How to prevent backdooring?
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  1. #1
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    How to prevent backdooring?

    Any tips? Obviously, one way is for ISO’s to not include merchants’ contact info on the application

  2. #2
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    Do business with reputable funders who are transparent.

  3. #3
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    Quote Originally Posted by Iscibibi153 View Post
    Any tips? Obviously, one way is for ISO’s to not include merchants’ contact info on the application
    How will Underwriting contact merchant?
    Dave Lambert, Business Development
    dave@fcbankcard.com
    Merchant Services Consultant
    High Risk Merchant Payment Solutions
    SBA 7(a) Loans & Short-Term Funding
    T/VM: 727-291-7890
    Office: 727-233-1111
    Skype: fc-financial

  4. #4
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    1. Invest in technology. CRM. Security Camera. Tracking Software.
    2. Limit where you send your files. Have a core group of funders.
    3. Know that "Buyers are Liars", Trigger Leads are real, and once your client has been funded 1 time - they will be called by everyone. Every day.
    4. Don't hire brokers who "know the industry". Snakes, Flakes and tons of Punks.


    Backdooring is a part of the business that we all have to deal with but it boils down to: C.Y.A. at all times.

  5. #5
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    What’s cya?

  6. #6
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    Elevate is Great

  7. #7
    Senior Member Reputation points: 51397 DTFdowntofund's Avatar
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    Quote Originally Posted by Yankeeman07 View Post
    How will Underwriting contact merchant?
    No need to contact the merchant unless they accept an offer and you're at the point of contracts. Request then to send docusign + MI

  8. #8
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    As a few people here just mentioned, you have to know who you are sending your files to and ensure that they are trustworthy.

    Constantly monitor and stay on top of your deals. Im sure that pretty quickly you will see who are the honest ones and who are not.

  9. #9
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    Elevate and IRM are both trustworthy companies

  10. #10
    Quote Originally Posted by Iscibibi153 View Post
    Any tips? Obviously, one way is for ISO’s to not include merchants’ contact info on the application
    You don't. You can't. You adapt to the game and learn how to thrive under any conditions.

  11. #11
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    Quote Originally Posted by Michael I View Post
    Elevate and IRM are both trustworthy companies
    Thank you!!

  12. #12
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    Quote Originally Posted by showtime73 View Post
    Elevate is Great
    Quote Originally Posted by Michael I View Post
    Elevate and IRM are both trustworthy companies
    Thank you both! We are very careful with not just who we hire, but who we work with as well. It's important to align yourself with like-minded people. We also spend considerable resources to monitor all customer interactions and have software in place to flag any potential issues.

  13. #13
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    Quote Originally Posted by kpeng View Post
    Thank you both! We are very careful with not just who we hire, but who we work with as well. It's important to align yourself with like-minded people. We also spend considerable resources to monitor all customer interactions and have software in place to flag any potential issues.
    Fully Agree!

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