[BusinessLendingMadeSimple]

I wanted to start this thread to see if there are any other providers any of us have used that compete with On Deck.

I am having difficulty obtaining my commissions from my latest (7th) renewal on my Dr. clinic.
I tried talking with (my guy) and basically was told that since the deal closed 6 days outside of some "90 day" rule, that I wouldn't be paid the $2700 in commissions.

Some of you may feel is a small amount, but to me and my family it is a lot.

I had a great experience getting started with them a few years back and thought I was a valued member of Team On Deck and wish I can send more deals in like the "big guys", but we are still finding our way. In fact, this commission was going to be for our 5000 postcard mailing (a direct mail suggestion from "my guy" to get more deals).
And by they way...........I did submit 4 deals in the last 90 days-none of them got approved, and one I didn't even get a reason why.


I send a deal in, they're on it. If I want questions answered (especially on commissions) ..............crickets.

Who is having success with other loan companies out there?

THANKS!

~Keith

[Chambo]

When you say "90 day", do you mean 90 days since the deal paid in full? Most other companies out there have a 6 month policy, and then they pay you as a NEW DEAL.

If you read through the posts on this and other blogs, you will know that On Deck is well known for shopping out their deals to their favored ISO's. But to tell you that you will get no commission because a deal didn't close for 90 days, even though it did close, is ridiculous.

One thing you have against you however "submitted 4 deals in last 90 days"...to them (and to most other funds, I should say) you are a rather small ISO that they will treat as they will. Realistically, what are you going to do about it? Sue them?

Unfortunate reality of our unregulated, unaccountable business that we have chosen.

There are other funds out there however you can use that will be comparable to On Deck. GBR, TBB, Rapid, SNAP, IOU, New Logic, etc, etc, etc...

[Quickfunder]

I haven't worked with On Deck in over a year and am all the better for it. They outright lied to me on a number of occasions and cost themselves because of their greed. Understand that who ever you deal with has at the top of their list to get you as low a commission as possible. There are enough lenders out there willing to work with you and have your business. I'd advocate staying away from the larger ones as much as you can. Their so at-war with each other that they'll screw you however they can. And for $50.00 to maybe nothing, you can always file a small claim to get the rest of your money. I've had to do this and they don't want to touch the courts.

[BusinessLendingMadeSimple]

I was debating that Quickfunder. It's probably worth going to small claims.

[BusinessLendingMadeSimple]

Chambo -
Yes, that is correct.
Who are some of these companies that pay you like a new deal? I have dealt with some you have mentioned, but none of those I saw paid like new.

And as for volume, we're focusing more on the Working Capital loans this year and going forward. I'm anticipating at least 10-15 deals a month submitted by the 1st of the year.

[Finance1]

OD has a "new" clause in their iso agreement that says if you don't fund a brand new deal every 90 days your commissions on renewals is cut off. Let's see how long they can keep that up. I had a big blowup with them about it not too long ago.

[isaacdstern]

All i can tell you guys is that Yellowstone is funding more premium deals with OnDeck then ever before. The crew they put together to handle our files is awesome... Noel, Michael, Josh and Paul consistently make it happen for us and we could not be happier with them.

[skideeppow]

I had the same blowout with them, same scenario 2 years ago. I spoke to Michael the nat sales manager. He listened pretty well and ended up getting my commission to me.
On the one hand they are great in the sense that they get deals done quick, best pricing around and not a lot of bull****ting around. When they pay, they pay on time. On the other hand, I can not understand why they continue to do this, where they are stiffing people on commission. It really does them no good.

As for small claims, do not even bother. You will never collect.
Call MIke the nat sales manager, you might have wanted to do that prior to posting this.

Good luck and sorry that happened to you.

Good luck

[BusinessLendingMadeSimple]

Who is TBB? The Business Bank?

When you say "90 day", do you mean 90 days since the deal paid in full? Most other companies out there have a 6 month policy, and then they pay you as a NEW DEAL.

If you read through the posts on this and other blogs, you will know that On Deck is well known for shopping out their deals to their favored ISO's. But to tell you that you will get no commission because a deal didn't close for 90 days, even though it did close, is ridiculous.

One thing you have against you however "submitted 4 deals in last 90 days"...to them (and to most other funds, I should say) you are a rather small ISO that they will treat as they will. Realistically, what are you going to do about it? Sue them?

Unfortunate reality of our unregulated, unaccountable business that we have chosen.

There are other funds out there however you can use that will be comparable to On Deck. GBR, TBB, Rapid, SNAP, IOU, New Logic, etc, etc, etc...

[MCAVeteran]

renewal topics have been coming up more and more lately. however, in almost every event, the contract spells out the renewal policy. if you sign the iso agreement, you have authorized to accept the contractual policies of the company. It is best to red line and negotiate a contract before you sign it or else you wont have much to stand on when these things happen. agreements are put in place so both parties understand the rules of engagement. This doesn't mean a 90 day policy and we stop paying you renewals is right, but, if its in writing, you signed off on it, you agreed to it. the common language typicaly is 6 months from payoff its still in renewal protection, and, after 6 months, its open for ANY ISO to submit that file as a new deal, incl you for new commissions. An organization that large cant bend the rules for every agent or iso or they will have exception requests all the time outside the agreements. good luck on your outcome but def take a look at future iso agreements/renewal policies before signing to save yourself some headaches.

[Finance1]

All i can tell you guys is that Yellowstone is funding more premium deals with OnDeck then ever before. The crew they put together to handle our files is awesome... Noel, Michael, Josh and Paul consistently make it happen for us and we could not be happier with them.

I don't think anyone is arguing that OD has super fast turns, quick funding, and a good product mix because they have all 3 of those. Let's say I fund $1M with them but then take some time off to regroup and then get 10 declines in a row before my 90 egg timer runs out. 3 of my deals renew for $100k each and I'm out 18 large. THAT is F'd up. There is no argument that can convince me otherwise.

[MCNetwork]

10 declines in a row won't screw you out of renewals because you're still being active with On Deck. But no submissions in 90 days will.

[MCAVeteran]

So they have a quota for independent contractors to continue to pay renewals? Active is defined how than? Must submit new apps in a 90 day period? If you funded $500k with them, take 3.5 months off from bz, you lose $500k in bz renewals?

[Scott Williams]

I think its not submissions to be active but funded deals. If you haven't funded a new deal in 90 days they can decide to not pay you on renewals. That being said, I have gone 90 days without funding a deal with Ondeck and they always have paid my renewal commissions. I haven't ever had a problem with them on commissions.

[MCNetwork]

If you have a good relationship with your rep, he'll cut you slack. My On Deck rep told you that if you are actively submitting deals (even 2-3 per month), then your renewals will be safe. Even if they are all declined, that's not a problem.

[Finance1]

If you have a good relationship with your rep, he'll cut you slack. My On Deck rep told you that if you are actively submitting deals (even 2-3 per month), then your renewals will be safe. Even if they are all declined, that's not a problem.

Then they should take it out of their legal iso agreement.

[Chambo]

Then they should take it out of their legal iso agreement.

ODC will reply as most other funds would..."Our contracts are non negotiable". You are a 5-10 deal a month ISO. What are you going to do?

[Finance1]

ODC will reply as most other funds would..."Our contracts are non negotiable". You are a 5-10 deal a month ISO. What are you going to do?

I'm going to complain on Dailyfunder and change the world!

I don't really have a beef with ODC with that exception. Our deal flow ebbs and flows outside of the stuff we put on our books. Renewals "used" to be the franchise of this industry. Now it seems like they are something you have to fight for and watch your back. I feel sorry for the iso only shops that get screwed out of future revenue. It's hard enough as it is.

[Duvdevan]

ODC will reply as most other funds would..."Our contracts are non negotiable". You are a 5-10 deal a month ISO. What are you going to do?

OP would have more pull, if he were doing all 5-10 of his monthly deals with ODC.

I wonder, does anyone have an earlier contract from On Deck? I'm talking About 2007 or 2008, did they have this stipulation before? How different were the terms? I wouldn't be surprised at all if they started out by depending on guy's like OP (there are hundreds like him), but now that ODC has significant capital, they don't seem to pay much attention to those folks.

[Chambo]

I'm going to complain on Dailyfunder and change the world!

I don't really have a beef with ODC with that exception. Our deal flow ebbs and flows outside of the stuff we put on our books. Renewals "used" to be the franchise of this industry. Now it seems like they are something you have to fight for and watch your back. I feel sorry for the iso only shops that get screwed out of future revenue. It's hard enough as it is.

Renewals are still, and will always be, the "bread and butter" of the MCA world. Seems today they are more profitable tot he funds themselves. If they can cut out the middle man and save another 5-10%? Hey, that might pay an admin salary or two...If they do it with 5 deals? 10? 25?

[BusinessLendingMadeSimple]

******* UPDATE ********

I spoke with Michael Barnett VP from ODC last Thursday.

Basically, he stated that I should speak with him going forward on these sorts of things. I now have his contact info.

I will get paid full commission on this deal. Still waiting to see it in my bank. But that was only Thursday. I'll give it another day or two.
He also stated that the renewal clause will go to 6 months.

It was interesting that he also mentioned that ODC was built on the backs of ISO's like me and he respects our business efforts.

Bottom line............It sounds like when you talk to the proper people you can get treated fairly. That's just my impression for now.
I'll keep you posted.

[isaacdstern]

Michael's word is as good as gold so I am sure you will see the deposit in your bank

[Duvdevan]

******* UPDATE ********

It was interesting that he also mentioned that ODC was built on the backs of ISO's like me and he respects our business efforts.

Good to hear that it worked out. It's not surprising to hear Michael say that, ISO's are one of the biggest drivers of revenue in this industry. IMO the more ISO's there are the more opportunity there is for new funding companies.

[funding pro]

Bottom line............It sounds like when you talk to the proper people you can get treated fairly. That's just my impression for now.
I'll keep you posted.

That, or when you complain on a public forum they will work with you. Not saying that is the case here, but wouldnt be surprised if it didnt have some influence.

[BusinessLendingMadeSimple]

Commission paid, as promised.
I'm satisfied...............I don't know about happy, but satisfied.