[Michael I]

What is a broker recourse if a funder just decides not to pay on a commission? If a deal is backdoored ?does an iso agreement hold up? I realized half the ones i have are signed by the "business development" guy are not even the owners.
Is there any other recourse than coming on here and blasting them?

I do not have any current issues just want to know if i should be going back and demanding i want the owner counter signature etc... to avoid issues in the future.

[WestCoastFunding]

I guess you could sue, but how much would that cost in legal fees?

[J.Celifarco]

What is a broker recourse if a funder just decides not to pay on a commission? If a deal is backdoored ?does an iso agreement hold up? I realized half the ones i have are signed by the "business development" guy are not even the owners.
Is there any other recourse than coming on here and blasting them?

I do not have any current issues just want to know if i should be going back and demanding i want the owner counter signature etc... to avoid issues in the future.

I would make sure the ISO agreements are signed by someone where the terms hold up and I would make sure you are working with reputable funders.. I have never had an issue getting paid on a deal because I know who I am working with. If you have any question if you might get paid on a file the better question is why are you working with that funder.. In terms of backdooring again it comes down to the same thing work with people you trust, other than that there really isnt anything you can do. With all the competing there is on different lead sources how can you tell the difference between get backdoored and just getting beat by another company. I know we all like to think we are the best and no merchant would ever work with someone else over me but at the end of the day we all lose deals and it hard to tell what the reason is sometimes

[WestCoastFunding]

I’m guessing having the business development guy sign it should be enough.

[Garth Butcher]

Send Gino

[Michael I]

I would make sure the ISO agreements are signed by someone where the terms hold up and I would make sure you are working with reputable funders.. I have never had an issue getting paid on a deal because I know who I am working with. If you have any question if you might get paid on a file the better question is why are you working with that funder.. In terms of backdooring again it comes down to the same thing work with people you trust, other than that there really isnt anything you can do. With all the competing there is on different lead sources how can you tell the difference between get backdoored and just getting beat by another company. I know we all like to think we are the best and no merchant would ever work with someone else over me but at the end of the day we all lose deals and it hard to tell what the reason is sometimes

dont have any issues in till there is an issue . you know that john. a company can be reputable for years and than gets a new ceo that just screws everyone . Non of us saw that we will lose our renewals when swift or funding circile cut everyone off. or the ones like can ameri merchant bizfi first global went down . I was working for over ten years with some of those and never had an issue in till we had an issue.
backdooring you can never tell. i am asking more of we 100% owe you however we are not paying you because we dont like fat people.

[WestCoastFunding]

dont have any issues in till there is an issue . you know that john. a company can be reputable for years and than gets a new ceo that just screws everyone . Non of us saw that we will lose our renewals when swift or funding circile cut everyone off. or the ones like can ameri merchant bizfi first global went down . I was working for over ten years with some of those and never had an issue in till we had an issue.
backdooring you can never tell. i am asking more of we 100% owe you however we are not paying you because we dont like fat people.

You worked with Swift?

[Michael I]

You worked with Swift?

we all did back in the day

[J.Celifarco]

dont have any issues in till there is an issue . you know that john. a company can be reputable for years and than gets a new ceo that just screws everyone . Non of us saw that we will lose our renewals when swift or funding circile cut everyone off. or the ones like can ameri merchant bizfi first global went down . I was working for over ten years with some of those and never had an issue in till we had an issue.
backdooring you can never tell. i am asking more of we 100% owe you however we are not paying you because we dont like fat people.

Companies going out of business is something that is out of our control and when that happens all we can do is make the best of a bad situation and try to mitigate the losses. That is a completely different situation then just not getting paid on a file that funds

[ryan $]

we all did back in the day

Yep.

Its good while its good and then it goes down in a blaze of fire.

I remember lender hoping back in the day, certain lenders would just come out guns a blazing giving sick offers and over funding everything. Then that catches up with them and they reel it in or go out of business..... but as a broker, you follow the money. Until its gone.

WHen your own money goes out its a whole new world.

BFS Cut my old boss off for charging PSF Fee's.....just out of the blue, shut down the entire book, millions in funding, renewals, all clipped. For a Fee on 1 File, when up until that point it wasnt even made clear that fees were not tolerated. If a discussion took place...... Fees wouldnt of been charged. But it was ugly.

[WestCoastFunding]

BFS Cut my old boss off for charging PSF Fee's.....just out of the blue, shut down the entire book, millions in funding, renewals, all clipped. For a Fee on 1 File, when up until that point it wasnt even made clear that fees were not tolerated. If a discussion took place...... Fees wouldnt of been charged. But it was ugly.

They wanted his book.

[freeprocessing]

Send Gino

hahaha

[NoBigDeal]

What is a broker recourse if a funder just decides not to pay on a commission? If a deal is backdoored ?does an iso agreement hold up? I realized half the ones i have are signed by the "business development" guy are not even the owners.
Is there any other recourse than coming on here and blasting them?

I do not have any current issues just want to know if i should be going back and demanding i want the owner counter signature etc... to avoid issues in the future.

Get a copy of the executed ISO agreement

[WestCoastFunding]

Get a copy of the executed ISO agreement

This is a good point. Funders don’t send back the executed ISO agreements by default.