[capaxess]

Hey guys:

I saw the post by Adam from HFG on SBL comp issues and want to chime in as the issue still isn't resolved. I'm one of the ISOs caught up in this mess. I have several deals with Adam and a few of them were/are sourced to SBL funding.

Here's the brief background.

The deal in question funded well over a month ago and we haven't been paid.
At first the excuse was that Splash funding ( a co funding partner) had not released commissions. However we found this to be untrue as the CEO of splash took us on a screenshare and showed our commissions leaving their account the next day.

When Adam pressed Ryan a little more, it turns out the story is that their bank account(s) are frozen due to some fraud from another ISO.

We were promised a wire on 10/29 Friday which didn't arrive.
Then we are being promised that this issue will be resolved yesterday, which didn't happen.

To compound matters, we have on good authority that SBL funding is continuing to fund renewals and new deals (meaning they have money but are refusing to pay commissions).

Essentially, my opinion is that Ryan and James decided that their banking problems are ISO problems and will only pay on deals when their issues (whatever they are) are resolved. In the meantime, they're going to spin stories to help buy themselves more time.

This is nonsense.

I have never put anyone on this forum on blast but am very frustrated at how this solution is panning out. Funder problems are funder problems. I funded my own deals pre-covid and there are always issues with deposits being held up, rejected payments, etc but those weren't issues I was going to let my ISOs suffer from.

Good funders find a way to pay their ISOs without the ISOs having to resort to litigation.

And yet, here we are, having to file a complaint against SBL this week.


I'll be updating this post on a regular basis.

I have no dog in this fight but I'm submitting a "friend of the forum" post to say that I also have had the exact same thing happen to me where a large commission was withheld even though the lender had already paid it. The excuse was the same: a bank account hack & freeze in the account (my) commissions were in. weeks went by but "their" problem was made "my" problem because they believed that screwing me would be more profitable than maintaining their own professional integrity. It's too bad some folks think like that; it makes it harder to do an already difficult job.