Results 1 to 23 of 23
-
05-12-2020, 05:42 PM #1
- Join Date
- Mar 2018
- Posts
- 19
Uplfyt capital refusing to pay commissions on renewals
My client renewed with uplyft and they are refusing to pay commission to us.
The merchant had been on lowered payment with them, due to covid19 uplyft was still willing to offer the merchant
$54K Renewal the customer netter a little under $20K but has a new payback amount with a daily of roughly $500
based on the standard renewal contracts the client signed, and was funded on we are entitled to commission but they are refusing it saying that the customer was in modification and due to that they are restructuring the debt not renewing the file.
Which is total BS since they put new funds in the clients account, so they are not restructuring they are renewing which they should pay commission on.
Anyways looks like were being jerked around here but for everyone else please be aware of this tactic by Uplyft and i guess will try to collect from them in different ways.
-
05-12-2020, 05:56 PM #2
- Join Date
- Aug 2018
- Posts
- 827
-
05-12-2020, 06:01 PM #3
- Join Date
- Mar 2018
- Posts
- 19
They are funders themselves
-
05-12-2020, 09:37 PM #4
- Join Date
- Aug 2016
- Posts
- 831
Yeah no iso will ever work with them if they doing things like this. My guess is they are going out of business and trying to make what they could on way out.
-
05-13-2020, 09:52 AM #5
- Join Date
- Oct 2014
- Location
- Naples, FL
- Posts
- 474
...watching this thread...
-
05-13-2020, 09:59 AM #6
- Join Date
- May 2014
- Location
- California
- Posts
- 347
Uplyft doesn't use external ISO's any longer. They have an internal team and they fund on fintech platforms. BTW: I believe this to be correct at the time of this post. I could be wrong. Who the f**k knows any longer. Anybody here need a PPP?
Last edited by Shorebird; 05-13-2020 at 10:10 AM.
-
05-13-2020, 12:40 PM #7
- Join Date
- Feb 2018
- Posts
- 1,349
is it more systematic that renewals are not being paid using the covid crisis as the reason across the industry?
-
05-13-2020, 02:44 PM #8
-
05-13-2020, 03:09 PM #9
- Join Date
- Jun 2015
- Posts
- 3,325
-
05-13-2020, 04:08 PM #10
- Join Date
- Jun 2019
- Posts
- 196
-
05-13-2020, 04:22 PM #11
- Join Date
- Jan 2020
- Location
- CT
- Posts
- 25
Such short term thinking. I don't understand companies / people that act like this. Very short term monetary gain with negative effects in the long run.
"It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently." - Warren Buffett
-
05-14-2020, 12:41 PM #12
- Join Date
- Mar 2018
- Posts
- 19
They are refusing the pay the CM on the renewal, and are not responding to any request.
Just shows the type of business they are trying to operate now, they don"t value the referral partner.
Has anyone had experiences of not getting paid and been able to collect at some point through other actions?
-
05-14-2020, 01:42 PM #13
- Join Date
- May 2016
- Posts
- 90
-
05-14-2020, 01:45 PM #14
- Join Date
- May 2016
- Posts
- 90
-
05-14-2020, 02:31 PM #15
- Join Date
- Jun 2019
- Posts
- 29
This pretty funny because i didnt pay them on a deal last year after I cut them off due to some BS they were doing/saying and I had 2 people from their office screaming over the commission. Ended up paying something since i was sick of the complaining but funny they can do it to others especially if the ISO they originally funded it with didnt do anything bad or intentional to ruin to relationship.
-
05-14-2020, 03:19 PM #16
- Join Date
- Feb 2018
- Posts
- 1,349
they aren't the only one's who send out deals to other funder's. there are some mca/loan companies who farm out 40% or more of their deal flow. its suppose to be direct deals only but who audits that not to mention once they fund a deal they no longer consider it "your" deal and if the account underperforms, those deals are going thru back door to have someone pay off the bal
-
05-15-2020, 01:26 PM #17
- Join Date
- Mar 2018
- Posts
- 19
My rep was Laurie, however a guy named Kevin took over the request to get paid and just flat out told us were not getting paid. I have emailed Mike Massa the Owner no response from him.
Im having my lawyer look through my options to go after the commission amount owed. I dont have a direct number for Mike, cant get in touch with anyone else at the company now outside of this Kevin guy.
-
05-15-2020, 01:40 PM #18
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,490
Interesting-Somebody from their firm called a while back stating they were a broker and seeking other products to offer clients. I never heard from them again.
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
-
05-15-2020, 01:43 PM #19
- Join Date
- Apr 2013
- Location
- Basalt CO
- Posts
- 867
Kapitus did the same thing to me. Renewed a customer to drop his daily payment and paid me $0.
I put my contact info in here, and
was bombarded with spam from funders
if you need to reach me PM me
-
05-15-2020, 01:47 PM #20
Thanks for letting us all know. I'll it it to the list funders/brokers I'll never work with.
I hope you resolve it. If not, I hope a better/bigger deal comes along for you soon :-)Sean Hawley
CEO
BLF
Bright Light Freight
shawley@brightlightfreight.com.com
631-210-6327
SBA, Term Loans, LOC, MCA & Equipment Finance (Transportation & Trucking)
-
05-15-2020, 03:33 PM #21
- Join Date
- Jun 2015
- Posts
- 3,325
-
05-15-2020, 04:08 PM #22
-
05-16-2020, 07:19 AM #23
A friend caught them backdooring him, he confronted MM the owner and they guy kept back peddling on the phone. They are a little lender that shops out files, period. Submit at your own risk.
Gómez Capital Funding
Richard Gómez~Director of Funding
12555 Biscayne Blvd
North Miami, FL 33181
917.600.5647 Mobile
305.320.7125 Office
305.513.5735 Fax
Richard@gomezcapitalfunding.com
www.gomezcapitalfunding.com
Similar Threads
-
BECOME A NULOOK CAPITAL PARTNER / ISO's WELCOMED/FULL COMMISSIONS ON RENEWALS
By jcfnulook in forum PromotionsReplies: 0Last Post: 02-09-2016, 03:10 PM -
Same Commissions on Renewals?
By mfs01 in forum Merchant Cash AdvanceReplies: 57Last Post: 01-26-2016, 05:27 PM -
Who is paying full commissions on renewals today?
By mfs01 in forum PromotionsReplies: 1Last Post: 09-23-2013, 02:26 PM -
Get Paid The Same Commissions On Renewals!!!
By mfs01 in forum PromotionsReplies: 0Last Post: 09-17-2013, 04:00 PM -
Same commissions on renewals!!!!!
By mfs01 in forum PromotionsReplies: 0Last Post: 09-11-2013, 12:56 PM