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05-12-2020, 03:11 PM #1
- Join Date
- Mar 2018
- Posts
- 19
Funders not Paying Renewal Comission due to Covid
Hey Guys
Hope everyone is doing well.
I"m having an experience with a funder, which just renewed my merchant and is stating that they are not going to be paying commissions on the deal since it was refinancing with a NEW program they started to help merchant due to Covid.
Merchant was on a lowered payment with them, but the funder was willing to refi and provide the merchant with net new funds about $20K, and brought the payment back up to normal.
Is anyone else experience something like this? is this normal? I feel as if they are willing to fund they should be willing to pay commission to the referal partner.
This attempt seems like a way to by pass paying commissions.
Not putting names out there right now, just trying to get feedback as to if my claim of wanting to get paid makes sense or if the funders claim to not pay commissions makes any sense or if anyone has heard of this new strategy.
Thanks for the feedback any questions let me know.
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05-12-2020, 03:12 PM #2
- Join Date
- May 2018
- Posts
- 79
seems like BS they should be paying you. even if its half cm should be something
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05-12-2020, 03:20 PM #3
- Join Date
- Mar 2018
- Posts
- 19
thanks for the feedback, i agree seems like they are making any attempt to just not pay the contracts the merchant signed has no mention of a new program or covid, simply a standard renewal agreement.
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05-12-2020, 03:28 PM #4
- Join Date
- Aug 2014
- Posts
- 620
Ben, long story short, your iso rep at this company isn't making any money at the moment and is keeping your commission for himself. I renewed 2 deals for you last month and paid you on both without you lifting a finger. If they don't make it right then do what you have to do.
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05-12-2020, 03:38 PM #5
- Join Date
- Apr 2020
- Posts
- 192
do what you have to do ? sounds like you are advising someone to have a merchant default, or to take adverse action against a funder. Either way, very dangerous advice for you to be giving on a public forum with your employer, Fundry, displayed on your messages. Pretty sure this can cause some liability for you and your company. May want to be careful with your comments there cowboy.
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05-12-2020, 03:40 PM #6
- Join Date
- Mar 2018
- Posts
- 19
Thanks Anthony
That is correct you always do pay on our deals, pleasure doing business with you! If only everyone was like that.....
Waiting to hear back from them should be calling me soon, lets see how we sort this out.
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05-12-2020, 03:46 PM #7
- Join Date
- Aug 2014
- Posts
- 620
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05-12-2020, 05:03 PM #8
- Join Date
- Apr 2016
- Location
- Ft Lauderdale
- Posts
- 57
I have seen other other funders restructure balances into new advances with no additional funds and not pay some of my ISOs a commission.
In your situation that is unfair to you. Pick your partners wisely .
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05-12-2020, 05:37 PM #9
- Join Date
- Mar 2018
- Posts
- 19
The funder in this case was Uplyft Capital out in Florida.
www.uplyftcapital.com
They are refusing to pay the commission owed to us. Spoke with a rep there named Kevin, not our normal rep, he claimed to be the decision maker and the only person i can speak to since my credential are not high enough.
I know you need to know your funding sources well, and i guess i thought i did. But Beware out there to anyone dealing with Uplyft they are looking for any reason to not pay out commission on deals.
i have emailed the CEO Michael Massa - have not received a response as of yet. If i do i will update the board.
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05-12-2020, 09:34 PM #10
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- Aug 2016
- Posts
- 831
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05-13-2020, 08:07 AM #11
- Join Date
- Apr 2020
- Posts
- 192
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05-13-2020, 08:08 AM #12
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- Apr 2020
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- 192
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05-13-2020, 10:04 AM #13
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- Aug 2014
- Posts
- 620
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05-13-2020, 11:02 AM #14
- Join Date
- Jan 2017
- Posts
- 388
We have been funding many renewals during the pandemic and pay our ISO's still today same day as funding!
Paul Boxer
Merchant Marketplace
Chief Operating Officer
Chief Revenue Officer
Cell: (516) 805-9209
paul@merchantmarketplace.com
www.merchantmarketplace.com
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05-13-2020, 12:11 PM #15
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- Oct 2016
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- 4,318
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05-13-2020, 12:21 PM #16
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- Apr 2020
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- 192
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05-13-2020, 12:28 PM #17
- Join Date
- Aug 2014
- Posts
- 620
You read it right I'm sure, but you definitely misinterpreted what I meant. The last thing he wrote was:
"Not putting names out there right now, just trying to get feedback as to if my claim of wanting to get paid makes sense or if the funders claim to not pay commissions makes any sense or if anyone has heard of this new strategy."
My response was to this comment. Hopefully this clears all of this up.
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05-13-2020, 12:45 PM #18
- Join Date
- Oct 2016
- Posts
- 4,318
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05-13-2020, 12:51 PM #19
- Join Date
- Apr 2020
- Posts
- 192
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05-13-2020, 12:53 PM #20
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- Apr 2020
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- 192
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05-13-2020, 12:53 PM #21
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,490
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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05-13-2020, 12:57 PM #22
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- Apr 2020
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- 192
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05-13-2020, 01:00 PM #23
- Join Date
- Oct 2016
- Posts
- 4,318
No, just someone who had both the ability to read, and also possesses basic comprehension skills — both of which you seem to lack. These deficiencies lead you to make a poorly-informed comment that makes you look like a ****ing buffoon. But yeah, you’ll just double-down on this dumb ass accusation.
Just admit you misread/didn’t comprehend what was written so you stop looking like a dolt.
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05-13-2020, 01:02 PM #24
- Join Date
- Oct 2016
- Posts
- 4,318
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05-13-2020, 01:05 PM #25
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,490
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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