[J.Celifarco]

I believe the opinion is "they are going to do it anyway, so might as well make some money off of it"

Well that makes the ISO worse then the merchant.. If the banks have enough deals go bad then factor rates go up and our job is harder.. Not to mention the amount of money to be made on these sh*t files is not enough to make it worth it.. there is no upside to pushing bad deals

[J.Celifarco]

You seem to think this can be controlled by the funders. You want to make an impact? Black list ISO's who are known to pull off the unthinkable by coaching their merchant and manipulating weak funders who are toddlers in the space. Oh wait....that's not possible. Because 9 out of 10 funders rely heavily on ISO business and would rather decide on their own who they will take business from and who they won't based on their own internal default rate with that ISO.

i think there should be a black list for both ISO's and merchants who act like schmucks and go out of their way to screw over banks

[GoodCustomerService]

Couldn't agree more. We've all stacked deals (other than the few on DF who claim they are the Saints of the business). There is a right way and a wrong way. Any of the bigger guys, feel free to go off on me and scream and yell how stacking is the devil. I've done underwriting, ISO Sales, Direct Sales and Customer Service/Deal Management for a couple of you and I've seen what stacking can do, and I can STILL justify it. You don't like being stacked? Stop filing UCC's against merchants when you know it paints a bullseye on their back for a UCC shop to call them. Oh and its only gotten easier. I remember when you couldn't get new UCC listing for 30 days. Now, you can have them in 48hrs. 2 days after you funded a merchant for 12-18mths and taken a huge financial risk on it and now a broker is on the phone with them pitching them to take more. And let's not get started on back dooring. For a few G's a month you can buy yourself a Underwriter or Renewal Specialist at one of these companies and have plenty of business to fund. Any of the experienced guys on here (Chambo chime in please) would tell you its all true and probably have some worse story to share about the subject. But I don't care. Sorry but I can't control it and won't try. All I'm going to do is watch my ass, manage my merchants and when they decide to cross over to the dark side (3rd position+) I will be ready to move on. I recommend people do the same. No need to try and grow a bubble which will eventually burst.

[MCNetwork]

A blacklist will only work effectively if all the ISOs and funders can work together harmoniously on behalf of the greater good. Good luck with that. We can't even get funders to cooperate with each other to provide a simple payoff letter...

[GoodCustomerService]

There is no chance. Sorry to say but we are all responsible one way or another. Starting from the top down.

[GoodCustomerService]

Best advice I can give is make some friends at your competitors and choose when to play the friend card. "Payoff letters? No Problem". "Balances? My pleasure". "Did this guy default on you? Let me pull it up in my system and get you that info". Don't judge them, don't be rude, and don't act like you're better than they are just because they chose a different method to disburse their capital then you did. That's the only way.

[J.Celifarco]

A blacklist will only work effectively if all the ISOs and funders can work together harmoniously on behalf of the greater good. Good luck with that. We can't even get funders to cooperate with each other to provide a simple payoff letter...

That I agree with. It would have to start with the banks. Before everyone says all the banks cant get along, you dont need all the banks. You would only need is 4 or 5 of the big guys to agree to work together just a little and they would be able to put enough pressure on the whole industry to make it work, or at least make it better.

[GoodCustomerService]

The bigger guys don't have the ability to apply pressure to anyone. Lawsuits are useless. Just a way to waste more money. Simply call all the funders, ask to speak to customer service or Risk, tell them who you are, what company you are with, and let them know the reason for the call is to get contact information for the best person for them to contact in the event that they have questions regarding an account. Share your information as well so now you know both companies have eachothers contact info and the person to deal with. Now, understand this is also counter productive. When you call a competitor and ask about a merchant, you better hope it's not about a remaining balance or payoff request because they will have someone on the phone pitching that merchant more money faster than you can blink. So make sure you got the finger on the funding trigger to pump that baby out the second you get the info you need. But if it is regarding collections, UCC filings, defaults or anything that falls under the customer service category, give them a call. You'd be happy to know that most funders are willing to be helpful.

[WhoisKingsley]

I know people (brokers/ISOs- whatever you want to call them) who have been blacklisted by some companies but are still in business. Even the Funders that know they are blacklisted and why they were and they still works with them.

Money is Money and unfortunately someone who you would think is a horrible person/company to work with is someones best friend. Not everyone fits in the transparency and best practices category of this industry.

It's all about relationships.

[J.Celifarco]

I know people (brokers/ISOs- whatever you want to call them) who have been blacklisted by some companies but are still in business. Even the Funders that know they are blacklisted and why they were and they still works with them.

Money is Money and unfortunately someone who you would think is a horrible person/company to work with is someones best friend. Not everyone fits in the transparency and best practices category of this industry.

It's all about relationships.

I dont disagree with anything you are saying.. I just think there has to be some middle ground. There are some bad iso's and some bad merchants and the fact that they are able to stick around in the industry no matter how many times they screw people over doesn't make the rest of the industry look good. I am not saying people should not make money or not try to make money. Maybe I am crazy but I think it is possible to make money and not be a douche bag at the same time

[WhoisKingsley]

I dont disagree with anything you are saying.. I just think there has to be some middle ground. There are some bad iso's and some bad merchants and the fact that they are able to stick around in the industry no matter how many times they screw people over doesn't make the rest of the industry look good. I am not saying people should not make money or not try to make money. Maybe I am crazy but I think it is possible to make money and not be a douche bag at the same time

I wish it was that easy. There should be a category system like

doesn't pay commissions
relayed incorrect information to merchant allowing them to default
forged documents/tampering with documents
fraud statements

etc.

It would have to be anonymous to the the public and to the "Blacklisted". You don't want anyone coming to your office and bashing your head in.

[J.Celifarco]

I wish it was that easy. There should be a category system like

doesn't pay commissions
relayed incorrect information to merchant allowing them to default
forged documents/tampering with documents
fraud statements

etc.

It would have to be anonymous to the the public and to the "Blacklisted". You don't want anyone coming to your office and bashing your head in.

that doesn't sound like it would be that difficult

[GoodCustomerService]

Again, you'd have to get cooperation from Funders and that will never happen. Like Amanda said, you never know who someone is friends with. You think 800 ISO's stopped submitting business to On Deck? Hell know. They just go and submit it through one of their buddies who still have a login. And this happens with everybody. I could cut off an ISO tomorrow and would probably get more submissions from their ISO the next day, but it would be coming through another shop.

[4scaps]

Again, you'd have to get cooperation from Funders and that will never happen. Like Amanda said, you never know who someone is friends with. You think 800 ISO's stopped submitting business to On Deck? Hell know. They just go and submit it through one of their buddies who still have a login. And this happens with everybody. I could cut off an ISO tomorrow and would probably get more submissions from their ISO the next day, but it would be coming through another shop.

It sounds like you have a lot coming across your plate.. Can I interest you in a few extra G's a month, no sweat? Lemme know....

[GoodCustomerService]

PM me LOL