[JayBallentine]

look at the iso agreements and decide who you are comfortable to work with..

Impossible to discern from just looking at an ISO agreement. You want to leverage relationships. Especially when it comes to getting fast approvals.

This is both a "gift and a curse."


The Gift

You, like me may have a hookup that can get you 1-2 hour approvals at one of the funders listed above. That "hookup" comes at a price to the next guy. Someone is paying a price each time you cash in your gift. We actually did most of the work to give offers ourselves, our "hookup" verifies that our offers are in the realm of reason.


The Curse

You could be on the other end of this equation. You get a deal in at 9 a.m., another guy gets a deal in at 11 a.m., he gets an approval by 1 p.m. and you're still waiting for yours to go into underwriting.


This is happening on a wholesale basis. What do you do when your approvals are slower to come by? That means the next check is slower to come by, that means the buy rate is upsold and / or fees are tacked on...

Every funder in this business has the ability to provide ISO's with the basic service of giving them automated approvals securely. The technology has gotten exceedingly easier to build and deploy since OnDeck did it. The math is not that difficult.

We know because we have built all of the above.

There's no better feeling than seeing deals our system declines in minutes that we would have:

1. Requested a signed app for.
2. Solicited bank statements for.
3. Submitted to wait for a decline - days later.


There were tens of thousands of declines this year... I am sure they all went down this way. All that excess waste is surely reflecting itself in:

1. Merchants getting bad deals.
2. Merchants in seasonal businesses getting funded going into slow season (gotta keep money busy to keep that credit facility).
3. The add on fees.