ONDECK not paying ISO for renewals

**microboby** · 11-20-2018, 10:42 AM

*** Talked to Upper management and we getting paid *** we got written formal notice this time so Its a fair resolution

**abfunders** · 11-20-2018, 10:47 AM

Did you fund anything new with them recently?
It's worth thinking if there's something in your ISO agreement that allowed them to downgrade you?

Also, what industry and what's the FICO? Maybe it's about time to move them on and play "flight" rather than fight? Get them involved with factoring, or some other LOC?

**fundingsmbs** · 11-20-2018, 10:55 AM

The ISO agreement more than likely has a performance clause that if you do not fund a new deal within 90 days, they can keep your book. A tactic used by other funders in their ISO agreements

**microboby** · 11-20-2018, 11:14 AM

That could be it , just aren't they supposed to give you notice or something? I have not funded but renewals with them for a while . Never had that problems obviously. Been in the industry for 6 years now and funded many many deals ... bastards

**fundingsmbs** · 11-20-2018, 11:21 AM

they should give notice when you are going into that period of performance issues, like a 30 day notice to try and cure it. You could always fight it if you want and call the renewal manager or upper management but if you haven't funded new deals with them, the general attitude internally is of little value to keep you. However, they continue to monetize on your deals (the co doesn't see them as your's btw). It's a lousy clause that just teaches a broker to stack the co who does that to them. Red Line it future note for future iso agreements** Curious, what made you stop sending new deals to them

**abfunders** · 11-20-2018, 11:37 AM

What industry are they in? Time to rock OnDeck's boat and steal the deal, dude.

**mcashark** · 11-20-2018, 12:01 PM

sorry to here that microboby, you should hound Noah and get your doe, they should give THANKS to the client you brought them

Karen37a · 11-20-2018, 12:22 PM

Originally Posted by fundingsmbs

The ISO agreement more than likely has a performance clause that if you do not fund a new deal within 90 days, they can keep your book. A tactic used by other funders in their ISO agreements

This is why I do not want to sign on with certain funders and also another reason why the concept of "super iso" exists...a small person cant keep funding with multiple funders and hold onto their book

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