Quote Originally Posted by J.Celifarco View Post
Just my opinion by taking that approach with submissions banks are not going to go out of their way to get your business, I think its going to have the opposite effect. If you are submitting a ton of deals and not funding a good % then you are not going to have any leverage to try to get better deals with the banks (higher commissions, faster turnaround times). Maybe I am crazy but you make it sound like the ISO holds all the cards, I wish that was the case but it isn't. The bank has final say if the deal funds and they have tons of ISO's trying to do business with them, they are going to favor the ISO's that do right by them. Making a bank underwrite 20 files to only fund a small hand full is not gonna win you any favorability with the bank, its going to make them think you are a waste of their time
Of course, no doubt! It is a two-way street and I do not expect any special treatment. I am talking about existing relationships where we have established credibility. I wouldn't expect a brand new partner to make special exceptions(like us pulling the FICO score).

As far as competing on a file, I have to disagree; I wouldn't do something underhanded like send something out once an offer has been made and accepted verbally. Ever. I would, however, send it out to 2-4 Lenders simultaneously after I initially receive it and see who puts their best foot forward. It is a competitive business. I am competing with other ISOs/Direct Lenders on files and I accept that. It comes with the territory. The way i see it is our interests are aligned, the Lender,the Merchant, and myself. Lender wants Merchants to add to their portfolio, the Merchants want/need the best offer/term for the money they are receiving and we need the two to come together. Until the day i get psychic powers, all I can do is narrow that part down to a few Lenders. I hope at some point in the very near future I only have to use 4-5 total Lenders and know their Underwriting methodology as if it was my own. Communication on both sides makes that a lot more possible.