[Chambo]

How much thought process needs to be applied here to this? You thought it was our deal till today, the merchant thought it was our deal till today- whats there to be premature about. No congressional panel is required for this. Somebody was not communicating obviously.

Sounds like merchant wasn't communicating to you that they were applying elsewhere. As was stated earlier, understand you have two weeks to the deal. If you cannot bring in the signed contract by then, well then, it is fair game. As far as after signed contracts...that is a subjective call usually left to the funder

[channin19]

The deal is being looked into. Within the time of submitting the final contracts and stips, the deal was "pending funding" but was negative in the account for about 10 business days. In this time, another broker submitted the same file. Once the file funded, it showed another broker turned in the file after the contract was submitted but the status wasn't checked.

All you had to say.
When the merchant calls because he's having trouble with the payment you can refer him to the other broker.

[JSL23]

The relations manager at YSC was in contact everyday from the time of submission (give or take a few days for the holidays). The funding confirmation was sent the time of funding and the merchant was in constant contact with Bostriba.

That's what it sounds like. If UW or your Account rep called and said, "Congrats, your file is funded", and had you set up the funding call/requested stips/etc. right before funding you have a legitimate reason to be angry(even though i probably wouldn't make it public on DF) but if the Merchant is the one who got you mixed up then it is their fault for sending their application to every ISO on the street.

From personal experience I had a small, technical issue with YS once and it was settled quickly and correctly. These $4000-$8000 Merchants can be very high maintenance and require more work than a $50k+ file sometimes.....just have to know when to fold 'em brother!!

[WhoisKingsley]

Lol... Not for nothing- I'm surprised it funded at all.

Regardless- it's an issue that is being looked into and commissions will be sent strait to Bostriba.

[MCAFinance]

If it took you 6 weeks working with 3 different people day and night and weekends to close an 8k deal to split with multiple people with yellow stone (who are a pleasure to work with) then I think you shouldn't worry about picking up the crumbs but should worry about a new line of work. Just saying...

[bostriba]

I think you are absolutely right!

[YuliyaG]

You just invested a ton of time in a deal and it didn't work out....This is pretty much why we don't bother much with deals like these and simply hit the merchants' credit card for a fee when the deal funds. I linked to a post by Jay on this in my signature.

This way the only possible way we can get screwed is by the credit card company and merchant. A LOT LOT LOT less work minutes and not
days for what amounts to being overpaid for that time invested.

[isaacdstern]

Everyone these days is spending a ton of money on origination and if you simply throw away deals like this the ROI just simply is not there. Not every deal is a $50k 12 month 130... we find 50-60% of all deals get declined by A and B funders because of credit, short time in business, etc. If you don't monetize these files very few folks will be able to sustain spending money on marketing and growing

You just invested a ton of time in a deal and it didn't work out....This is pretty much why we don't bother much with deals like these and simply hit the merchants' credit card for a fee when the deal funds. I linked to a post by Jay on this in my signature.

This way the only possible way we can get screwed is by the credit card company and merchant. A LOT LOT LOT less work minutes and not
days for what amounts to being overpaid for that time invested.

[bizloanbroker]

I quit PPC a year ago and I am back to mailers using Meridian but to respond to your statement I completely agree, if you don't fund the bottom 60% of your files you are DOA

Everyone these days is spending a ton of money on origination and if you simply throw away deals like this the ROI just simply is not there. Not every deal is a $50k 12 month 130... we find 50-60% of all deals get declined by A and B funders because of credit, short time in business, etc. If you don't monetize these files very few folks will be able to sustain spending money on marketing and growing

[YuliyaG]

Everyone these days is spending a ton of money on origination and if you simply throw away deals like this the ROI just simply is not there. Not every deal is a $50k 12 month 130... we find 50-60% of all deals get declined by A and B funders because of credit, short time in business, etc. If you don't monetize these files very few folks will be able to sustain spending money on marketing and growing

Must be a miscommunication. Not saying anyone should throw away files. We optimize to scoop every possible dollar off the table. We now offer unlimited positions. HOF (hand over fist) is the motto for 2015.

What I am saying is that undercapitalized brokers have no shot without a diff biz model.

In our case.

High Risk (YSC type stuff) = get file, agree to fee, get credit card number, wait for notification, then bill CC.

A Paper = Normal treatment. Get paid by Funder.

We save time and make more money by not working high risk files.

Example: There are files you have funded that we originated. We got paid on these files directly from merchant. Not YSC. We didn't have to ANY of the work to get the deal done after we got their banking. We got paid. Take 100 files and calculate time we are saving and apply those savings to having labor expenses go to getting more leads vs. following up.

[Drizzle]

Bistriba you sound like a piker. Crying over your little crumb. You supposed to be an ISO in the hottest industry since Gordon Gecko was slinging stocks. The majority of us are eating cake and hearing you whine of your little crumb is a joke.
Stop posting get back to your Mom's kitchen table and start calling the phone book. Now pray when you submit to YSC that your email gets returned.

[JSL23]

Bistriba you sound like a piker. Crying over your little crumb. You supposed to be an ISO in the hottest industry since Gordon Gecko was slinging stocks. The majority of us are eating cake and hearing you whine of your little crumb is a joke.
Stop posting get back to your Mom's kitchen table and start calling the phone book. Now pray when you submit to YSC that your email gets returned.

OUCH!! That was brutal lol...... Regarding small deals, obviously we can't just discard them because they are a large % of everyone's business. The large ones of $100k+ can take a while to get done as well....give me $20,000-$50,000 all day, every day. One of those a week with a couple smaller ones and a large deal mixed in for the month everyone is happy and making $$, not fighting over sub $300 commissions!

[fundgorilla]

I'm with Drizzle. Amateurs Complain, but Professionals Adjust. In the time it took me to read this thread I submitted three deals for a total possible funding of almost 500k. (Results certain to vary according to client type, of course.)

[Ocean Financing]

I'm with Drizzle. Amateurs Complain, but Professionals Adjust. In the time it took me to read this thread I submitted three deals for a total possible funding of almost 500k. (Results certain to vary according to client type, of course.)

Seriously! The effort put into this post and time wasted reading it could have easily produced another deal. Don't dwell on what went wrong. Instead, focus on what to do next. Spend your energies on moving forward toward finding the next payday.

[Paperchaser]

ysc sucks and thats it!

[Jared_Weitz]

I think at the end of the day some ISO's have success with some funders and some don't. A few lessons to take away here would be never stop prospecting merchants. This way if one dies there are many more in the pipeline, make sure to read and understand your ISO Agreement, make sure to form good relationships with funders or super brokers, and most importantly no weeping on DF unless it's LEGIT!

[evercap]

#fundit