[Adam2326]

I really hate to make this post. But I will start off by saying we have worked with Ryan & SBL Funding for some time now and it has always been a great experience up until now. We have successfully funded about $2.5M in MCA's with them in the last 90 days or so. We have also participated in syndication on multiple deals with them, some we have originated, and others that we did not. We've made a nice amount of money with SBL in both commissions and this participation and it has been a fantastic business relationship all in all, until now.

It all started with a file we funded through SBL with them acting in a Super Broker capacity the end of September. Everything went smooth, deal funded and everyone was happy. Commission payment was to be paid by the Funder on 10/05 and SBL would transfer our commission on 10/06, again a scenario we've encountered with them many times and it always went perfect. However on this deal we were told there were some issues receiving the payment & they were working with the funder to get it resolved. No problem I said, let me know if I can help. This issue continues to go unresolved and on 10/26 I decided it was necessary for me to step in and reach out to the funder directly and identify the problem. The Funder immediately contacted me, and went above and beyond to prove they had done everything as described and commission was paid on time. They went as far as to do a screenshare with me showing the payment leaving their account and never being returned. So the obvious next step was to ask SBL to share a MTD or their online banking to verify the payment had not been received into the account it was sent to. Since requesting this on 10/26 they have been unable to provide any verification.

With these issues taking place, I decided not to participate in a renewal that was coming up this week, and requested the RTR be sent back. They have also been unable to send a payment for this participation money. We are currently in a handful of deals with them so we've got a little chunk of money sitting back with them that it looks like we will be struggling to reclaim.

We have sent a demand for payment & had our attorney write up the complaint to be filed in court and shared it with them with the hope that we can resolve this without litigation. But I personally feel it would not be fair to others in this industry to keep this situation silent now and potentially risk others losing like we have.

I have the paper trail on everything I have described, and if anyone is experiencing a similar situation you can feel free to reach out.

[ryan $]

I really hate to make this post. But I will start off by saying we have worked with Ryan & SBL Funding for some time now and it has always been a great experience up until now. We have successfully funded about $2.5M in MCA's with them in the last 90 days or so. We have also participated in syndication on multiple deals with them, some we have originated, and others that we did not. We've made a nice amount of money with SBL in both commissions and this participation and it has been a fantastic business relationship all in all, until now.

It all started with a file we funded through SBL with them acting in a Super Broker capacity the end of September. Everything went smooth, deal funded and everyone was happy. Commission payment was to be paid by the Funder on 10/05 and SBL would transfer our commission on 10/06, again a scenario we've encountered with them many times and it always went perfect. However on this deal we were told there were some issues receiving the payment & they were working with the funder to get it resolved. No problem I said, let me know if I can help. This issue continues to go unresolved and on 10/26 I decided it was necessary for me to step in and reach out to the funder directly and identify the problem. The Funder immediately contacted me, and went above and beyond to prove they had done everything as described and commission was paid on time. They went as far as to do a screenshare with me showing the payment leaving their account and never being returned. So the obvious next step was to ask SBL to share a MTD or their online banking to verify the payment had not been received into the account it was sent to. Since requesting this on 10/26 they have been unable to provide any verification.

With these issues taking place, I decided not to participate in a renewal that was coming up this week, and requested the RTR be sent back. They have also been unable to send a payment for this participation money. We are currently in a handful of deals with them so we've got a little chunk of money sitting back with them that it looks like we will be struggling to reclaim.

We have sent a demand for payment & had our attorney write up the complaint to be filed in court and shared it with them with the hope that we can resolve this without litigation. But I personally feel it would not be fair to others in this industry to keep this situation silent now and potentially risk others losing like we have.

I have the paper trail on everything I have described, and if anyone is experiencing a similar situation you can feel free to reach out.

Adam is not incorrect.

There's really no contradictory statements I can make, I am hoping to resolve this as soon as possible.

[brandon_]

Who was the funder?

[Adam2326]

Who was the funder?

Splash Advance was the funder on it. Again they've been extremely transparent and helpful in the situation at least with us once we approached them directly. I can't really speak to the interaction between Splash & SBL.

[ryan $]

Im pretty open with ISOs.

I'll share it here as well. We didn't receive a wire from Splash. I can say (with almost 100% Certainty) Splash didn't do something Intentionally. Nor am I.

It's just a messed up situation.

I am just guessing at this point, but logically the only thing that makes sense...

Splash uses Chase. We Issued a Charge back to an ISO. Clear cut default, blocked Payment right away. They falsely claimed Fraud to try and stop it and or keep the money. We normally use an ACH Processor to shield our account from things like this. But this was above the ACH Processor limit. We used our bank. The Fraud Claim has not Frozen our account, but semi-frozen our account. We can receive stuff, write checks, but debit cards and online accounts are crippled. No ACH or Wires. As well as 5 other accounts we had at same institution.

We have been scrambling for a few days. And since everything has to basically be done in person our Branch is unsurprisingly frustrated at the influx of mundane tasks. It's like we went back in time. We are limping along.

Went to the bank once, Our Owner focused on restoring account, going through ISO Agreement, Emails with the other ISO (not Adam) and proof of the deal going bad, Clawback clause in our ISO agreement, basically showing it's a bogus Fraud case.

He came back with a MTD from like yesterday to the 12th, did us Adam and Splash no good. He went back today and got the MTD.

We are trying to be as transparent as possible, anyone who really deals with me daily knows I'm brutally honest almost to a fault sometimes.

The situation sucks. The only explanation I can come up with is that since the ISO who claimed Fraud has Chase as well... That Splashes payment got held up either leaving or coming in, due to the Fraud Claim against the account coming from the same Bank.

That is literally the only logical explanation that could possibly be the case and result in everyone being honest, and I hope this is what it is

It really doesn't seem like Splash is doing anything shady.

We are calling our Bank almost hourly asking for updates. The department that has to read our documentation just has to do their job, and I'm confident our accounts will be normalized, and hopefully the payment will show up.

I've analyzed the situation a hundred times. And gone back and forth with so many people. We are going to right the situation, whatever it takes.

It's just a ****ty situation.

[brandon_]

Oh wow - I know the Splash Advance group very well that was surprising to hear. They are hands down one of the most honest and easy groups of people I've ever worked with. I'm sure this whole situation will figure itself out. Sounds like it wasn't anything that they did on their end after reading what happened. If they sent the money out then they sent the money out. Not much more they can do after that especially if it came out of their account already.

If anybody needs an intro to them they've been funding a ton of our B-C Paper lately. Great niche spot.

[Steven_O]

...this is the most transparent thread I have ever read on DailyFunder... ever. And I've been back to the first post and read them all!...

Hopefully this gets resolved sooner than later for all parties involved.

[DonMcGrath]

Hope this works out, Ryan and OP.

Is there a way to get the original Iso involved (who caused the issue) and have him amend or withdraw his fraud claim, citing a mistake/misunderstanding, let him keep the commission, in return for clearing up the matter?

An explanation to the bank like: he didn’t realize the merchant had defaulted, and the funder had a valid reason. He’d like to withdraw his claim. Yes the Iso gets paid but it clears you up to get back to business as normal, and removes any negative flags with your account.

[ryan $]

Hope this works out, Ryan and OP.

Is there a way to get the original Iso involved (who caused the issue) and have him amend or withdraw his fraud claim, citing a mistake/misunderstanding, let him keep the commission, in return for clearing up the matter?

An explanation to the bank like: he didn’t realize the merchant had defaulted, and the funder had a valid reason. He’d like to withdraw his claim. Yes the Iso gets paid but it clears you up to get back to business as normal, and removes any negative flags with your account.

Unfortunately, the original ISO who is causing our problem is MIA. It is an off-shore shop, they probably had a ton of LCC's and just switched to another one. It was just enough money for them to say screw it. They know what they were doing, It was a calculated decision. We are going to attempt to go the legal route, sue for damages, etc.

Fingers crossed we can recoup, just damages alone, lost income from the bank being shut down, its just a mess of a situation.

[Michael I]

ouch that sucks ryan , you are not the first and will not be the last that happens to , always have multiple accounts with different banks as back up.

[Michael I]

@adam ,ryan has a good reputation give him a little a time and i am sure he will make it right for you

[Adam2326]

@adam ,ryan has a good reputation give him a little a time and i am sure he will make it right for you

I agree Michael, Ryan has been great in the past and has been as good as can be expected through this situation. I'm confident it will get resolved at some point. It has just been a long and frustrating situation already for myself, but more importantly the sales rep involved in the deal.

[FlexibleCapitalSolutions]

Unfortunately, the original ISO who is causing our problem is MIA. It is an off-shore shop, they probably had a ton of LCC's and just switched to another one. It was just enough money for them to say screw it. They know what they were doing, It was a calculated decision. We are going to attempt to go the legal route, sue for damages, etc.

Fingers crossed we can recoup, just damages alone, lost income from the bank being shut down, its just a mess of a situation.

I gotta say as much as I bust your chops on here about not being a funder, this thread if anything is a testament to how transparent you are being and it should be good marketing for anyone else looking for a broker partner. Business is business and there are always fires to put out. But you are on here not hiding. You are going to be one of DF's best brokers one day.

[ryan $]

I gotta say as much as I bust your chops on here about not being a funder, this thread if anything is a testament to how transparent you are being and it should be good marketing for anyone else looking for a broker partner. Business is business and there are always fires to put out. But you are on here not hiding. You are going to be one of DF's best brokers one day.

Had to see what you'd say on this thread.
Anyway, again, we broker and fund. No White Label, Fund directly.

Here's one Adam is in 50%

ss.png

[FlexibleCapitalSolutions]

Had to see what you'd say on this thread.
Anyway, again, we broker and fund. No White Label, Fund directly.

Here's one Adam is in 50%

ss.png

I knew you never blocked me and I am not sure that qualifies you as a funder but lets just agree to disagree. I cant get past the fact that you don't file UCCs or lawsuits. But I gotta give it to you, you seem to be a decent broker to deal with from what I am seeing on this thread congrats. Not everyone can be Kevin Henry

[ryan $]

I knew you never blocked me and I am not sure that qualifies you as a funder but lets just agree to disagree. I cant get past the fact that you don't file UCCs or lawsuits. But I gotta give it to you, you seem to be a decent broker to deal with from what I am seeing on this thread congrats. Not everyone can be Kevin Henry

I did block you, It just doesn't block block. It shows you comment then I have to click allow to show the individual post.

Also, I am a broker, never claimed not to be. If funding deals in house doesn't make me a funder as well...... not sure what will.

WE did not file UCC's or Lawsuits when we were using another funders platform. THEY file and collect, that's why we pay a Management fee.

[Moshe73]

I'm a funder so I'll chime in...open a new account and pay the man his money. Your bank is not his issue. This is why we have several accounts for any issues that may arise. Common sense.

[ryan $]

It's simple in theory.

We have found it time consuming. We spent the beginning days trying to work out with existing bank, in retrospect should have opened new account first day.

As of Today after a few days waiting for approval, we have our new account at a new bank.

Now we have to get all the money over, reroute ACH Processors, Resend ACH Agreements to every Syndicator. It's a process.

Also,my previous GUESS was incorrect. We received an ACH from a Chase Account, so it appears we aren't blocked in any way. We have to work with Splash come Monday to sort the commission out

As far as Syndication money, Adam will receive it.

[fundingsmbs]

Adam, let the community know if others come forward with issues. Something doesn't sound right with this one

[ryan $]

I appreciate your Input.

If you listen to the situation, if other ISOs we're not experiencing the same thing....THAT would be an issue.

Adam hasn't been selected to not be Paid. He is one of several ISOs. Some have known me for 10+ years and know they will be paid. Some are newer and a little worried.

I have been as upfront and transparent as I possibly can with ISOs I work with. And now publicly.

It is what it is Everything has been affected. If Adam found an ISO that WAS PAID OUT during this time period, THEN THAT WOULD BE AN ISSUE.

logically think about it for a second.

[fin4all]

I'm a funder so I'll chime in...open a new account and pay the man his money. Your bank is not his issue. This is why we have several accounts for any issues that may arise. Common sense.

a. you're not a funder b. you definitely king of underwriting lol

[SmartAdvanced]

And it was at this point that I left the room

[MCN]

Im pretty open with ISOs.

I'll share it here as well. We didn't receive a wire from Splash. I can say (with almost 100% Certainty) Splash didn't do something Intentionally. Nor am I.

It's just a messed up situation.

I am just guessing at this point, but logically the only thing that makes sense...

Splash uses Chase. We Issued a Charge back to an ISO. Clear cut default, blocked Payment right away. They falsely claimed Fraud to try and stop it and or keep the money. We normally use an ACH Processor to shield our account from things like this. But this was above the ACH Processor limit. We used our bank. The Fraud Claim has not Frozen our account, but semi-frozen our account. We can receive stuff, write checks, but debit cards and online accounts are crippled. No ACH or Wires. As well as 5 other accounts we had at same institution.

We have been scrambling for a few days. And since everything has to basically be done in person our Branch is unsurprisingly frustrated at the influx of mundane tasks. It's like we went back in time. We are limping along.

Went to the bank once, Our Owner focused on restoring account, going through ISO Agreement, Emails with the other ISO (not Adam) and proof of the deal going bad, Clawback clause in our ISO agreement, basically showing it's a bogus Fraud case.

He came back with a MTD from like yesterday to the 12th, did us Adam and Splash no good. He went back today and got the MTD.

We are trying to be as transparent as possible, anyone who really deals with me daily knows I'm brutally honest almost to a fault sometimes.

The situation sucks. The only explanation I can come up with is that since the ISO who claimed Fraud has Chase as well... That Splashes payment got held up either leaving or coming in, due to the Fraud Claim against the account coming from the same Bank.

That is literally the only logical explanation that could possibly be the case and result in everyone being honest, and I hope this is what it is

It really doesn't seem like Splash is doing anything shady.

We are calling our Bank almost hourly asking for updates. The department that has to read our documentation just has to do their job, and I'm confident our accounts will be normalized, and hopefully the payment will show up.

I've analyzed the situation a hundred times. And gone back and forth with so many people. We are going to right the situation, whatever it takes.

It's just a ****ty situation.

I gotta say, Ryan is a great stand up guy. He's well known in the industry for his honesty and doing the right thing. Whatever happened over here, im sure its not his intention to screw anybody and im sure he'll make it right. Its a crazy industry and **** like this happens sometimes. Let us know when this all gets worked out so you can say "i told you so" to anyone doubting you.

[Adam2326]

Ryan has maintained communication through all of this and done the best that can be expected. Others have come to me with the same issue so it definitely isn't an isolated incident with just us. Sounds like everyone is getting the same story as well so I don't have any feeling that he is making up stories for anyone, it all lines up...This weekend I was told a couple plans on how things would be resolved early this week, so looking forward to getting this all taken care of soon.

[fundingsmbs]

your post said you were suppose to be paid on 10/6 commissions. It's 11/1. The fact several haven't been paid , and, syndication has been affected, quite honestly, is a fiasco.