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09-13-2014, 08:27 PM #1
- Join Date
- Jul 2014
- Posts
- 1,746
Docs First...Ask Questions Later
We have been duped recently by a couple of so called major lenders conveying to us we have hard approvals when we don't. We have been very loyal to 3 established ISO relationships until last month, but now with increased application volume, we have reached out to some of the "we can fund any deal" lenders. Our merchants have signed docs with these lenders and we were told that just the usual stips would be required, and then a landslide of additional documentation requirements and stipulations flood our inbox. Even after meeting these requirements, most of these deals are declined just before funding.
I feel that these deals are being funded behind our backs. We have an investigation ongoing and will get to the bottom of this.
Anyone have the same experience here? Any input would be helpful.
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