your first app allows you to pull credit and any affiliates/partners from the get-go, and you won't have any problems/

2) You should start doing a soft pull or submitting to other funders who only do soft pulls, like QuarterSpot or IOU (or soft pulls until funding like Rapid). That's assuming you can only do MCA deals. If you go out and do something like factoring or collateralized deals, then you can probably submit your own credit report with it and they won't need pulls until funding, as well. It will really depend on the funder their credit pull policy and your relationship with them. Ask each funder directly what their policy is, and specifically request that they don't pull credit, "CREDIT REPORT ATTACHED."

Don't limit yourself to MCA deals. If you can't fund it, there are other ways to get money to merchants aside from MCAs.

What options other than MCA?

[MCNetwork]

What options other than MCA?

SBA loan, multi-year term loan, equipment leasing, invoice factoring, line of credit, etc.

[abfunders]

What options other than MCA?

Factoring, real estate, SBAs, bank financing, other types of collateralized deals, unsecured and secured LOC......
MCA is a good product for salesman and for merchants who actually don't qualify for anything else or need the money very quickly. There are tons of other things out there, just gotta know how to monetize them.

[Brightpoint]

1) Make sure your first app allows you to pull credit and any affiliates/partners from the get-go, and you won't have any problems/

2) You should start doing a soft pull or submitting to other funders who only do soft pulls, like QuarterSpot or IOU (or soft pulls until funding like Rapid). That's assuming you can only do MCA deals. If you go out and do something like factoring or collateralized deals, then you can probably submit your own credit report with it and they won't need pulls until funding, as well. It will really depend on the funder their credit pull policy and your relationship with them. Ask each funder directly what their policy is, and specifically request that they don't pull credit, "CREDIT REPORT ATTACHED."

Don't limit yourself to MCA deals. If you can't fund it, there are other ways to get money to merchants aside from MCAs.

I should definitely look for funders w/ soft pull (at least until funding). Thank you Micah!

[Brightpoint]

Most banks will accept your app. When you sign up some of the bigger banks will ask to see a copy of the application you use and make sure there is no language in it that they have a problem with but you should be fine with your app. In terms of the credit most if not all will want to pull credit. You can find someone who does a soft pull and will only do a hard pull for funding but they will want to pull a copy of the credit for themselves. Good luck moving forward here to help if we can

thx for the info John! I appreciate it

[Brightpoint]

Factoring, real estate, SBAs, bank financing, other types of collateralized deals, unsecured and secured LOC......
MCA is a good product for salesman and for merchants who actually don't qualify for anything else or need the money very quickly. There are tons of other things out there, just gotta know how to monetize them.

Totally agree. But would need another 3-4 in the team to launch one new product. I mean.. if you want it do it right..