Results 26 to 48 of 48
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03-13-2019, 03:05 PM #26
- 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
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03-13-2019, 03:09 PM #27
- Join Date
- Feb 2017
- Posts
- 3,463
I think you can probably approach Bluevine and ask them to put them under your auspices again. Did you try?
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03-13-2019, 05:09 PM #28
- 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
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03-13-2019, 05:13 PM #29
- 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
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03-13-2019, 05:16 PM #30
- Join Date
- Jul 2014
- Location
- Jackson Hole Wy
- Posts
- 732
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03-13-2019, 05:25 PM #31
- 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
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03-13-2019, 05:50 PM #32
- Join Date
- Jun 2015
- Posts
- 3,326
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03-14-2019, 12:44 AM #33
- 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.
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03-14-2019, 12:50 AM #34
- Join Date
- May 2016
- Location
- San Francisco & New York City
- Posts
- 75
Hi Ben - I'll give you a ring tomorrow.
In the meantime, I did catch up with my team on the specific deal in question. It would be inappropriate for me to share real specifics on a forum like this, but from what I can see:
a) Your client got an approval, but not as large as you'd like. Your rationale to question the line size seems reasonable to me.
b) Underwriting requested a stip to try to bump the offer up for you. In my estimation, their rationale to ask for the stip is also reasonable.
c) You provided the stip back and it's in the Risk queue to be reviewed
I'm confident that we'll get to the right answer here. Either way, I'm looking forward to the chat tomorrow!
Matt Estes
BlueVine
partners@bluevine.com
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03-14-2019, 10:36 AM #35
- Join Date
- Jun 2015
- Posts
- 3,326
thank you matt i had the merchnat redo as a new file but i was told that if he did go back first to bluevine direct that i would have lost the file. i am sure now that if that does happen it will just need to be a call to you to fix . Celtic bank paid you off not through any broker.
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03-14-2019, 06:20 PM #36
- Join Date
- May 2016
- Location
- San Francisco & New York City
- Posts
- 75
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03-15-2019, 12:33 PM #37
- Join Date
- Feb 2018
- Posts
- 1,349
Isn't the general written policy on most ISO agreements out there that you get paid within 180 days of being paid off should the customer reborrow again? Granted there is alot of trust that has to be placed on the funder's side to inform the ISO this happened. The customer was originated by the ISO, therefore, there has to be fair rulesLast edited by fundingsmbs; 03-15-2019 at 12:36 PM.
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03-15-2019, 01:46 PM #38
- 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
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03-15-2019, 01:54 PM #39
- 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
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03-15-2019, 02:00 PM #40
- Join Date
- Jul 2018
- Posts
- 15
Appreciate the call Kevin.....
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03-15-2019, 02:02 PM #41
- 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
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03-21-2019, 04:28 PM #42
- Join Date
- Dec 2018
- Posts
- 46
is there a number i can contact you?
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03-21-2019, 04:29 PM #43
- Join Date
- Dec 2018
- Posts
- 46
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03-21-2019, 04:35 PM #44
- 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
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03-22-2019, 01:37 AM #45
- Join Date
- Dec 2018
- Posts
- 46
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03-25-2019, 05:27 PM #46
- Join Date
- Nov 2018
- Location
- Miami
- Posts
- 116
Do you guys PO Factoring?
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03-26-2019, 12:45 PM #47
- Join Date
- May 2016
- Location
- San Francisco & New York City
- Posts
- 75
Mike - You can reach us quickly in one of two ways:
- Phone: (888) 216-9619 and press "3"
- Email: partnerinquiry@bluevine.com
Matt Estes
BlueVine
partners@bluevine.com
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03-26-2019, 12:49 PM #48
- Join Date
- May 2016
- Location
- San Francisco & New York City
- Posts
- 75
We don't finance purchase orders; we only factor invoices where the work has been completed / product has been delivered.
I've worked with a few PO financing companies over the years with some pretty mixed experiences...
We have had a good experience working with Mark Polinsky at Gateway Trade Funding (mpolinsky[at]gatewaytradefunding[dot]com).
Matt Estes
BlueVine
partners@bluevine.com
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