[NEWCDAM]

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.

There's no doubt that we are a small brokerage and still building.
That still doesn't give room to be disrespected like we do not matter.
An agreement is an agreement.

WE THE BROKER DON'T NEED A LOAN OR AN ADVANCE! CREDIT IS 750+ here WE haven't defaulted.

If we had to pay back a clawback then that's what WE AGREE to do. Not here to pay interest if we don't need to. So if there was a clawback, WAIT FOR THAT SITUATION TO PRESENT ITSELF, LIKE THE CONTRACT SAYS!

But it never happened!

This merchant averages 100-300k now $500k a month and averages over $40000 per day. If anything negative happened, it was technical, and the fact that we actually build relationships with our client, they will make sure they remain on track.

If our shop became a Funder or Lender, which may happen one day, we wouldn't treat our brokers this way.

Accepting the risk that comes with advancing (anyone) money should be standard.

It is up to the funder to assess the risk properly and effectively, and propose accordingly.

Not BREACH the contract with the players on THEIR team.

If those are your terms ADDRESS THAT IN YOUR CONTRACT CLEARLY!

Instead of the ISO Agreement saying:

"ISO MUST BE PAID WITHIN (7 BUSINESS DAYS) WITH A CLAWBACK PERIOD OF 30DAYS"

It should read:

"IF CLIENT MISSES A PAYMENT, YOUR COMPANY WILL BE PAID ON THE BACKEND."

Give someone the opportunity to decide if they really want to do business with YOU!

We are NOT relying on the commission of 1 deal. Just because I'm being adamant about "30 Days", does not mean we wouldn't want to get them to renew or push for repeat business.


DEMANDING to be respected within the stipulations of our agreement is FAR from being a toddler.

Those paragraphs are way too long. I WILL CONTINUE TO POST AND EXPRESS EXACTLY HOW I FEEL WHEN I FEEL.

Silence me for what? We will NOT tolerate the FUNDER disrespect.

AGAIN, my client CONTINUES to pay DAILY! There's NO ACTIVE DEFAULT.

The only thing that needs to change is the way Funders treat and USE their Brokers.

It's illegal to force free work, and everyone has a fee.

Collect it how you collect it, but don't stiff the people working in your favor!

[NEWCDAM]

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!

YES. REALLY DID NEED IT.

We were told basically the same day of pay out that we wouldn't get paid.

An emergency happened within the office, plus it was the 1st of the month. It would've done us a great justice. Not only that but working on expansion and need to pay for things we need, we shouldn't need to rely on our own funding if we don't have to.

In fact, THE MERCHANT advanced US for their error until the FUNDER decides to pay us in order to make things right!

The fact that we can't receive the same support from the funder (who wanted us to continue bringing them good deals) speaks volumes!

They only offered that deal to compete with another lender we already had a relationship with. They offered the same deal and added like 10 more days and drew us in thinking business with them wouldn't turn to this.

The 1st pos we got them was for 11 months with another lender few months before.

[Sachip24]

Charge the merchant a PSF then. Case closed you got paid.

[NEWCDAM]

Charge the merchant a PSF then. Case closed you got paid.

The GASLIGHTING and MANIPULATION is the problem. If you're willing just take anything handed to you, we can't relate.

[Top G]

There's no doubt that we are a small brokerage and still building.
That still doesn't give room to be disrespected like we do not matter.
An agreement is an agreement.

WE THE BROKER DON'T NEED A LOAN OR AN ADVANCE! CREDIT IS 750+ here WE haven't defaulted.

If we had to pay back a clawback then that's what WE AGREE to do. Not here to pay interest if we don't need to. So if there was a clawback, WAIT FOR THAT SITUATION TO PRESENT ITSELF, LIKE THE CONTRACT SAYS!

But it never happened!

This merchant averages 100-300k now $500k a month and averages over $40000 per day. If anything negative happened, it was technical, and the fact that we actually build relationships with our client, they will make sure they remain on track.

If our shop became a Funder or Lender, which may happen one day, we wouldn't treat our brokers this way.

Accepting the risk that comes with advancing (anyone) money should be standard.

It is up to the funder to assess the risk properly and effectively, and propose accordingly.

Not BREACH the contract with the players on THEIR team.

If those are your terms ADDRESS THAT IN YOUR CONTRACT CLEARLY!

Instead of the ISO Agreement saying:

"ISO MUST BE PAID WITHIN (7 BUSINESS DAYS) WITH A CLAWBACK PERIOD OF 30DAYS"

It should read:

"IF CLIENT MISSES A PAYMENT, YOUR COMPANY WILL BE PAID ON THE BACKEND."

Give someone the opportunity to decide if they really want to do business with YOU!

We are NOT relying on the commission of 1 deal. Just because I'm being adamant about "30 Days", does not mean we wouldn't want to get them to renew or push for repeat business.


DEMANDING to be respected within the stipulations of our agreement is FAR from being a toddler.

Those paragraphs are way too long. I WILL CONTINUE TO POST AND EXPRESS EXACTLY HOW I FEEL WHEN I FEEL.

Silence me for what? We will NOT tolerate the FUNDER disrespect.

AGAIN, my client CONTINUES to pay DAILY! There's NO ACTIVE DEFAULT.

The only thing that needs to change is the way Funders treat and USE their Brokers.

It's illegal to force free work, and everyone has a fee.

Collect it how you collect it, but don't stiff the people working in your favor!

How about you just fund more deals instead of writing essays on daily funder lol

[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!

[DavidBau]

Have you ever put money in a deal? The first bounce payment is always ominous - you worry the merchant moved bank accounts, closed shop, etc. Think about it like this, if the merchant missed the 5th payment on a term of 160 days, that is 3% of the deal paid in. The merchant is ALREADY having issues so early on.
I understand you got the merchant back on track, but that doesn't remove the risk of the merchant screwing the funder once you get paid. There are PLENTY of funders that would have defaulted the merchant and not said anything

[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.

[NEWCDAM]

Have you ever put money in a deal? The first bounce payment is always ominous - you worry the merchant moved bank accounts, closed shop, etc. Think about it like this, if the merchant missed the 5th payment on a term of 160 days, that is 3% of the deal paid in. The merchant is ALREADY having issues so early on.
I understand you got the merchant back on track, but that doesn't remove the risk of the merchant screwing the funder once you get paid. There are PLENTY of funders that would have defaulted the merchant and not said anything

And again, if they had an actual DEFAULT we would understand because that is in our CONTRACT. The way we are being dealt with is NOT in our contract!

[Oxforddan]

And again, if they had an actual DEFAULT we would understand because that is in our CONTRACT. The way we are being dealt with is NOT in our contract!

So sue them instead of crying on dailyfunder. Or don't, at this point who cares. All you are doing is making yourself look worse.

[NEWCDAM]

So sue them instead of crying on dailyfunder. Or don't, at this point who cares. All you are doing is making yourself look worse.

How we look to another person doesn't matter actually. We're doing nothing wrong by coming to a forum and having an important conversation, that's what it's for.

It's actually creating awareness and generating both of our companies new LIKE-MINDED business partnerships and opportunities.

More than 10% was paid on this advance already, and 30days makes next week. We did right and our part, and this never needed to happen to us.

These situations are common because brokers like to gaslight and accept things the way they are, even if it’s not right.

MCA funders thrive off of not paying out commissions, feeling ISOs can’t and/or won’t do anything to counter their decisions.

ISOs and Funders have agreements in place for a reason, and if ISOs did anything to breach that agreement, they would not hesitate to enforce their commitment to it.

If they get to regulate on that convoluted seemingly one-sided agreement, we can as well. That’s what it’s there for.

[Top G]

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

[ridextreme]

And again, if they had an actual DEFAULT we would understand because that is in our CONTRACT. The way we are being dealt with is NOT in our contract!

According to the funder, they started bouncing payments withing their first week. Your incredible merchant, of whom you have an outstanding relationship with, defaulted.

[Sachip24]

The GASLIGHTING and MANIPULATION is the problem. If you're willing just take anything handed to you, we can't relate.

Our firm is one of the biggest in the country. We don't have these kind of problems with funders not paying us. So no we don't relate.

[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

[NEWCDAM]

According to the funder, they started bouncing payments withing their first week. Your incredible merchant, of whom you have an outstanding relationship with, defaulted.

If they defaulted, they would be in collections. They do not have an active and valid defaulted advance. Until they do, they have not. Legally and Respectfully.

[NEWCDAM]

Even the dictionary defines “default” as failure to fulfill obligation or failure to repay. The client paid and is paying, further fulfilling their obligations. People want to incorrectly use the word to manipulate a situation then force people to believe that’s what it is and it’s not.

Funders have all this business and money to lend, but want to withhold a small check from a small broker?

What is that even about? Its cant be about the money.

The funder is the only entity in default, and not fulfilling their end of an obligation.

Get real.

[ridextreme]

Get real.

nah, it's you that needs to "get real", not me. I've been doing this a long time (obv much longer than you).

You're great merchant bounced payments within their first week of being funded. The funder told you there's gonna be a longer waiting period to get paid. If you don't agree with it, hire a lawyer and sue them instead of crying your eyes out on a public forum looking for people to feel sorry for you (and if you do hire a lawyer, he'll probably read the ISO agreement and tell you the funder was within their rights).

This industry doesn't seem like it's a good fit for ya.

[NEWCDAM]

(and if you do hire a lawyer, he'll probably read the ISO agreement and tell you the funder was within their rights).

This industry doesn't seem like it's a good fit for ya.

News Flashhh*** Laws have changed for NY and CA recently.


We are a NY ISO. We have claims under the CFDL, UDAAP laws, breach of contract, and tortious interference theories. Our clawback period is only 30days and there was never a legal default within that time period.

The NY CFDL applies to any "commercial financing transaction," which includes MCAs, that are offered or provided to a "recipient" located in New York state.

This means the law can reach beyond just New York-based funders and apply to out-of-state funders doing business with New York merchants or brokers.

The NY CFDL contains specific requirements around the disclosures and contractual terms that must be provided to MCA brokers.

For example, the law limits the duration of commission clawback provisions to up to 4months, and prohibits certain deceptive practices by funders towards brokers.

The NY CFDL gives the New York Department of Financial Services the authority to investigate violations and impose fines of up to $2,000 per violation.

If a MCA funder is found to have violated the broker-related provisions of the NY CFDL in its dealings with a New York broker, the funder could be subject to these civil monetary penalties.

Not only that but can also be sued for untimely wages due to the broker. The funder is essentially purchasing labor services from our company, and we use that money to cover expenses and the wages of the workers providing the services.

We have the right to dispute for up to 100% on the original commission amount plus lawyer fees as per contract.

Not the funder telling us we will get paid in December. Lol

You guys need to learn to respect your laws and brokers.

Carry on with your busy days, hope fathers day was great.

[Oxforddan]

Your customer DEFAULTED on their agreement. Even if they end up paying, they still did not pay on the agreed terms since they bounced a payment. The idea that because they are paying now makes them not a default is crazy. If a merchant stops on the first payment but 3 years later pays in full, that is still a default. With that being said you seem to know a lot about the law. Maybe you would do better in that line of work. Clearly this isn't for you.

[Top G]

Just fund another deal. You're like a broken record. No one is agreeing with you lol

[NEWCDAM]

Your customer DEFAULTED on their agreement. Even if they end up paying, they still did not pay on the agreed terms since they bounced a payment. The idea that because they are paying now makes them not a default is crazy. If a merchant stops on the first payment but 3 years later pays in full, that is still a default. With that being said you seem to know a lot about the law. Maybe you would do better in that line of work. Clearly this isn't for you.

What is this consistent desire for us to change our line of work? Threatened we cannot possibly be right because that’s what you are used to? Literally just defined the word “default” for you and you still dont understand “stop payment” does not mean “default”. Not in any literary sense, and not in law.

[NEWCDAM]

Just fund another deal. You're like a broken record. No one is agreeing with you lol

Maybe if the record continues to play over and over, it will reprogram everyone's mind to realize they've been manipulated into believing lies; and brokers actually have contractual rights that can be enforced.

[Top G]

Maybe if the record continues to play over and over, it will reprogram everyone's mind to realize they've been manipulated into believing lies; and brokers actually have contractual rights that can be enforced.

No one is on your side, everyone is looking at you like a clown. Quit crying keep dialing

[NEWCDAM]

No one is on your side, everyone is looking at you like a clown. Quit crying keep dialing

If no one was on my side there wouldn’t be an entire list of regulation clauses and rules in our favor, nor would we have an inbox full of new funders to work with.