Results 26 to 37 of 37
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07-05-2018, 02:40 PM #26
- Join Date
- Mar 2016
- Posts
- 908
Couple of points i am taking from this thread so far that we will implement.
-Docusign ( In the works, Currently allowed on 15k or less ) (Iso's own Envelope)
-Ability to speak to Decision maker - No problem
-UW prior to a contract request -90% of the underwriting is done upfront. The other 10% is Banklogin and Background check if the deal is big enough.
- Be the path of least resistance - VC,BL,DL
Looking for more, thanks guys.
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07-05-2018, 03:12 PM #27
- Join Date
- Jun 2015
- Location
- Gainesville, FL
- Posts
- 200
Open communication is a big one. When we tell ISOs and Brokers that they can speak directly to the underwriter on the deal, and not to some ISO Manager gatekeeper, it's usually met with surprise/joy.
Oh, and we have Docusign set up for all of our contractsLast edited by kpeng; 07-05-2018 at 03:18 PM.
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07-05-2018, 03:16 PM #28
- Join Date
- Jan 2018
- Posts
- 353
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07-05-2018, 03:53 PM #29
- Join Date
- Dec 2013
- Posts
- 4,713
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
覧覧覧覧覧覧覧覧覧覧覧覧覧
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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07-05-2018, 03:55 PM #30
- Join Date
- Feb 2018
- Posts
- 1,349
DocuSign? That's been around for awhile now. Let's try a portal online you get get access to your accounts, balances, % paid down, to really take control of your Folio. Some funders have this and get a lot of business because of it. You can request contracts, adjust upsells, etc etc all through automation. If you aren't willing to invest in technology, your already way behind. If your catering to the one and done broker, it isn't needed, but, for the ISO's who do a lot of business, this is basic stuff needed. ODC, SFS, etc all have this. And, renewals, this has to be open and transparent. If you are going to shut off brokers from this part of the business, you are just asking to be stacked and your business flipped. You have to decide, do you want a true business alliance, or, do you want to create an adversarial relationship.
On the process, yes, there is nothing worse than getting a signed contract and being stipped to death, having the deal declined, or, revised to an absurd amount that will hurt your brand (meaning the ISO) as the merchant will walk. Any funder's that still decline a bulk of deals post signed contracts are prob no longer getting ISO business or very little. Too much competition and options to deal with those headaches anymore.
I will add this- any funder's who we have caught backdooring or selling off the deal come renewal time, are toast. you know who you are.Last edited by fundingsmbs; 07-05-2018 at 03:59 PM.
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07-05-2018, 03:58 PM #31
- Join Date
- Dec 2013
- Posts
- 4,713
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
覧覧覧覧覧覧覧覧覧覧覧覧覧
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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07-05-2018, 04:09 PM #32Karen37aGuest
The most important things are to have open communication and transparent underwriting
The ability to have a file "reconsidered" because of additional verifiable positive monetary factors on files right on the edge of funding helps, ...so again communication with underwriting.( or reps or brokers who are in direct contact with underwriting)
Then speed comes into playLast edited by Karen37a; 07-05-2018 at 04:15 PM.
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07-05-2018, 04:24 PM #33Karen37aGuest
Hard to sell off Renewals or backdoor Strong Isos or brokers. If you held onto them and didnt get stacked etc ...usually the merchants wants to stay with you not the funder who they really do not know?And if they call the merchant the merchants usually tell on them?
What stops the Broker or iso from just taking the merchant back?
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07-05-2018, 04:38 PM #34
- Join Date
- Feb 2017
- Posts
- 3,456
One thing I would appreciate seeing a lot of co-brokering deals I've done and that I've seen.
There are a lot of funders who may give "JULY BONUSES" - Perhaps volume bonuses for super-ISOs? Something along the lines of an override. Especially the funders who have no outbound sales crews, if a well-known super-ISO brings in a client, perhaps protected the broker
It could be a slippery slope, but it could definitely allow the more experienced brokers to submit full files, rather than sort through the bad stuff. "First line of defense." I've certainly killed deals before sending them.... I've also seen brokers submit deals in an underhanded way just to see if they can get funding before the COJ was filed.
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07-05-2018, 04:47 PM #35Karen37aGuest
I have killed so many files...caught so many shady brokers ...bad paper. I should join the save the trees foundation.
Almost all of them had 700 plus credit scores, never arrested and not even a dui...who would have thunk itLast edited by Karen37a; 07-05-2018 at 04:51 PM.
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07-05-2018, 04:55 PM #36
- Join Date
- Dec 2013
- Posts
- 4,713
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
覧覧覧覧覧覧覧覧覧覧覧覧覧
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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07-05-2018, 04:57 PM #37Karen37aGuest
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