[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.