[WestCoastFunding]

Largest and most aggressive saavy brokerage and funding Houses work with us (Fact). Truth does not mean egotistic. Verizon claims they have the BEST covrege and is clearer than other networks.

This is all bull****. Marcus makes claims without justifying anything. Here’s what we do know: Hard to believe they’re successful considering Mantis doesn’t pay their reps enough. So what do they do? They add sad ass ****ing PSFs to to contracts to feed Mantis employees. This would be an embarrassing practice to most, but Marcus is beyond shame.

Anyway, who wants help establish a collection for Mantis employees? We’ll make sure to accept cash, check, food stamps, old cars — whatever you can donate to help Mantis reps. Pretty sure they qualify for Medicaid, so they’re good there.

[Chambo]

Anyway, who wants help establish a collection for Mantis employees? We’ll make sure to accept cash, check, food stamps, old cars — whatever you can donate to help Mantis reps. Pretty sure they qualify for Medicaid, so they’re good there.

You going to have kids on your commercial with a catchy jingle too?

[mcaguru]

Chambo ...did you get served Cholent today ?

[Chambo]

Chambo ...did you get served Cholent today ?

Naw man, they didn't have any at our 10th anniversary dinner Wed night.....I was a lil pissed

[SmartAdvanced]

Naw man, they didn't have any at our 10th anniversary dinner Wed night.....I was a lil pissed

what anniversary?

[fundingmachine]

The bottom line:

1. TVT funds deals on their own sometimes
2. They have multiple white labels on Capstack platform, Yellowstone and others.
3. They may syndicate on the deals or not at all.
4. Or they also out right shop the file and get you paid (hopefully...)

[Join Credibly]

Happy Monday Funders!!

[Advance Smart]

^^ So in other words you guys call the data that the brokers sent you which cost the broker a lot of money and the bottom line is if they weren't going to close it in 45 days they weren't going to close it? I beg to differ. I along with thousands of other brokers have funded deals months even years after the original submission. Yet now they would have to contend with you on the file using an in house rep that you don't have to pay ISO commission to. That deal cost that ISO a lot of money just to get it submitted to you. How is it ok to take that data and use it strictly for your own gain a month and a half later? I don't like it but that's me.

[Samuel23]

Happy Monday Funders!!
I will go "Officially" on the record. We do have a very small inside sales team here at Credibly. However, a lead that enters our system has to go through 45-60 day cool-off period before our inside sales team would have the ability to reach out to them. IE, they are not even loaded into their pipelines prior to that.
We do the vast majority of our business with our ISO Partners, not inside sales. We would NEVER shoot ourselves in the foot by backdooring deals like that. And this is absolutely common practice to follow back up on leads after they cool.
Bottom line is if you haven't closed it in 45 days, you weren't going to close it anyway......
Kevin

Just because it wasn't closed with you doesn't mean the broker hasn't closed it somewhere else.

Although i have seen some ISO agreements that say if a file has not been closed within 30-60 days (depending on the company) they reserve the right to reach out to the client

[Join Credibly]

[QUOTE=Samuel23;118725]Just because it wasn't closed with you doesn't mean the broker hasn't closed it somewhere else.

A

[Nunya]

^^ So in other words you guys call the data that the brokers sent you which cost the broker a lot of money and the bottom line is if they weren't going to close it in 45 days they weren't going to close it? I beg to differ. I along with thousands of other brokers have funded deals months even years after the original submission. Yet now they would have to contend with you on the file using an in house rep that you don't have to pay ISO commission to. That deal cost that ISO a lot of money just to get it submitted to you. How is it ok to take that data and use it strictly for your own gain a month and a half later? I don't like it but that's me.

You should ONLY send your leads to funders that won't remarket. Good luck finding them.

[Samuel23]

[QUOTE=Join Credibly;118730]

Just because it wasn't closed with you doesn't mean the broker hasn't closed it somewhere else.

Absolutely true it may get funded elsewhere. In which case it really doesn't matter if we reach out 45-60 days after, does it?

it absolutely matters, it affects my renewal, future fundings, and the relationship i have spent time and money to build

[abfunders]

As a broker, I feel necessary to say something on this point.

As much as it costs brokers money to create leads, do we appreciate how much money the FUNDERS have spent and are continuously spending (and losing) to get where they are? How much risk they're putting themselves in by funding deals, especially ones that brokers bring to them, letting the brokers up-sell 10-12 points, perhaps letting the brokers stack them..... and we as brokers don't have any risk!

They do their own marketing also, but to ignore a lead is a bit silly, IMHO.

[WestCoastFunding]

[QUOTE=Join Credibly;118730]

Just because it wasn't closed with you doesn't mean the broker hasn't closed it somewhere else.

Absolutely true it may get funded elsewhere. In which case it really doesn't matter if we reach out 45-60 days after, does it?

Let’s put it like this: does your inside sales team only submit to you, or does your inside sales team also submit to other funders?

I already know 100% the answer to this. Go ahead and let everyone else know the answer.

[Cashman1]

Happy Monday Funders!!
I will go "Officially" on the record. We do have a very small inside sales team here at Credibly. However, a lead that enters our system has to go through 45-60 day cool-off period before our inside sales team would have the ability to reach out to them. IE, they are not even loaded into their pipelines prior to that.
We do the vast majority of our business with our ISO Partners, not inside sales. We would NEVER shoot ourselves in the foot by backdooring deals like that. And this is absolutely common practice to follow back up on leads after they cool.
Bottom line is if you haven't closed it in 45 days, you weren't going to close it anyway......
Kevin

Any good broker would realize that sometime it takes more then 45 days to close a merchant! So that’s BS!

[WestCoastFunding]

[QUOTE=Join Credibly;118730]

Just because it wasn't closed with you doesn't mean the broker hasn't closed it somewhere else.

Absolutely true it may get funded elsewhere. In which case it really doesn't matter if we reach out 45-60 days after, does it?

Yes it ****ing does matter!

Let’s get straight to the point: your sales team sends to other funders. That is a 100% fact. Some of them stackers — which is also a 100% fact. If I don’t fund the deal with Credibly, but with OnDeck, about 45 days later Credibly’s inside sales team will contact the merchant. Being they work with outside funders, how do I ensure you aren’t sending to one of them to stack my deal?

[channin19]

The bottom line:

1. TVT funds deals on their own sometimes
2. They have multiple white labels on Capstack platform, Yellowstone and others.
3. They may syndicate on the deals or not at all.
4. Or they also out right shop the file and get you paid (hopefully...)

It’s a funny thing though. If a merchant is funded through TVT they ends up with a stack from CapCall.

[WestCoastFunding]

Credibly is deleting away. My guess is they realized they made a huge mistake opening this can of worms.

I still think we should know if Credibly’s inside sales team will stack merchants that don’t fund with Credibly.

[Join Credibly]

On Monday, one of Credibly's team members posted inaccurate information about our view on contacting partner referrals. I would like to set the record straight...

1. This response is being written by Gary Bailey and I am the head all new originations for Credibly.
2. Our inside sales team works leads that come from some of the very same lead sources that many other lenders and brokers utilize. In the past, this had the potential to create duplicate leads in our system and created the false sense that our inside team was calling on active partner referrals (within 90 days of submission). Because of this issue, we changed our policy to be “first submission in” (regardless if it is our inside sales team’s submission or our partners’.). This procedure locks out anyone else from submitting the deal through Credibly. This implementation has solved ~98% of any concerns we heard over time. We have hundreds of thousands of leads from various channels that we have generated over the years and this can lead to phone calls and emails being sent to leads that you may have referred to us in the past. If you ever have an issue or question, we can provide proof of lead source(s), create date(s), and activity dates to prove the nature of our policies and contact strategy.
3. We have many different types of partnerships...from lead referral partners all the way through to major market ISO partners. Each tier of partners comes with a referral agreement that outlines our policies and what is required to do business with us. We honor our agreements and do not divert from them.
4. If you fund a deal with Credibly, no one will contact your merchant unless they are eligible for renewal. At that point, they will hear from our renewal team, which is an extension of your team and will work the deal through funding for you to earn the commissions and retain the relationship without question. We also provide our partners with several updates throughout the entire renewal marketing process.
5. Credibly can market to deals that pay in full after 90 days to see where the merchant stands on their funding needs.
6. We do not proactively market to our major market ISOs referrals (non-funded), until at a minimum, the 90-day mark of the last action taken on the file.... At that point an email may be sent to follow up on their intentions and ask if they are still active in the market... but no phone calls are ever made.

We value our partners of all levels... That’s why we have invested millions of dollars over the last year to improve the partner experience with Credibly. That’s also why we pay some of the highest commissions in the industry.

We hope that we have proved our (excuse the pun) Credibility through our interactions as well as what our funding partners mean to us. But with all this said, I want to make myself personally available for any questions or concerns that you may have.

If you have feedback or would like further clarity, I am happy to field questions from you. Once again, my name is Gary Bailey and my email is gbailey@credibly.com - I will get back with you as quickly as I can.

This profile will not be active shortly after today, so we will not be able to see or respond to any responses made. Please send an email directly and I can give you personalized responses.

Thank you very much for taking the time to read this and I apologize for any confusion or angst that the prior post caused.