Results 1 to 25 of 48
Hybrid View
-
03-13-2019, 12:53 PM #1
Reputation points: 4856
- Join Date
- May 2016
- Location
- San Francisco & New York City
- Posts
- 75
I don't completely disagree, Omegafund. It can feel black-boxy at times because of the automation. But we do our best to communicate underwriting standards upfront and decline reasons after the fact.
That said...we can give you good guidelines on FICO, monthly deposits, ending daily balance, and existing leverage where you'll see 70%+ average approval rates if you hit the guidelines.
Happy to discuss more 1:1 if you think it would be helpful.
-
03-13-2019, 01:01 PM #2
-
03-13-2019, 05:25 PM #3
Reputation points: 4856
- Join Date
- May 2016
- Location
- San Francisco & New York City
- Posts
- 75
Hey brokerCompany - Can you please PM me with a way to contact you? Not sure which ISO you're with.
Matt Estes
BlueVine
partners@bluevine.com
-
03-13-2019, 01:21 PM #4
Reputation points: 16709
- Join Date
- Jul 2014
- Location
- Jackson Hole Wy
- Posts
- 732
-
03-13-2019, 02:06 PM #5
Reputation points: 307559
- Join Date
- Jun 2015
- Posts
- 3,326
one of the big issue i have with bluevine is that if someone pays off completely and the next day they fund him you do not get paid . Most funders have a 30-90 day period where it will still be yours
-
03-13-2019, 02:18 PM #6
Reputation points: 5011
- Join Date
- Nov 2018
- Location
- Phoenix AZ
- Posts
- 90
-
03-13-2019, 02:36 PM #7
Reputation points: 307559
- Join Date
- Jun 2015
- Posts
- 3,326
-
03-13-2019, 02:42 PM #8
Reputation points: 16709
- Join Date
- Jul 2014
- Location
- Jackson Hole Wy
- Posts
- 732
-
03-13-2019, 02:50 PM #9
Reputation points: 341293
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,508
Wait... if they are under a financing contract with the client, why would they not pay the referral source? Even if the client paid down the facility to a zero balance and came back two weeks later for more funds under the same agreement you should get paid. It's not like they terminated the agreement with the customer and then entered a new agreement????
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
-
03-13-2019, 02:57 PM #10
Reputation points: 307559
- Join Date
- Jun 2015
- Posts
- 3,326
-
03-13-2019, 03:05 PM #11
Reputation points: 341293
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,508
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
-
03-15-2019, 01:46 PM #12
Reputation points: 254
- Join Date
- Jul 2018
- Posts
- 15
Anybody have a good contact to get signed up at Bluevine, seems to be a battle just to get a response from them.
Thanks,
John Lehmann
AllCap Financial
949-625-6773
-
03-13-2019, 05:13 PM #13
Reputation points: 4856
- Join Date
- May 2016
- Location
- San Francisco & New York City
- Posts
- 75
That's why I don't follow Michael I's scenario. It's possible there is some detail I'm missing, so I can't comment with certainty yet.
But when a customer pays down to zero balance, that doesn't close their account with BlueVine. Quite the opposite - keeping the line open for future draws is like 50% of the value prop to the customer and to the ISO.
The average customer draws 3x their credit line over 12 months. So a customer with $100K credit line draws $300K on average in the first year. The ISO is paid commission on all $300K.
Matt
BlueVine
-
03-13-2019, 05:16 PM #14
Reputation points: 16709
- Join Date
- Jul 2014
- Location
- Jackson Hole Wy
- Posts
- 732
-
03-13-2019, 05:09 PM #15
Reputation points: 4856
- Join Date
- May 2016
- Location
- San Francisco & New York City
- Posts
- 75
Hi Michael - I don't completely follow the scenario that you're outlining.
If you fund a client with us and that client is attributed to you, you're paid commissions for the lifetime of the client (subject to your termination clause in the ISO contract that you signed).
Happy to discuss further live if you'd like.
Matt
BlueVine
-
03-13-2019, 05:50 PM #16
Reputation points: 307559
- Join Date
- Jun 2015
- Posts
- 3,326
-
03-14-2019, 12:44 AM #17
Reputation points: 4856
- Join Date
- May 2016
- Location
- San Francisco & New York City
- Posts
- 75
Hi Michael,
Your original description was "merchant borrows 100k pays it back fully with interest in a month. comes back 2 days later and they give him 100k iso gets paid zero . if he had any balance left even a hundred dollars than iso will be paid on the whole 100k."
So within that context, I can tell you that one possibility is that a competitive lender led a buy-out of our LOC and required the close of our LOC as a stipulation to them taking first position. This does happen from time to time. This would officially close out the account.
Assuming that is what happened, I would have a few more questions. For example:
1) Who facilitated the buy-out? You, another broker, or the competitive lender through their direct team?
2) Who facilitated the placing of the BlueVine 2nd position LOC 2 days later? You or another broker?
Depending on the answers to the questions above, you might receive commission for the 2nd position LOC or you might not. We have strict policies in place to deal with these types of scenarios and ensure "fairness & equity".
I suggest you have a transparent conversation with your Relationship Manager about the specific deal / client. I'm always available for escalation if necessary.Last edited by matt.estes; 03-14-2019 at 12:53 AM.
Similar Threads
-
Bluevine
By stat in forum Merchant Cash AdvanceReplies: 3Last Post: 11-01-2017, 04:06 PM -
Bluevine
By mreruiz in forum Deal BinReplies: 13Last Post: 06-08-2017, 03:38 PM -
Headway Capital
By jkimmel in forum Business LoansReplies: 4Last Post: 02-13-2017, 10:33 AM -
Headway Capital
By GMFunding in forum Business LoansReplies: 1Last Post: 11-16-2015, 11:32 PM -
Headway Capital
By wally in forum Merchant Cash AdvanceReplies: 3Last Post: 08-17-2015, 04:59 PM