[fundingsmbs]

why not do hard offers upfront? i mean an offer isn't an offer unless its a hard offer. i guess you would have to see how many deals get killed or revised contracts in to see if that model works for you

[TheUnderwritingProdigy]

why not do hard offers upfront? i mean an offer isn't an offer unless its a hard offer. i guess you would have to see how many deals get killed or revised contracts in to see if that model works for you

Yeah, good luck getting every ISO to submit a complete MTD with every submission. I personally would love if they did as I waste a lot of time on files that the ISO or merchant conveniently leaves out that they haven't made any deposits (or extremely low $), were negative the entire time, or just got funding in the MTD. Even then, bank login is still necessary as they could be funded just after sending you the MTD. It's also time-and-cost-intensive to conduct a complete, thorough TLO and background search into them and all the related entities when most approvals don't convert into fundings.

[FUND3R1]

why not do hard offers upfront? i mean an offer isn't an offer unless its a hard offer. i guess you would have to see how many deals get killed or revised contracts in to see if that model works for you

Everything costs money - background checks aren't free, and a lot of other tools that they use- it might be more cost effective for them to do it once signed contracts come in.

[TheUnderwritingProdigy]

Everything costs money - background checks aren't free, and a lot of other tools that they use- it might be more cost effective for them to do it once signed contracts come in.

THIS. Especially when a good % of deals die during bank verification when you realize they just took 3 positions the day before

[JakeS]

That's why I like our business model where we underwrite the file upfront so every contract that comes back will fund unless the merchant double funded on that day and there is no room left for us .
Granted we are a smaller shop and we only see a max of Two Hundred files a day so it's more manageable for us to underwrite up front .
Additionally we don't have a direct sales team . Everything is driven by the ISO channel including the renewals .