[FCF Fund]

its a 160 day deal. They are holding it past 3 months. Are you serious? Again if they are scared to pay the broker and take the risk they agreed to, they shouldn't be funding mca deals. Period. Nothing justifies what you are saying. This merchant is paying and has paid up.

If they saw reason to default them then they would've, but have not. They should've said their clawback period was 90days to indefinite right? But then nobody would bring them deals. The point is they are being dishonest and penalizing the broker for hypothetical reasons. They breached their contract and credibility, not us.

Theres 3 sides to every story, so get your "proof" merchant didnt default by A) getting their bank statements B) reviewing specific terms in ISO agreement of default and acceptable remedy C) send a demand letter if you are in the right with proof.

[NEWCDAM]

Theres 3 sides to every story, so get your "proof" merchant didnt default by A) getting their bank statements B) reviewing specific terms in ISO agreement of default and acceptable remedy C) send a demand letter if you are in the right with proof.

We have that proof and sent a demand letter and are basically being ignored. We have no choice but to get a lawyer involved.

[NEWCDAM]

If they are missing payments within the first 30 days, you really have no leg to stand on. You're at the mercy of whoever who funded the deal. It doesn't matter if they paid it back. It can easily happen again. If you lend out $30,000 for example, and in the first 30 days the customer misses 4 payments, how are you going to feel about sending the broker a commission? Said commission will most likely have to be clawed back, and then never returned which adds to the loss that is already happening. The full bag is held by the funder... SO....Maybe they are a white label, maybe they aren't, but in either case a commission needs to be paid out and they are clearly worried about a default. So common sense, don't pay it out until most of it is recouped. You should be happy with that in all honesty. Most of the time, they will just say its in default and you're out of luck.

There are 2 sides to every story..

Nothing about what you said even sounds right. Whether that's the way things are or not. This is how lenders X a broker out of their hard earned money. That is modern day slavery, period. There is a contract in place for a reason. Well why doesn't it protect the broker the same way it protects the funder?

[Zonefund]

Nothing about what you said even sounds right. Whether that's the way things are or not. This is how lenders X a broker out of their hard earned money. That is modern day slavery, period. There is a contract in place for a reason. Well why doesn't it protect the broker the same way it protects the funder?

If he missed 3 payments, legally, you're ****ed.

You were better off waiting 60 days to see if they pay.

[ridextreme]

You were better off waiting 60 days to see if they pay.

Or at least check the agreement first for clauses regarding what they classify as a default, and what he'll be learning in this industry (welcome btw) is never to count your commissions before they hatch. Build a pipe line so when one or two deals get killed you have others working for your quarter so it's not as much of a let down.

[diditevenfund]

Or at least check the agreement first for clauses regarding what they classify as a default, and what he'll be learning in this industry (welcome btw) is never to count your commissions before they hatch. Build a pipe line so when one or two deals get killed you have others working for your quarter so it's not as much of a let down.

Lot of dudes out there living 9k Vader to 9k Vader.

[Zonefund]

Lot of dudes out there living 9k Vader to 9k Vader.

True

Ontap will you respond?

[ridextreme]

True

Ontap will you respond?

Do they have reps on here that you know of?

[Zonefund]

Do they have reps on here that you know of?

Yea they have one that promotes.

[JHG]

Hi guys, Diana from OnTap Capital chiming in here.

Here are the facts:
- NEWCDAM has signed up with us recently, and this deal was the first and ONLY deal they've submitted to us.
- The merchant started bouncing within the first 7 days of funding, which we caught on time and informed the broker about that, not the other way around. The day the bounces were caught was 1-2 days away from the day we were supposed to send the commission out.
- My initial communication with the broker was "We need to wait a few more days to make sure the payments actually go through, then we release the payment. We need to wait until Friday"
- On Thursday the broker starts verbally harassing us on the phone
- My boss Jay got on the phone with her and tried to resolve the situation, by offering payment after 30 days with no more bounces.
- NEWCDAM began harassing the rest of our staff, blowing off our phones, emails, threatening us with legal action.
- She informed us that she needed this money for personal reasons and made it clear to us that it would be very difficult for us to clawback on her if necessary.

Let's spin this around and turn this negative into a positive!
- We are a direct funder, we are NOT white labelling
- We fund in Canada and US, we opened in Canada originally in 2017 and expanded to the US just over a year ago.
- We go up to 12 months, 500k per paper, A-C paper
- We do 1st-5th positions

Contact me to get signed up (or discuss this thread lol)


diana@ontapcap.com
(929)566-7317

[diditevenfund]

Hi guys, Diana from OnTap Capital chiming in here.

Here are the facts:
- NEWCDAM has signed up with us recently, and this deal was the first and ONLY deal they've submitted to us.
- The merchant started bouncing within the first 7 days of funding, which we caught on time and informed the broker about that, not the other way around. The day the bounces were caught was 1-2 days away from the day we were supposed to send the commission out.
- My initial communication with the broker was "We need to wait a few more days to make sure the payments actually go through, then we release the payment. We need to wait until Friday"
- On Thursday the broker starts verbally harassing us on the phone
- My boss Jay got on the phone with her and tried to resolve the situation, by offering payment after 30 days with no more bounces.
- NEWCDAM began harassing the rest of our staff, blowing off our phones, emails, threatening us with legal action.
- She informed us that she needed this money for personal reasons and made it clear to us that it would be very difficult for us to clawback on her if necessary.

Let's spin this around and turn this negative into a positive!
- We are a direct funder, we are NOT white labelling
- We fund in Canada and US, we opened in Canada originally in 2017 and expanded to the US just over a year ago.
- We go up to 12 months, 500k per paper, A-C paper
- We do 1st-5th positions

Contact me to get signed up (or discuss this thread lol)


diana@ontapcap.com
(929)566-7317

- She informed us that she needed this money for personal reasons and made it clear to us that it would be very difficult for us to clawback on her if necessary. <----- wow, if you have literally zero buffer for clawbacks its time to just dust off a resume and get a job. Unreal.

You can tell if someone is remotely successful just based on them exploding over what I guarantee is a small dollar amount

[Sachip24]

the plot thickens... :grabs popcorn:;

[Archiepat]

ONTAP Capital is very reputable. I have been doing countless of deals on a monthly basis and they pay on time. I have a really good relationship with one of the partners. They deliver commission on time and also they are competitive with their offers. There seems like there was a misunderstanding between you and the rep. I am sure you will be able to figure it out with the team as they are understanding and NEVER run away from sending out commission. I look forward to growing big with them.

[DonMcGrath]

Hi guys, Diana from OnTap Capital chiming in here.

Here are the facts:
- NEWCDAM has signed up with us recently, and this deal was the first and ONLY deal they've submitted to us.
- The merchant started bouncing within the first 7 days of funding, which we caught on time and informed the broker about that, not the other way around. The day the bounces were caught was 1-2 days away from the day we were supposed to send the commission out.
- My initial communication with the broker was "We need to wait a few more days to make sure the payments actually go through, then we release the payment. We need to wait until Friday"
- On Thursday the broker starts verbally harassing us on the phone
- My boss Jay got on the phone with her and tried to resolve the situation, by offering payment after 30 days with no more bounces.
- NEWCDAM began harassing the rest of our staff, blowing off our phones, emails, threatening us with legal action.
- She informed us that she needed this money for personal reasons and made it clear to us that it would be very difficult for us to clawback on her if necessary.

Let's spin this around and turn this negative into a positive!
- We are a direct funder, we are NOT white labelling
- We fund in Canada and US, we opened in Canada originally in 2017 and expanded to the US just over a year ago.
- We go up to 12 months, 500k per paper, A-C paper
- We do 1st-5th positions

Contact me to get signed up (or discuss this thread lol)


diana@ontapcap.com
(929)566-7317

After reading this.... well when I got to the fifth bullet point, the revelation was a cold hard slap... it makes perfect sense now. Obviously, it's very clear that, I mean, I now know why there was…. Ok I'm just going to say what everyone person on this forum was thinking, and what crossed all our minds collectively and simultaneously…

The reason for this occurrence is because ... what...., oh.....









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[ridextreme]

- NEWCDAM began harassing the rest of our staff, blowing off our phones, emails, threatening us with legal action.
- She informed us that she needed this money for personal reasons and made it clear to us that it would be very difficult for us to clawback on her if necessary.

It looks like you made the correct decision here. Clawbacks are never guaranteed, especially from a one and done ISO.

[BreakBreadRich]

Any time a merchant misses any payments within the stated clawback period, then, in turn, triggers said clawback. If it was before the commission was even paid out that is a huge red flag for lenders. You should be happy they said they would pay at the end and not just not pay it at all... Always make sure you read your ISO contract. And don't complain when you have a merchant who doesn't make his payments... especially the first few.

[NEWCDAM]

Hi guys, Diana from OnTap Capital chiming in here.

Here are the facts:
- NEWCDAM has signed up with us recently, and this deal was the first and ONLY deal they've submitted to us.
- The merchant started bouncing within the first 7 days of funding, which we caught on time and informed the broker about that, not the other way around. The day the bounces were caught was 1-2 days away from the day we were supposed to send the commission out.
- My initial communication with the broker was "We need to wait a few more days to make sure the payments actually go through, then we release the payment. We need to wait until Friday"
- On Thursday the broker starts verbally harassing us on the phone
- My boss Jay got on the phone with her and tried to resolve the situation, by offering payment after 30 days with no more bounces.
- NEWCDAM began harassing the rest of our staff, blowing off our phones, emails, threatening us with legal action.
- She informed us that she needed this money for personal reasons and made it clear to us that it would be very difficult for us to clawback on her if necessary.

Let's spin this around and turn this negative into a positive!
- We are a direct funder, we are NOT white labelling
- We fund in Canada and US, we opened in Canada originally in 2017 and expanded to the US just over a year ago.
- We go up to 12 months, 500k per paper, A-C paper
- We do 1st-5th positions

Contact me to get signed up (or discuss this thread lol)


diana@ontapcap.com
(929)566-7317

I had nothing against Diana you just work there. But don't gaslight our conversation and jump into "Broker starts verbally harassing us" Explain why I verbally got upset. I called the MERCHANT to find out what the situation was
and there was a payroll issue waiting for a check to clear, but it cleared.

WE (the broker) made sure that the merchant fixed the situation and paid ONTAP. Now the merchant has triple sitting in his account and is paying you ON TIME everyday. Because of that, you said you will see if we can get paid friday, so I called on thursday to confirm and Jay said we wont be able to get paid until the 17th. Pissed off and irate I further tried to understand and he said he will see what he can do. I called back and said this is a "problematic file" and a "default" and we would not be able to get paid until the backend of the deal.

Now Im furious, and ONLY because of that frustration is the reason I brought up this DEBATE to discuss opinions and options with other experienced brokers. A DEBATE is not slander. Our contract clearly states clawback period is 30days and we should've originally been paid within 7 business days. Now I get the need to want to see if things get current and you want to hold off on paying. But waiting until 160days is finished is not anywhere in our contract. The only people in default in my opinion is ONTAP. You agreed to take on this risk and responsibility, and the merchant is compliant and paying daily.

Where is the respect for the broker. There isn't any! You're PENALIZING the broker for something the MERCHANT has done, NOT for something the broker has.

If clawback is only 30days why do we have to wait 160? We have a contract in place. Brokers are the ones bringing you deals, but you have no respect to pay the broker so they actually can take care of their business to market, bring new clients, and pay their employees.

There is nothing "personal" about those reasons. OFFICE RENT OVERHEAD and BILLS need to be paid. We have done our job but you are FAULTING us as if we created or IGNORED his schedule of payments, and now our relationship is obstructed because there is no TRUST between the broker and the lender now, ESPECIALLY if a lender refuses to pay according the original contractual agreement.

If the MERCHANT actually DID DEFAULT, they would be in collections. NOT still paying the Lender directly. As we are currently a few days shy of the 30day period, we as the broker should not have to continue to be subject to deal with it if our clawback period is only 30days.

In my opinion, if the Merchant is paying as agreed, and there has been no further issue, the only person in default is the Lender for not paying the Broker.

Don't care if that is the way things are, there should be more protections for the broker to enforce an ISO Agreement.

As a broker, we should've never trusted the LENDER for a "try". Moving forward we would not trust a Lender who is afraid to pay the broker on the same day/ next day. In my opinion, that is just a ploy to X the broker out of a deal. Because let's say they actually do default, but then pay in full after default. The broker STILL won't get paid for the work they've done.

Hats off to the LENDERS who don't drag brokers into the risk they agree to take, offering same day pay and ZERO clawbacks.

[Oxforddan]

I feel bad for Ontap here. When I have a deal that goes bad I prefer to send back the commission with an apology about giving them a bad deal instead of having it debited. Apparently that's pretty rare, which has led to some interesting conversations about how many of these one deal and done shops don't even honor a clawback. If I was Ontap I would not only wait until I recouped all the funds that I disbursed I would wait till i collected enough return to cover the commission, then I would send it. However by then it seems they will have already won in court and they can just keep it. This industry never ceases to amaze me.

[Oxforddan]

[QUOTE=NEWCDAM;192541]

If the MERCHANT actually DID DEFAULT, they would be in collections. NOT still paying the Lender directly. As we are currently a few days shy of the 30day period, we as the broker should not have to continue to be subject to deal with it if our clawback period is only 30days.


FYI they are a "funder" not a "Lender"
Normally I wouldn't nitpick this but clearly you need to pay better attention to details.

[NEWCDAM]

I feel bad for Ontap here. When I have a deal that goes bad I prefer to send back the commission with an apology about giving them a bad deal instead of having it debited. Apparently that's pretty rare, which has led to some interesting conversations about how many of these one deal and done shops don't even honor a clawback. If I was Ontap I would not only wait until I recouped all the funds that I disbursed I would wait till i collected enough return to cover the commission, then I would send it. However by then it seems they will have already won in court and they can just keep it. This industry never ceases to amaze me.

One deal and done is not what we do, nor is it the service we provide. We actually build and maintain relationships with our clients, and walk them through the process/ don't disappear on them (especially if it's their first advance).

The "FUNDERS" actually call us first if there is a bounced payment and we call the Merchant immediately and stay on top of the situation, which is what they did with us. We actually did ONTAP a HUGE service getting a file back on track, so I don't understand your "feel bad" if the funder is actually getting paid thanks to the broker.

Because of this, we have not had any defaults under our record. So I don't know what your definition of "one deal and done" is but that does not describe us. Thank you.

[Zonefund]

Hi guys, Diana from OnTap Capital chiming in here.

Here are the facts:
- NEWCDAM has signed up with us recently, and this deal was the first and ONLY deal they've submitted to us.
- The merchant started bouncing within the first 7 days of funding, which we caught on time and informed the broker about that, not the other way around. The day the bounces were caught was 1-2 days away from the day we were supposed to send the commission out.
- My initial communication with the broker was "We need to wait a few more days to make sure the payments actually go through, then we release the payment. We need to wait until Friday"
- On Thursday the broker starts verbally harassing us on the phone
- My boss Jay got on the phone with her and tried to resolve the situation, by offering payment after 30 days with no more bounces.
- NEWCDAM began harassing the rest of our staff, blowing off our phones, emails, threatening us with legal action.
- She informed us that she needed this money for personal reasons and made it clear to us that it would be very difficult for us to clawback on her if necessary.

Let's spin this around and turn this negative into a positive!
- We are a direct funder, we are NOT white labelling
- We fund in Canada and US, we opened in Canada originally in 2017 and expanded to the US just over a year ago.
- We go up to 12 months, 500k per paper, A-C paper
- We do 1st-5th positions

Contact me to get signed up (or discuss this thread lol)


diana@ontapcap.com
(929)566-7317

Whats your lowest buy rate?

It'll be good to have another canadian funder. Per what this iso said, if u gave an 8 month turn to a merchant with a criminal records, means you guys will be solid to use as a funder.

[Finance]

Newcdam, your incredulity is remarkable and you keep contradicting yourself, incessantly. A few examples of this:
-You at first said you'd have been paid after 90 days, now you're saying 160 days

-You say you're not a "one and done", you stay in touch with your clients etc., well, if that's the case, you wouldn't be relying on one single transaction to support your overhead, would you not have a macrame of clients you make money from by servicing them?

-You say "we have not had any defaults under our record", really? Do you truly believe that your practices promote a 0% default rate or believe you along with all of us are completely infallible and for decades capital providers have been seeking that idealistic 0% default rate to no avail, because it's incontrovertibly impossible. You're flummoxed over one commission, this implies you're in your nascent stages, maybe 5-10 transactions on your book since your inception. Exceptions don't disprove the generality, as volume persists, you will undoubtedly have a default no matter what you do, another example of the very idealistic and contradictory mentality you still haven't realized is facilitating your acceleration out of the industry.

-You say you're synonymous with integrity in the eyes of your funders, how they "call you first" etc., but here you are first in line to abdicate responsibility and understanding when one of your cherished partners has understandable discomfort in a transaction and maintained communications with you regarding this, ultimately implying they are going to pay you once their concerns are ameliorated and now you're spouting how you have no bearing on the file after 30 days and you seemingly have no concern about it succeeding or failing because you won't be taking the hit. Contradictory, that's not a genuine partnership where you're equally as invested in your partners success as you are your own success. The second something doesn't go your way, in your extremely idealistic frame, you castigate the very resource you make money from like an angry toddler but simultaneously make proclamations of being different from the rest of the brokers?

I can't believe what I'm reading and I can't believe you actually believe the reprehensibly feverish sewage you're exuding. You need to wake up and see how execrably foolish you've made yourself out to be. And the reason I'm telling you this is because people like you negatively impact my business in aggregate, you make brokers look like desperate whiny inbreds who have zero concern for anything aside from their commission, even if it results in the burning of the funders they make money from. You make brokers look unprofessional and infantile. You need to open your eyes and realize if you continue to operate this way and fail to understand every side of the very transactions you make money from that you'll not only fail to make money, but you'll equally have such a terrible reputation that you won't have any resources left to service your ever so pristine clients who don't default. You are the reason funders like BlueVine, without warning, cut off all of their ISOs at once, you make us look like unprofessional leeches and it's so disconcerting to deal with your kind that they do whatever they can to cut brokers out of the equation. People like you hurt all of our ability to make money, publicly crying on an industry wide forum incoherently representing brokers for all to see, forcing negative interpretations of brokers because the loud minority (YOU) is always the most visibly noticed in our current society like a deleterious poison infecting and deteriorating all positive associations with it with a complete lack of concern for the negative implications exacted and resulted by you, progressively destroying your own reputation along with subtly misrepresenting brokers as a whole. This is what impractical and overt emotion does, it skews one's ability to see things for how they are, and their feverish emotion fuels their own downfall along with everyone around them. If you don't do a complete 180 I'd give you another 6 months max in the industry.

Sorry, harsh reality, it doesn't have to be though, you can learn from this and change, but you've proven despite many learning opportunities presented to you on this thread alone that you will continue to operate with emotion instead of competence and understanding, which means whatever happens this point forward after many iterations of knowledge inculcation is on you.

Speaking for all here, please refrain from ever posting again unless you change and realize your inhibitions because until that day comes, you'll be doing nothing aside from staining your reputation along with every other brokers reputation. Good luck.

[diditevenfund]

Anyone who claims they "never have had a default" does like 2 deals a month max. Lol

[Zonefund]

Anyone who claims they "never have had a default" does like 2 deals a month max. Lol

Seems so, seems from what ontap said the iso rly needed the $. I feel bad for the iso, but, the funder handled it the way most would who have no relationship with the iso (it was their first deal together).

Regardless seems they arent ****ers and did a 2nd pos 160 day deal on a guy w a record (means they looked deep into the deal). With 80k!

[Zonefund]

What was the factor on the deal

@ontap what is your avg buy rate?