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03-20-2023, 04:03 PM #1
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Thoughts on Lenders asking for Personal Guarantee and Agents/ISO SSN
What does everyone think about all these new lenders demanding Personal Guarantees and SSN of owners?
I have gotten 3 ISO packages from these lenders.
I do not do business with banks that want a personal guarantee from the Broker/ISO.
Mike
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03-20-2023, 04:24 PM #2
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03-20-2023, 04:51 PM #3
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03-20-2023, 04:37 PM #4
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- Apr 2021
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Which lenders are asking for BG?
So i just so i understand if you dont pay on a clawback they will put you in collections?
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03-20-2023, 04:41 PM #5
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- Dec 2021
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Michael.... SSN # makes sense -- In fact when I owned part of Manhattan's largest independent Bottles water cooler group - Getting approved with a leasing company was a 3 month process (we leased the coolers for $70-$99 per month for 60Months / (leasing company gave us 42 months upfront)
Now regarding SSN & Personal guarantees its NOT a capybara Capital request.Marcus Clapman
Capybara Capital
marcus@capybarausa.com
www.capybarausa.com
646-708-5986 (Text Friendly!)
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03-20-2023, 04:41 PM #6
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- Nov 2019
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Funders need to protect ourselves. There are brokers out there with criminal records lying to get paid commissions or scumbags brokers that also hide stuff and lie.
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03-20-2023, 04:47 PM #7
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[QUOTE=closer129;177175]Funders need to protect ourselves. There are brokers out there with criminal records lying to get paid commissions or scumbags brokers that also hide stuff and lie.[/QUOTE
its very tough. When I meet with the top funders we walk about it --that we are in the business of taking risk with merchants -- some risk comes with partners. unless you fly down and date them for a year its really hard to be risk-free.....Marcus Clapman
Capybara Capital
marcus@capybarausa.com
www.capybarausa.com
646-708-5986 (Text Friendly!)
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03-20-2023, 04:48 PM #8
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- Sep 2014
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z125personal.JPG here it is -
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03-20-2023, 10:43 PM #9
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- Mar 2014
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- Florida
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brokers out there with criminal records
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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03-21-2023, 09:29 AM #10The Brokers Nightmare
I don't want peace, I want problems, ALWAYS!
Florida-Based
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03-20-2023, 05:50 PM #11
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- Dec 2021
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- 154
As far as a funder is concerned, if an ISO isn't personally willing to back up the terms of the ISO agreement then he isn't worth doing business with.
At the end of the day, anyone who's doing business with some common sense will solve most issues without having to resort to a contract.
If it gets to the point where the funder needs to pull out the contract, then it means the ISO likely did something malicious. The personal guarantee is to protect from those people, not your every day, hard working, honest ISO.Last edited by Capitalize Group; 03-20-2023 at 05:58 PM.
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03-20-2023, 05:53 PM #12FUNDFI
Alex Davis
Director of ISO relations.
Alex@fundfimerchantfunding.com
www.fundfimerchantfunding.com/
https://www.linkedin.com/company/fundfi-merchant-funding/
Office Number : (929) 277-0182
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03-20-2023, 05:59 PM #13
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03-20-2023, 06:08 PM #14
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- Dec 2021
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We've had many ISOs question it but they always sign once we explain why it's there.
It was put in once an ISO decided not to pay a 23k clawback.
This seems like a good opportunity to warn people about OCEAN CAP FUNDING located at 75 Lincoln Hwy, Woodbridge Township (Iselin), NJ 08830.
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03-20-2023, 07:56 PM #15
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- Feb 2018
- Posts
- 1,349
Top ISOs are signing these or newbie ISOs who don't know any better? Part of owning a corp is so you don't have to PG anything individually. Until the top funders who fund the bulk of this industry adopt this, not much movement is happening with this thread . your better off chasing the merchant who breached your contract and took your money and ran and going back to underwriting basics.
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03-20-2023, 09:48 PM #16
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I've been working with ISO's since 1999 (credit card processing) I love ISO Brokers they are the hardest working people in the world -FACT, When I talk to an ISO I may have some good questions that's normal before darting a 2.7M funding on ISO's behalf... but 24 years spending 18 hour days with ISO's friends and vacationing funeral-ing / saving / bailing / flying down post Childs suicide -- I can tell you to me ISO's are the best humanity has to offer. (minus a few bad cops and a few bad apples in each industry).
Marcus Clapman
Capybara Capital
marcus@capybarausa.com
www.capybarausa.com
646-708-5986 (Text Friendly!)
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03-21-2023, 10:06 AM #17
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- Jun 2015
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Just curious on the double standard , why does a funder not sign a personal guarantee also ? Also check all your iso agreements you will see 90 % of them signed by the iso rep or manager not the owner. Hell half these companies we do not even know who the real owners are, just the ceo ,cfo etc.
Also i do not agree with the whole bad iso thing , just like a funder can underwrite a merchant that they are willing to give a million dollars to , they should be able to underwrite an iso . ask on a application for all iso personal info is fair , having him sign personal on an iso agreement is not unless the owner of the funding company will do the same
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03-21-2023, 10:37 AM #18The Brokers Nightmare
I don't want peace, I want problems, ALWAYS!
Florida-Based
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03-21-2023, 10:50 AM #19
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03-21-2023, 10:58 AM #20
??
It's on the ISO Agreement, commission is paid to you. Deal funds, you're paid. It goes bad at a certain timeframe, you're clawed that commission.
If the funder breaches it, you take it to court....
Or you can come on here and complain about it.The Brokers Nightmare
I don't want peace, I want problems, ALWAYS!
Florida-Based
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03-21-2023, 11:12 AM #21
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03-21-2023, 12:15 PM #22
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I agree with Michael... funders that come down on ISO's should realize there will be competitors (ME!) that will be happy to explore with them. Not signed up?? ...RUSH ASAP youll thank me later....
Marcus Clapman
Capybara Capital
marcus@capybarausa.com
www.capybarausa.com
646-708-5986 (Text Friendly!)
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03-21-2023, 12:55 PM #23
"But if I tell the underwriter you don't wanna sign a PG, he's gonna think you don't intend on paying it back"
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03-21-2023, 01:00 PM #24
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- Jun 2019
- Posts
- 196
it won't change unless ISO's refuse to sign those personal guarantee's. Seems asinine to me to sign a personal guarantee through my business.
It's hopefully a very rare example, but if an ISO goes under and a funder than comes and demands a 10K Clawback that he doesnt have anymore, why should the ISO have to worry about being personally sued?
Im glad to do business with guys like Marcus instead of these small shady shops that require the personal guarantee, and i'd advise all ISO's to do the same.
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