Going back to your original point, there are ups and downs to working with all players in this space. Maybe I am more naive than some, but I have worked with mostly all funding companies in the space in some capacity and believe that even those that get a bad reputation but are doing any significant volume (Pearl for one) are not stealing deals or funding them directly. After all, the majority of merchants they probably see have already been funded somewhere or have enough issues that they are "shopping." I believe they are trying to transition into a more premium space, a task which is very difficult to do through your ISO channel alone. I dont work with them tremendously but I believe they will have a very difficult time doing this if they are only relying on folks like myself who have brought them my "last resort" paper over the years to start bringing them my A or B paper.