[Quickfunder]

Principis has gotten into the magic business.

Submit for continuous balance check and renewal, and wait 4 days with no response, and... presto the merchant is renewed but doesn't exist in their system!!!

How were they renewed you wonder?!

Well you have to wait on hold for 9 minutes (and counting...) to find that out. But they'll be happy to tell you that they don't need your permission to renew or go through you as the sales agent whatsoever and you will have no say in the rate.

Damn. Now I have to organize my Principis UCC's to the top and go at it....

[Quickfunder]

Here is their email to the merchant after I inquired on balance and renewal. They just decide to circumvent you as the agent and not tell you. Over a measly $7k.


Hello *****,



I hope all is well. I am contacting you to give you a brief update on your account. You are currently eligible for an additional $7,000. Please keep in mind you do not have to pay off your current balance to get the additional funding. If you were interested we would fund the additional funding into your account. You would continue to pay on your current balance. Once that’s paid off then you would start paying on the new funding. Therefore you would only be paying on one at a time. Attached is the contract for you to review. If interested please initial the bottom of each page, sign the top of the second and third page, and email or fax back to ******** along with complete February and March processing statements for all terminals. Please feel free to contact me if you have any questions or concerns.



Speak to you soon,


******

Account Manager

Principis Capital LLC

[Drizzle]

Principis has a habit of calling your merchant once you submit the offer. Half the time you end up competing with yourself.

Romana is a nightmare to work with.

They piecemeal stips when you enter the funding stages which irritates the merchant to no end.

They walk away from the deal in the 9th inning leaving you high and dry.

[Quickfunder]

Guess they didn't learn anything when they were First Funds.

[FCF Fund]

Most lenders have this very item baked into their ISO agreements, the way they look at it as it is now their account and will pay you your commissions and communications with you are not necessary to deal with "their" client.

Unfortunately they have every right to do this to retain their client accounts. I know you put in your hardwork for this lead and feel you should have every right to negotiate a better deal in effect giving you a fair commission, however other side of the coin is if they dont retain their good clients then you can take the deal out from them and get paid higher with another lender as a first time deal.

Relationships is everything in this industry, if you feel the policies or practices the lender employs is not to your liking you may have to build a better relationship with another lender that is more communicative and transparent, not to say Principis isn't.

[J.Celifarco]

Principis has gotten into the magic business.

Submit for continuous balance check and renewal, and wait 4 days with no response, and... presto the merchant is renewed but doesn't exist in their system!!!

How were they renewed you wonder?!

Well you have to wait on hold for 9 minutes (and counting...) to find that out. But they'll be happy to tell you that they don't need your permission to renew or go through you as the sales agent whatsoever and you will have no say in the rate.

Damn. Now I have to organize my Principis UCC's to the top and go at it....

are you getting paid on the deal? If you are, I really dont see what they did wrong. A lot of banks in the industry reserve the right to handle renewals in house. I like everyone else wishes that wasn't the case but the banks want to protect against accounts being moved.

[MCNetwork]

are you getting paid on the deal? If you are, I really dont see what they did wrong. A lot of banks in the industry reserve the right to handle renewals in house. I like everyone else wishes that wasn't the case but the banks want to protect against accounts being moved.

GBR Funding and Snap Advance do this for me. Sometimes I wake up in the morning to find a nice renewal commission in my bank account. Gotta love this business!

[MCAVeteran]

Read the ISo agreement. It's in there that they own the merchant and have rights to call them on renewals etc. Red line if you don't like it but you can scream foul play if you signed an agreement with that language. This seems to be a repetitive topic on ISo agreements and foul play being called. Read te agreement before signing- it's that simple-

[Quickfunder]

Nope. Not in the merchant agreement. But I did find these two nice elements:

Principis Capital will promptly notify Vendor of its decision pertaining to a Merchant
Agreement after Principis Capital receives from Vendor a complete Merchant Agreement and
the completion of any due diligence deemed necessary by Principis Capital.

Principis Capital will furnish Vendor with all forms of Merchant Agreements and other
Purchase Documents.

[Quickfunder]

are you getting paid on the deal? If you are, I really dont see what they did wrong. A lot of banks in the industry reserve the right to handle renewals in house. I like everyone else wishes that wasn't the case but the banks want to protect against accounts being moved.

I'm getting paid because they got caught. At first it wasn't in their system. Magic, I tell you. Magic.

[J.Celifarco]

I'm getting paid because they got caught. At first it wasn't in their system. Magic, I tell you. Magic.

OK thats a different story. If they funded it without telling you and paid you thats OK. If they were trying to fund without paying you then you are correct that is that shady magic which is definitely not OK

[FCF Fund]

Nope. Not in the merchant agreement. But I did find these two nice elements:

Principis Capital will promptly notify Vendor of its decision pertaining to a Merchant
Agreement after Principis Capital receives from Vendor a complete Merchant Agreement and
the completion of any due diligence deemed necessary by Principis Capital.

Principis Capital will furnish Vendor with all forms of Merchant Agreements and other
Purchase Documents.

Interesting, however that looks to be in tandem on first time deals. Look for other language regarding ownership of "lead" etc or renewal policies. Either way as stated before, sever ties with them if you don't like their policies or get written clarification from their legal team on such "questionable" practices.