[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

[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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[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.

[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.

[ridextreme]

We actually did ONTAP a HUGE service getting a file back on track

No, you did this to save your commission, let's be real here.

An emergency happened within the office, plus it was the 1st of the month.

You seem to be in over your head. If you can't pay your rent, don't blame it on your last deal that you haven't been paid out on. Sounds like you're skating on thin ice, probably be better off going back to work for your last ISO or whatever you did previously. This industry clearly isn't for everyone. Best of luck!

[NEWCDAM]

No, you did this to save your commission, let's be real here.



You seem to be in over your head. If you can't pay your rent, don't blame it on your last deal that you haven't been paid out on. Sounds like you're skating on thin ice, probably be better off going back to work for your last ISO or whatever you did previously. This industry clearly isn't for everyone. Best of luck!

We have only been working with lenders who pay same day/ next day, and constantly have situations where the lender will call us for missed payments and we help them get back on track. We maintain relationships and make sure the clients we present and that represent us pay.

This is one of the few times we went outside of our relationships to get something done and wait for a check to come almost 15 days later. We confirmed up until the payday for a payment and there was no issue until the actual day/hour of payment which is the 1st, everything is due, and are budgeting for our expenses and what needs to be taken care of.

Again, we maintain relationships and make sure the clients we present and that represent us pay. Hence what made sure was taken care of with the client, and the client is continuing to pay as we speak. THAT is why there should not be a problem for us to get paid WITHIN A REASONABLE TIMEFRAME.

IT'S 30DAYS LATER and we're put on the backend of an 8month deal for NO REASON! WE are being penalized in a way that goes AGAINST our contract.

[Top G]

https://www.youtube.com/watch?v=KYmkU1isYuc

[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.

[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.

[JHG]

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.

1.18

Call me to discuss 929-566-7317
diana@ontapcap.com