Results 26 to 30 of 30
-
07-31-2015, 04:57 PM #26
- Join Date
- Jul 2015
- Posts
- 58
RE
Seize the moment and sell the book then you can thank the newbee for igniting your fire!
-
07-31-2015, 10:38 PM #27
- Join Date
- Apr 2015
- Location
- Louisiana
- Posts
- 299
Who do I use to process ACH agreement
wow. that's amazing. not only does funding circle charge 3% you tacked on about 5% more in origination. so your merchant paid 8bps in origination fees. who knows the rate they got but it doesn't sound like you really did them any good. But most iso's are in this game for themselves and Jack their merchants as much as possible with no regards for the merchant but only for themselves. I realize it's buyer be ware but iso's that do their merchants a good service are the ones who are in it for the long haul and build relationships and get merchants to stay with them for the long haul. those are the iso's who build long lasting relationships with merchants who trust their iso and come back time after time for funding. Most iso's in this business are ex car salesmen or ex sub-prime loan officers looking for a quick buck. and we all know what happened in sub-prime. and yes, I can say that because I had a large sub-prime shop that was a lender, not broker. but almost every deal we write here we get a letter of reference and have lost less than 2% of our renewals to competition. good luck to you and collecting your $10k
-
08-01-2015, 02:10 AM #28
- Join Date
- Mar 2013
- Posts
- 33
Scratching my head, how did you expect to have an ACH from a merchant's account w/o an ACH agreement of your own?
-
08-01-2015, 10:08 PM #29
- Join Date
- Jun 2015
- Posts
- 3,326
What is looking out for a merchant more . Taking him to on deck , can or bfs with no broker fee or getting the merchant a quarter the rate even with his 5 percent added on .
When you sell a deal how many points do you add on from the buy rate 1-2 percent? With the cost it took you to get that client you will be losing money .
Even if you don't lose any . Why should they leave it your running a charity ?
Now don't get me wrong I am not for killing a merchant . But where do you draw the line ? I feel nick as dumb as he is for this industry , did look out for his merchant
-
08-01-2015, 10:46 PM #30
- Join Date
- Sep 2012
- Location
- New York, NY
- Posts
- 1,780
True. What Nick did isn't wrong, especially since Funding Circle's rates are very low. But not having an ACH processor in place shows that he didn't give it much thought.
Similar Threads
-
Looking for iso agreement for loans 5k to 25k
By lilru911 in forum Deal BinReplies: 9Last Post: 06-30-2015, 11:16 AM -
Get in the game!!!! Iso agreement
By PledgeCap- A.E. in forum PromotionsReplies: 0Last Post: 04-27-2015, 11:43 AM -
OnDeck Updated ISO Agreement
By Drizzle in forum Merchant Cash AdvanceReplies: 2Last Post: 02-26-2015, 02:05 PM -
I have a person with a valuable painting (purported) and need broker agreement
By bostriba in forum All Other LendingReplies: 4Last Post: 02-10-2015, 05:44 PM -
MMPS LAW: Legal Collections on Defaults and Agreement Drafting
By Mcalawyers in forum PromotionsReplies: 0Last Post: 08-01-2014, 01:50 PM