Results 51 to 75 of 142
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06-13-2024, 05:47 PM #51
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- Dec 2023
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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!
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06-13-2024, 06:01 PM #52
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- Dec 2023
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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.Last edited by NEWCDAM; 06-13-2024 at 06:11 PM.
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06-13-2024, 07:19 PM #53
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- Jan 2014
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- 1,378
Charge the merchant a PSF then. Case closed you got paid.
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06-13-2024, 10:59 PM #54
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- Dec 2023
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06-14-2024, 10:50 AM #55
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06-14-2024, 11:59 AM #56
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!
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06-14-2024, 12:45 PM #57
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- Feb 2024
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- 2
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
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06-14-2024, 01:47 PM #58
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- Dec 2023
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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.Last edited by NEWCDAM; 06-14-2024 at 01:50 PM.
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06-14-2024, 01:48 PM #59
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06-14-2024, 01:50 PM #60
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06-14-2024, 02:09 PM #61
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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.
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06-14-2024, 02:12 PM #62
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06-14-2024, 02:44 PM #63
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06-14-2024, 03:35 PM #64
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06-14-2024, 04:03 PM #65
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- Aug 2022
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1.18
Call me to discuss 929-566-7317
diana@ontapcap.com
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06-14-2024, 05:49 PM #66
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06-14-2024, 06:15 PM #67
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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.
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06-17-2024, 09:59 AM #68
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.
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06-17-2024, 12:02 PM #69
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- Dec 2023
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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.
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06-17-2024, 12:05 PM #70
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- Jul 2015
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- 215
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.
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06-17-2024, 12:10 PM #71
Just fund another deal. You're like a broken record. No one is agreeing with you lol
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06-17-2024, 12:25 PM #72
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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.
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06-17-2024, 12:30 PM #73
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06-17-2024, 12:38 PM #74
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06-17-2024, 12:41 PM #75
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