[TeslaOwner]

Hey everyone,

I usually don't post on here much, but I do come on to get insightful information. With that said, has this ever happened to you with Elevate or any other funding company?

I didn't use Elevate much although I did send deals to them sporadically due to their box being so strange in regards to what they like and don't like. I funded a restaurant deal with them once and we continued renewing them and although I could've gone elsewhere, I would use Elevate because it was just easier than starting the process with another funder. We renewed it a few times and then after about the 3rd or 4th renewal, they tell me I have to fund more deals in order to get paid on this file if it renews again in the future. Long story long, they renewed it afterwards and we didn't get paid and it's been almost a year that this client has been getting renewed with Elevate and we don't get paid. It's pretty much their client now and not ours, although we're the ones that brought it to them.

Listen, we fund deals from real estate to mca and sba's. It's not about the money, but more about the principal. If you're out there and want to give them a try, just be careful because they made up a rule on the fly and blatantly stole a merchant from their lifeblood, an ISO.

[brandon_]

I feel like there is more to this story....Elevate is full of great people.

[TeslaOwner]

Ask whoever the great people you speak of, if it's common practice. There isn't anything being left out.

[diditevenfund]

Does the agreement state you have to fund X per a specified period to qualify for automatic renewals (you not bringing them banks)?

[TeslaOwner]

Does the agreement state you have to fund X per a specified period to qualify for automatic renewals (you not bringing them banks)?

Not really sure, but the fact I never heard of such a thing, sounded to me like it was more out of the blue.

[FCF Fund]

Not really sure, but the fact I never heard of such a thing, sounded to me like it was more out of the blue.

No, its not uncommon. If you are an inactive ISO with them they will cut you off at some point to save resources for more active ISO's. They gave you a heads up and seems nothing changed so thats that.

Even big dogs like Ondeck and Bluevine did an ISO purge not long ago.

[TeslaOwner]

No, its not uncommon. If you are an inactive ISO with them they will cut you off at some point to save resources for more active ISO's. They gave you a heads up and seems nothing changed so thats that.

Even big dogs like Ondeck and Bluevine did an ISO purge not long ago.

Not submitting, not funding deals with them is one thing, but to not pay on renewals? That's the definition of scum, but hey, to each their own I guess.
Again, it's not about the money, it's the principal. This is a super small deal, but imagine if it were a nice file that you rely on? That's shady business my friend.

[FCF Fund]

Not submitting, not funding deals with them is one thing, but to not pay on renewals? That's the definition of scum, but hey, to each their own I guess.
Again, it's not about the money, it's the principal. This is a super small deal, but imagine if it were a nice file that you rely on? That's shady business my friend.

If your a looking for validation your not likely to get it here, this was completely on you. They told you upfront you need to do business with them to stay active, likely didnt give you anything unreasonable and gave you a chance to correct.

It would be shady if you they never said anything to you and just did it and kept all funds. If you don't fund with them and clearly never intended to then you shouldve moved your client over.

This business isnt lifetime residual as much as we'd all like it to be.

[FCF Fund]

Not submitting, not funding deals with them is one thing, but to not pay on renewals? That's the definition of scum, but hey, to each their own I guess.
Again, it's not about the money, it's the principal. This is a super small deal, but imagine if it were a nice file that you rely on? That's shady business my friend.

Also to be clear I am an ISO too, this has happened with even larger big name funders when they purge their ISO book. Not uncommon.

[kpeng]

I wish you would have reached out to me about this instead of blasting on the forums.

I'm sorry you feel this way, but as others have said, this is common practice in the industry. If you have not funded any new files in the last 90 days, we do not pay on renewals. This is outlined in the ISO Agreement you signed at boarding. We have not tried to hide anything. If you'd like a copy of your agreement again, I'm happy to send that over.


Ken Peng
ken@elevatefunding.com

[kpeng]

Please email me with the name of the file. I do not see a single restaurant renewal in January where we did not pay out on renewal commission due to partner inactivity.

[TeslaOwner]

It obviously wouldn't get anywhere, but the reason I'm posting this on here is so that if you don't fund much with a funding company (like Elevate), then make sure you fund them once or twice with said company, and coach your merchant. Tell them this is a temporary fix, but you'll move them to a better funding company. Point, blank, period. You guys can defend whoever you want, but shady practice is shady practice. If this is common practice it doesn't make it good. Have a good day

[brandon_]

It obviously wouldn't get anywhere, but the reason I'm posting this on here is so that if you don't fund much with a funding company (like Elevate), then make sure you fund them once or twice with said company, and coach your merchant. Tell them this is a temporary fix, but you'll move them to a better funding company. Point, blank, period. You guys can defend whoever you want, but shady practice is shady practice. If this is common practice it doesn't make it good. Have a good day

So move the deal if you're so upset about it. Or maybe you can't and Elevate has been helping you make money on it because of their unique program. This post is crazy

[Yankeeman07]

I wish you would have reached out to me about this instead of blasting on the forums.

I'm sorry you feel this way, but as others have said, this is common practice in the industry. If you have not funded any new files in the last 90 days, we do not pay on renewals. This is outlined in the ISO Agreement you signed at boarding. We have not tried to hide anything. If you'd like a copy of your agreement again, I'm happy to send that over.


Ken Peng
ken@elevatefunding.com

This should not be common in the industry - this is common practice in the industry. - What difference does it make to the company.
A broker brought you a deal, you made $$ - the merchant is renewing - you are making $$$ - maybe pay less on a renewal,
but it is no skin off your nose to continue to pay renewals.

I have brokers/agents that brought us merchant account deals years ago, merchant is still processing with us.
The Agent is still getting paid their renewals.

With credit card split funding, we don't have any production requirements - so when a merchant renews,
the broker continues to receive their commission - We do pay less on renewals.

[goatFunding]

No, its not uncommon. If you are an inactive ISO with them they will cut you off at some point to save resources for more active ISO's. They gave you a heads up and seems nothing changed so thats that.

Even big dogs like Ondeck and Bluevine did an ISO purge not long ago.

Ondeck pays on renewals even if they cut you off from submitting new deals due to volume.

They don't pay if they cut you due to breaking agreement.

[goatFunding]

This should not be common in the industry - this is common practice in the industry. - What difference does it make to the company.
A broker brought you a deal, you made $$ - the merchant is renewing - you are making $$$ - maybe pay less on a renewal,
but it is no skin off your nose to continue to pay renewals.

I have brokers/agents that brought us merchant account deals years ago, merchant is still processing with us.
The Agent is still getting paid their renewals.

With credit card split funding, we don't have any production requirements - so when a merchant renews,
the broker continues to receive their commission - We do pay less on renewals.

Agreed. Elevate already pays less on renewals. I am sure they just have it in their contract to protect themselves, but in practice, they do pay out even if there were no new fundings in 90 days. I have randomly got wire commissions from funders that I didn't work with in ages because a deal renewed/came back. Those are the people you want to be working with.

[TeslaOwner]

So move the deal if you're so upset about it. Or maybe you can't and Elevate has been helping you make money on it because of their unique program. This post is crazy

You obviously don't understand the post. I'm glad others do and they were able to express their thoughts about it after your post

[TeslaOwner]

This should not be common in the industry - this is common practice in the industry. - What difference does it make to the company.
A broker brought you a deal, you made $$ - the merchant is renewing - you are making $$$ - maybe pay less on a renewal,
but it is no skin off your nose to continue to pay renewals.

I have brokers/agents that brought us merchant account deals years ago, merchant is still processing with us.
The Agent is still getting paid their renewals.

With credit card split funding, we don't have any production requirements - so when a merchant renews,
the broker continues to receive their commission - We do pay less on renewals.

I'm glad you understand where I'm coming from. It's not the money it's the principal. They're making money off a client I sent their way. Then they cut off the person that sent them the deal and continued to fund the client til this day (over a year and a half ago).

[brandon_]

You obviously don't understand the post. I'm glad others do and they were able to express their thoughts about it after your post

Welcome to the merchant cash advance industry where Joe's and Shmo's collide