Originally Posted by
ryan $
Yes Under the Platform, Files have Defaulted and went to Court. Under the Platform they used COJ’s, even after NY Changed their Laws we used COJ’s from another State, Until getting rid of them. The Platform also filed UCC’s in the event of Default. I don't know who told you that you need to file a UCC to collect from a Client, you don't, many Funders do not use UCC's, many Funders abuse UCC's, and many Funders file UCC's in the Event of Default to warn other Funders. The UCC System for MCA's is pretty much a **** show. It;s DataMerch essentially at this point. I've seen UCC's filed BEFORE funding in attempts to deter competitors, UCCs filed for 4 years on a business that Never took funding. Etc. You don't need to file a UCC in order to Collect. Essentially you just need a good collections team. Since leaving the Platform, and Building our own System, and way to do things, we do Not file UCC’s. We have a Power of Attorney portion of our contract which helps with collections.
As for being accused of Backdooring….
5 times in 15 Years? You say that like it is a BAD thing. I'm actually pretty proud of the fact I've only been accused of Backdooring 5 times, especially when Operating in the high-risk space, and getting files after they have been shopped and declined, only then does the ISO send it your way to find a home. 5 times in 15 years? And 3 times, I was able to find out I was the Source, not myself, or my team, but someone we sent the file to. We looked at who we sent it to, got down to suspects we weren't 100% Certain on (If you can ever be 100% certain, all it takes is one employee at a company you have trusted for over a decade) and were able to send Seeded Applications out, and Catch the Same Random Company calling and Emailing Applications we sent to one place. After Identifying where it came from we reached out to the company and let them know what was going on so they could take appropriate action, apologized to the ISO and Moved on. Actually Funded the deal that spurred the accusation and investigation, and we still work with the ISO today.
In this Industry it happens, but telling our ISO's to scrub Contact data from Apps, and then (when they forget to) taking it upon ourselves to scrub the Contact Info (Emails and Phone Numbers) Replacing them with our google voice Numbers (we probably have 5,000 active google voice numbers for this purpose, Just as we do with In House Submissions that go out, HAS ALL BUT GOT RID OF ANY ISSUES.
The Fact is, I could have Funded 3 deals, and call myself a Funder. And, What would be wrong with that? Everyone has to start somewhere. Some of the Newer Companies Operate better than Funders whom have been doing this for YEARS!
In my experience Funders can sell you and say all the right things and then after you sign up it's a **** show, then other Funders you thought were a mess or were going to be a mess, turn out to be Amazing. Different ISO's have different opinions of Funders that completely contradict each other. In my experience its up to you to form an opinion, and you can only do that by seeing how they work. I can sit here and rebuttal you, and defend our/my name until I'm blue in the face, but that's not why I posted or what I'm interested in doing. I've seen Brokers whom attempt to pretend they are brokers, White Labeling, some who even try claiming they are Funders without White labeling, they just issue you an Approval, then send a Docusign out (Without CCing you - Specifically so you don't see the Lender whom is on the Contract, and then Pass a Number to you to Provide the Merchant for the Funding Call, the Number can't be attached to any lender, by design, I swear it is a ghost number) All in an Effort to APPEAR to be a FUNDER. I've gone back and forth with Owners of Companies, and ISO REPS whom Appear to have drunken the Koolaid their employers gave them, who truly may believe they are funding In-Hose and the various names of companies on the contracts are their Funding Partners. It's ****ing weird.
In reference to your Comment "I am just asking questions the same way you have done to many others on this forum when you were admitting you were a broker" - I have for a long time said that I broker and fund my own in house deals. I have co-brokered deals and funded In house deals for people on this forum. People on this forum have Syndicated on In-House deals with me, I have even let a Broker fund a deal via me 100% on his own, and he got 100% of the Daily Remit, renewed the deal twice actually. I can explain to you until I'm blue in the face that when you submit a deal to me for In-House funding it won't be brokered out.
But in the end I could say anything, send me a couple files, find out for yourself, rither you can run back here and say hey look Ryan was a ****ing dick, this and that, He issued me a White labeled contract from blah blah blah.
Or we can Fund some ****ing deals.
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