Results 1 to 12 of 12
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01-29-2020, 01:24 PM #1
- Join Date
- Mar 2019
- Posts
- 105
Performance Review
Relatively new shop and I'm curious to see how our performance compares against other ISO's. Started as a 2 man shop, up to 3 total people since September. Still largely new deals with a few renewals here and there starting to roll in.
How does this compare to early stage ISO's?
Monthly Performance.PNG
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01-29-2020, 01:43 PM #2
- Join Date
- Jun 2015
- Posts
- 3,321
whats your average cm percentage and what are your lead sources . meaning you have inbound or all outbound calling
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01-29-2020, 01:49 PM #3
- Join Date
- Jun 2017
- Posts
- 2,049
Bro.... Your doing good.
I learned a long time ago....stay small, get good people, and everyone makes money.
You get up to 60 Employees you hit a scenario where the 80/20 rule takes effect..... 20 percent of the people do 80 percent of the work.
Small, Lean, Everyone makes money is the way to go.
If you hit 1 mill a month with 3 people? Hire an Admin/Data Entry Person to Streamline and do the mundane ****..... Then Just Start Syndicating, Funding.....
Your all set.
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01-29-2020, 01:50 PM #4
- Join Date
- Jul 2019
- Posts
- 48
Looks Solid for just beginning honestly. Give me a call, would love to speak with you and see if our wheelhouses merge. We are a bit unique and since you are a 3 man shop, I think you would like working with us as I AM VERY HANDS ON and personal as an ISO Manager. Below is a bit about what we do. Call me, my information is below.
• We will fund 1st position loans but look to fund in 2nd, 3rd and 4th position (3 to 10 month offers)
• Commissions up to 18 POINTS / We pay full commission on renewals / Commissions paid NEXT DAY
• Most AGGRESSIVE pre-pays offered
• No restricted industries except Adult Clubs / No landlord verification's
• Your reps ALWAYS work your deals. We DO NOT have an in-house sales division that works your deals or renews them. We let you know when your merchants are up for renewal and you work your deal!
• We fund in CA
• We can provide a weekly payment option if merchant qualifies
• NO COJ REQUIRED
• NO UCC FILED
• NO HARD CREDIT PULLS!!
• Stips are MINIMAL
• HARD UNDERWRITING IS DONE UPFRONT WE DO NOT GIVE SOFT OFFERS (Your deal won’t die after the contracts are signed unless the decision logic comes back bad or the merchant kills the deal themselves in the interview)
• TURNAROUND TIME under 2hrs for approvals. FUNDING TIME within 4 hours once all stipulations are met. WE ARE FAST.
Respectfully,
Greg B.
Senior Business Development Manager
845-494-4898
isosupport@byzfunder.com
www.byzfunder.com
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01-29-2020, 02:35 PM #5
- Join Date
- Mar 2019
- Posts
- 105
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01-29-2020, 02:39 PM #6
- Join Date
- Mar 2019
- Posts
- 105
This is actually very helpful and something we are actively discussing. Now that we are relatively well capitalized we are considering growing. I just sent a letter of intent to a landlord literally yesterday for office space that would fit 10-15 guys. I've talked to a few colleagues who have grown shops and I am battling with myself if we should grow or keep the same model.
I think having reps is more sustainable for the long term as there is always pressure to have each guy performing at high level with a 3 man shop, where as if we grow some of that pressure is alleviated. Although, I'm not sure we make that much more and put in an equal, if not more amount of work.
In your experience is even moderate growth worth chasing? Are we leaving a lot of money on the table by not growing?
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01-29-2020, 03:09 PM #7
- Join Date
- Aug 2017
- Posts
- 249
Keep up the good work!
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01-29-2020, 03:10 PM #8
- Join Date
- Jun 2017
- Posts
- 2,049
Ive Been at 60 Man Shops, 100 Man Shops. Back in the day I was at MCC's Largest ISO - The Top Tier Makes Money (Which is good for you) - But all the drama and stuff is crazy. IMO 8-10 Reps, all solid, putting up 2-5 Mill a month - is the way to go.
Everyone gets Paid, You dont have to worry about people stealing deals cause everyone is taken care of.
Then start funding deals, and do something where employees can syndicate (instead of a 401k - Match point for point on syndication)
You will have loyal employees. And Everyone will make money.
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01-29-2020, 03:10 PM #9
- Join Date
- Feb 2017
- Posts
- 3,416
If you go too big, then you'll have newbies coming in and out the door, and the pressure will be on the oldies to have a "team" that's funding and then you'll have underlings to have to spread out the commissions and start taking PSFs, and then you'll be unable to offer programs like Bluevine and factoring that offer residuals because every deal needs 10 points from the top to keep everyone happy.
- Matt at Bluevine recommended like this: Structure profit-share for the first year/initial draw/6 months/whatever, and step down in year/draw 2/whatever, and nothing after year 2 to keep them yearning for more action!
- Or let them profit-share as long as they're a W-2/partners with you. Increase profit share for dollars coming into the company. Who cares if they work at that point? If you're both making residuals of $20k/month, let everyone go golfing.
Also, as most brokers know from dealing with merchants, people are in LOVE over-extending themselves and over-leveraging! Don't do that - comfortable growth, comfortable income. Getting rich can happen, it can be a goal, but it doesn't need to happen overnight.
Disclosure: I'm not experienced in this. I'm just telling you from my experience in the co-brokering world when brokers are upset at the concept of factoring.
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01-29-2020, 03:20 PM #10
- Join Date
- Jun 2015
- Posts
- 3,321
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01-29-2020, 03:23 PM #11
- Join Date
- Jun 2015
- Posts
- 3,321
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01-29-2020, 03:49 PM #12
- Join Date
- Jun 2017
- Posts
- 2,049
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