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09-23-2014, 01:55 PM #1
ISO & Lender Relationships
I am looking for some feedback. I have a history in the bank card and alternative finance space and its great to see the evolution of how our funds are being allocated to the small business.
That said I am looking to see what most opinions or preferences other ISO's have when choosing lender partners. The Ondecks, Retail Capital, CAN Capital, Pearl Capitals and Rapid Advance are just a few who have skin in the game and have for some time. What other lenders are being recommended out there and why? Is it the service? Is it Commission splits?
Thank you for sharing.
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09-23-2014, 02:27 PM #2
I am looking forward to see ISO responses to this question. In my opinion people make partnership choices based on:
1. Trust - Trust that the deal is not going to be taken at any given point and Trust that the offers presented are going to stick and merchant will get funded if they provide all required stips.
2. Commission - You have to go with who is going to get you the best price for your merchant while paying out the highest commission
3. Communication -
4. Stips - Everyone wants to go with the path of least resistance
5. Range - Can the funder make an offer on low end to high end deals.Jeannette Nearing | Business Development Officer| AmeriFactors
| M (770) 362-2307
jnearing@amerifactors.com |
http://www.amerifactors.com
https://www.linkedin.com/in/jeannettenearing
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10-18-2014, 09:22 PM #3
- Join Date
- Oct 2014
- Location
- WALL STREET
- Posts
- 20
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10-19-2014, 06:55 PM #4
My favs
BFS. Great communication, very helpful and organized. BFS allows you the option to decide on your commission up to 15. Typical on the stips, good loan products. Most deals are sent to them first. As long as you keep what they look for you know who will get an approval.
Maisie Navarro | President
North Star Business Services, LLC
Toll Free: 1-855-807-7585 | eFax: 1-855-300-9411
Email: Business@NorthStarLLC.co
Web: www.NorthStarLLC.co
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10-19-2014, 11:37 PM #5
- Join Date
- Sep 2014
- Posts
- 20
commissions with BFS
The only issue I have with BFS is when you send your contract from BFS to the client you only have 48 hrs to get the contract sign. If you pass 48hrs. BFS calls the client and you will get a reduced commission based on the factor rate they offer your client. In essence, you are competing with the lender you sent your client too.
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10-20-2014, 08:46 AM #6
- Join Date
- Jul 2014
- Location
- Online
- Posts
- 965
ISO & Lender Relationships
Trust, communication, and commissions are good ones. Also responses and how fast you can receive a response (it falls into communication but it's a big feature in itself). Programs- what makes them different? Will they think outside the box for files you feel strongly about? Great selling features- I always tell brokers that you are a marketer for the lending companies you work with. Your performance and selling skills are a reflection of the lender that you pair your merchant with. So, what are the features you are selling? Early payoff discounts are nice, flexible buy rates, and options to add on more capital or additional services. - ALSO a introductory packet you receive from a lender should say it all. Sloppy word doc. Formatted packets and vague details are a red flag of how your relationship will turn out. When you ask for guidelines or a packet and they say "We look at anything" - what do you sell? Anything? Then you send it and it gets declined because it's restricted or the financials aren't strong etc. - The list goes on...
Amanda Kingsley
DailyFunder: WhoisKingsley
This is me. https://www.facebook.com/whoiskingsley
I am Here too. https://www.facebook.com/groups/TheClosersGroup
Always Live and Lead with Integrity.
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10-20-2014, 09:02 AM #7
Too long
You should never take that long to sell an offer. I waited 2 hours because I was stuck in a meeting and lost a deal because another iso beat me to it. Most iso agreements have similar clauses like bfs. Jump on offers asap and you won't have issues.
Maisie Navarro | President
North Star Business Services, LLC
Toll Free: 1-855-807-7585 | eFax: 1-855-300-9411
Email: Business@NorthStarLLC.co
Web: www.NorthStarLLC.co
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10-20-2014, 01:14 PM #8
MCC and GRP 2 best when it comes to terms, commissions and communication
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10-20-2014, 03:05 PM #9
I do a lot of deals with CAN, and BFS. Don't really worry about commission as you can't always make 14% on a deal . Just Communication, Trust and Speed.
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10-20-2014, 03:07 PM #10
I have not had that issue with BFS, calling my client after 48hrs
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10-20-2014, 03:30 PM #11
Does BFS' ISo agreement or relationship managers who boarded you disclose this upfront to you?
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