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07-02-2013, 07:30 AM #1
Reputation points: 4807
- Join Date
- Sep 2012
- Posts
- 199
Biz Backers will do them and they are one of the more responsible co's doing it. They take affordability into careful consideration. However, they have required the client to sign a doc saying they won't renew with whomever they have an open advance with.
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07-02-2013, 09:07 AM #2
Reputation points: 12452
- Join Date
- Jun 2013
- Posts
- 351
The problem is that the primary funder already did this. In most situations the merchant is already maxed out at what the first funder believes that business can operate on with a reduced percentage of their revenue. Yes, in some situations the merchant has the ability to lose a larger percentage of their sales and continue to operate, but it is not the secondary funders place to make that decision.
The merchant has already sold their revenues to the first funding company and contractually agreed not to "stack". While many times merchants are knowingly breaking this agreement, there are also funding companies lying to the merchants and telling them they can do this. I've heard it first hand.
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07-02-2013, 10:05 AM #3
Reputation points: 1393
- Join Date
- Apr 2013
- Posts
- 359
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07-02-2013, 10:43 AM #4
Reputation points: 4807
- Join Date
- Sep 2012
- Posts
- 199
No prob. They FINALLY have a dedicated ISO person now:
David Polaniecki
10101 Alliance Road, Suite 140
Cincinnati, OH 45242
o- 866-615-4747 | f- 866-430-3352
Email: dpolaniecki@businessbacker.com
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07-02-2013, 12:36 PM #5
Reputation points: 1393
- Join Date
- Apr 2013
- Posts
- 359
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07-02-2013, 04:10 PM #6
this should be fun to watch unfold...