[JayBallentine]

We have been duped recently by a couple of so called major lenders conveying to us we have hard approvals when we don't.

Stealing from ISO's and brokers will only intensify. The costs of customer acquisition are too damned high. Funders will become smarter and smarter in how they steal from brokers and ISO's.

True story; MAJOR SUPER BIG DEAL funder reaches out to me in winter 2013. We meet. We agree to a formal engagement for services rendered (my daily fee was $5,000). I show up at his office. Mind you, this firm is a big deal. Really nice offices, great staff. Etc. This was no "chop shop" operation.

After delivering value, I expected to be paid. The CEO said that he would have a check cut for my travel expense plus a $50 bonus and played dumb about the $5,000. I got every dime I was owed within 72 hours.

That experience was one of the catalysts to my doing another startup. I was astounded that a "leader" in the industry had the temerity to schedule a meeting, look me in the eye, make an agreement, and try to rob me.

Good luck.

[ERS]

This is always a concern in this industry. Another that has become extremely prevalent is Funders asking for the deal to be sent over prior to an ISO Agreement being put in place. While some Funders are trustworthy, many are not and if a Broker sends a deal without the protection of an Agreement in place then they are setting themselves up to be taken advantage of. At the end of the day it is up to ourselves to keep ourselves as protected as possible because if it comes down to having to take legal action then we need to have our ducks in a row or we will lose...plain and simple!