[J.Celifarco]

I see everyday people posting deal info looking for a home for the deal. I also see the responses come from companies that the original poster does not have a working relationship with. My question is this when someone asks you to send them the deal to look at, do you send the deal, or do you take time to do due diligence on the company, as well as looking at that companies ISO agreement. I ask this because I know before starting to work with any new bank we put a decent amount of time into researching them as well as going through ISO agreement. With the time constraints all ISO's face in getting deals funded I wonder how many of these deals are being sent to companies without really knowing who you are sending the deal to. Also curious if this has bitten anyone in the ass by sending a deal out while not really knowing who you are sending it to

[ygs]

I see everyday people posting deal info looking for a home for the deal. I also see the responses come from companies that the original poster does not have a working relationship with. My question is this when someone asks you to send them the deal to look at, do you send the deal, or do you take time to do due diligence on the company, as well as looking at that companies ISO agreement. I ask this because I know before starting to work with any new bank we put a decent amount of time into researching them as well as going through ISO agreement. With the time constraints all ISO's face in getting deals funded I wonder how many of these deals are being sent to companies without really knowing who you are sending the deal to. Also curious if this has bitten anyone in the ass by sending a deal out while not really knowing who you are sending it to

Always do the due diligence, especially since you are never sure that the dude is not just an ISO looking for a quick buck.
I always read the ISO Agreement, there are generally a couple of items that need to be crossed out. Just as an aside, I was contemplating working with a company and called the head of the company with a couple of questions on the ISO agreement, his response - " dude you read the ISO agreement more then anyone in my own company myself included, just sign the damn thing", always reassuring.
The most I'll do before signing the ISO agreement is to call the dude and talk about the deal in broad strokes to see if it is really something he can deal with or is he just trying to get his hands on the deal, if he seems legit I have no problem signing up

[Zach]

I've always taken a backwards approach to this. Although I don't sign up with lenders anymore, when I did I would take a specific deal and try out two new lenders that fit the criteria. This way I learned how they operate, how they underwrite, and began to understand how each lender works. Sometimes you can tell right away, sometimes it takes 10-15 submissions to understand how a lender works. If they ever screwed me over, I'd just put them "on blast" here on the DF...

[J.Celifarco]

Always do the due diligence, especially since you are never sure that the dude is not just an ISO looking for a quick buck.
I always read the ISO Agreement, there are generally a couple of items that need to be crossed out. Just as an aside, I was contemplating working with a company and called the head of the company with a couple of questions on the ISO agreement, his response - " dude you read the ISO agreement more then anyone in my own company myself included, just sign the damn thing", always reassuring.
The most I'll do before signing the ISO agreement is to call the dude and talk about the deal in broad strokes to see if it is really something he can deal with or is he just trying to get his hands on the deal, if he seems legit I have no problem signing up

I agree, I asked the question because with all the people posting looking for approvals I didnt see how it was possible to actually look into the company and try to get the deal done in a workable amount of time

I've always taken a backwards approach to this. Although I don't sign up with lenders anymore, when I did I would take a specific deal and try out two new lenders that fit the criteria. This way I learned how they operate, how they underwrite, and began to understand how each lender works. Sometimes you can tell right away, sometimes it takes 10-15 submissions to understand how a lender works. If they ever screwed me over, I'd just put them "on blast" here on the DF...

I understand what your saying but that approach had to be painful with the way some companies go about the underwriting and approval process


From a banks perspective I wonder if it is worth all the trouble of getting a new ISO signed up when they probably are only going to be sending this one deal that they obviously have not been able to get funded with their normal funding partners

[MCNetwork]

I typically just send the deal and see how the funder functions. If I like how they operate, I delve deeper into the company and ISO agreement. If I think they stink, I don't do further business with them.

[WhoisKingsley]

I always do research. I Google names, emails, company names, phone numbers (I am a woman... it's in my nature). I search through ISO Agreements (because a lot are other agreements altered with their information). I ask around...

I have horror stories that will make you cry.

I am a firm believer that all legit "lending" companies should be outlined and known. If you need help from someone on deal placement, it's okay. Sometimes two people are better than one on figuring out how a file can get to the right place. Should you send the file within 5 seconds of receiving a response and a "We can do that!" then you shouldn't be doing what you are doing. Delete yourself.

With that... educate yourself. Look into previous posts, think outside of the box, and most of all - USE COMMON SENSE. If a person is using a "gmail" or has a company name that sounds like a record label, Last name, or Breakfast Cereal- should be your first RED FLAG.

[Sean Cash]

I also see the responses come from companies that the original poster does not have a working relationship with. My question is this when someone asks you to send them the deal to look at, do you send the deal, or do you take time to do due diligence on the company, as well as looking at that companies ISO agreement.

Some of these ISOs get around John. Don't judge their lifestyles. Sometimes this board does look like craigslist personals though lol.

ISO here looking for a funder that enjoys long walks on the beach, high commissions, fast approvals, and a no strings attached relationship. If you are down with a sub 500 credit merchant, hit me up! Pic attached

6875232_S.jpg

Suggested subforums?

• strictly funding
• ISOs seeking funders
• funders seeking funders
• ISOs seeking ISOs (absolutely no funders!)
• casual funding
• missed commissions

[J.Celifarco]

I always do research. I Google names, emails, company names, phone numbers (I am a woman... it's in my nature). I search through ISO Agreements (because a lot are other agreements altered with their information). I ask around...

I have horror stories that will make you cry.

I am a firm believer that all legit "lending" companies should be outlined and known. If you need help from someone on deal placement, it's okay. Sometimes two people are better than one on figuring out how a file can get to the right place. Should you send the file within 5 seconds of receiving a response and a "We can do that!" then you shouldn't be doing what you are doing. Delete yourself.

With that... educate yourself. Look into previous posts, think outside of the box, and most of all - USE COMMON SENSE. If a person is using a "gmail" or has a company name that sounds like a record label, Last name, or Breakfast Cereal- should be your first RED FLAG.

its was seeing all the gmail address' with the "SEND ME YOUR DEALS" posts that made me ask the question.. Just seems like lately have been seeing a lot of it

[MCNetwork]

If an ISO sends deals to a funder with a gmail address, then he should have his head examined.

[Sean Cash]

If an ISO sends deals to a funder with a gmail address, then he should have his head examined.

On a serious note, it is essentially buyer beware on here. Always conduct your own due diligence before sending your deals.

[Fetachini]

Suggested subforums?

• strictly funding
• ISOs seeking funders
• funders seeking funders
• ISOs seeking ISOs (absolutely no funders!)
• casual funding
• missed commissions

Hahahaha I needed this laugh, Thanks Sean.