[Everest]

Let me know if you want to make 13 points on your new deals for our Premium and Premium+ deals. Call me or send me a PM. You can up-sell 5 points as well. Let's get you paid!!!!!!!

Andrew

[Chambo]

Let me know if you want to make 13 points on your new deals for our Premium and Premium+ deals. Call me or send me a PM. You can up-sell 5 points as well. Let's get you paid!!!!!!!

Andrew

What's an EVEREST PREMIUM PLUS? Don't be shy and secretive, post up here what you mean by that

[Everest]

Premium Plus deal - 12 months in business and we can give an 8 month term with a min "Fico Score" of 600. Max advance is $500,000.

[GoodCustomerService]

Do I get an exclusive on my deals or do you give the offers to every ISO that submits the same deal after me?

[anonymous]

30 day

[anonymous]

if im not mistaken

[Mmarano]

They operate off First Blood, I was with Everest Yesterday! Great Folks! Love em!

Do I get an exclusive on my deals or do you give the offers to every ISO that submits the same deal after me?

[AndyYSCISOdept]

30 day

30 days is to long of an exclusivity in my opinion, I mean what happens if some total POS broker submits the deal by lying to the merchant and then the merchant wants to work with me and I cant give them your offer and you end up losing the deal?

[JoeLepkoski]

I agree with Andy that 30 days is too long, YSC used to have a 30 day rule, which became a 21 day rule, and now 14 day. A lot of reps and brokers feel 14 is too short, until you're on the receiving end of being able to submit a deal that a POS broker couldnt close because they over promised. A good rep/broker should definitely be able to get a signed contract in within 14 days.

[AndyYSCISOdept]

I agree with Andy that 30 days is too long, YSC used to have a 30 day rule, which became a 21 day rule, and now 14 day. A lot of reps and brokers feel 14 is too short, until you're on the receiving end of being able to submit a deal that a POS broker couldnt close because they over promised. A good rep/broker should definitely be able to get a signed contract in within 14 days.

Im not saying there shouldn't be some type of exclusivity period but in this industry 30 days is a lifetime, if a merchant hasn't been funded in 30 days then there are some serious issues. And furthermore it makes it less about the customer serv ice and selling products correctly and more about "shot-gunning" your submissons to 50 companies to lock in your exclusivity period.

[GoodCustomerService]

EVEREST BUSINESS FUNDING - DEAL EXCLUSIVITY POLICY CHANGE - PLEASE NOTE

Due to the increase in competition for certain deals, we are finding many situations where an ISO Partner is blocked from competing because another ISO Partner has submitted the deal and received an offer, but is unable or unwilling to close the deal with Everest.

To create a fair and competitive playing field for all ISO Partners, we are establishing the following new Deal Exclusivity Rules.
Any ISO submitting a deal that qualified for an offer will receive that same offer.
Offers will be amended on an ISO by ISO basis. What this means that if two ISOs have an offer, but one asks for a larger amount, additional days, etc. and is granted that request, then other ISO may also request the same changes and will receive that revised offer, but they have to ask for it.
The first ISO to send in CORRECTLY signed contract and stipulations will be the ISO of record for Final Underwriting and Funding.
Sending only a signed contract but no stipulations will not prevent another ISO from claiming the deal by sending the correctly signed contract and all stipulations.
Once Contracts are received an ISO has five (5) business days for that deal to fund. If the deal cannot be funded because of missing items, reluctant merchant, unavailable landlord, or some other reason, then the deal will be automatically killed. The deal may be re-activated if missing items are submitted, but this will not be automatic, it will be allowed on a case by case basis. Until a deal is re-activated, it will be open for another ISO to submit and clos

[GoodCustomerService]

30 days? How about ZERO days.

[jotucker1983]

Let me know if you want to make 13 points on your new deals for our Premium and Premium+ deals. Call me or send me a PM. You can up-sell 5 points as well. Let's get you paid!!!!!!!

Andrew

Maybe you could email me more information? I would like to know what you guys consider premium deals, as to me a premium deal is the following:

- 6 month payback range: 1.09 - 1.18 factor

- 12 month payback range: 1.22 - 1.30 factor

If you guys are pricing in this range and still paying 13 points, I'm all in .

[Lexgroup]

Whoever closes the deal (gets all the stipulations + the signed contract) first should get the commission, in my opinion. Just because someone submits it first doesn't mean it should be theirs, especially if someone else is doing all the work.

[GoodCustomerService]

Apparently you've never had a deal back doored on you or another rep under cut your approval. Having it done by a rep using the same company you sent it to hoping to close it with isn't fun and 100% wrong.

[thefundingdiaries]

Whoever closes the deal (gets all the stipulations + the signed contract) first should get the commission, in my opinion. Just because someone submits it first doesn't mean it should be theirs, especially if someone else is doing all the work.

I agree with this. Getting the merchant to submit the app and statements is the easiest part. Getting them to sign the contract and get everything else in is where all the real work is. That's when you actually have to sell and close.

[jotucker1983]

Whoever closes the deal (gets all the stipulations + the signed contract) first should get the commission, in my opinion. Just because someone submits it first doesn't mean it should be theirs, especially if someone else is doing all the work.

I agree with this. Getting the merchant to submit the app and statements is the easiest part. Getting them to sign the contract and get everything else in is where all the real work is. That's when you actually have to sell and close.

Sorry I'm going to have to disagree with both of you.

- Not having a deal exclusivity rule in place can create a significant amount of chaos at your office over what Broker should be in control of the deal in terms of mark-ups, terms, etc. 15 - 30 days is a good normal average exclusivity range.

- I still don't understand what you guys refer to as "closing" the merchant, but maybe it's because I do things differently? When I market I disclose the pricing and payback cycle ranges upfront, so if a merchant is interested and sends over a completed package, they are already "sold" on the program. I just need to get them approved at the range I discussed, which once that happens, now I just spend my time chasing them to get all of the closing items in.

But if you are marketing to the merchant for "capital" without letting them see that you are selling short payback cycles and a high cost for capital, in my opinion you are just going to end up wasting a lot of time, energy and resources.

Especially when a significantly large amount of merchants run from your offers thinking you were about to present something closer to conventional.

[Chambo]

Sorry I'm going to have to disagree with both of you.

- Not having a deal exclusivity rule in place can create a significant amount of chaos at your office over what Broker should be in control of the deal in terms of mark-ups, terms, etc. 15 - 30 days is a good normal average exclusivity range.

- I still don't understand what you guys refer to as "closing" the merchant, but maybe it's because I do things differently? When I market I disclose the pricing and payback cycle ranges upfront, so if a merchant is interested and sends over a completed package, they are already "sold" on the program. I just need to get them approved at the range I discussed, which once that happens, now I just spend my time chasing them to get all of the closing items in.

But if you are marketing to the merchant for "capital" without letting them see that you are selling short payback cycles and a high cost for capital, in my opinion you are just going to end up wasting a lot of time, energy and resources.

Especially when a significantly large amount of merchants run from your offers thinking you were about to present something closer to conventional.

Until someone takes your same deal, removes the extra fee, and drops the factor 3 - 4 points

[Mmarano]

Free Market -- AMERICA!

Until someone takes your same deal, removes the extra fee, and drops the factor 3 - 4 points

[jotucker1983]

Until someone takes your same deal, removes the extra fee, and drops the factor 3 - 4 points

Lol Chambo that's a good point, but what I usually do is provide a price range based on their Paper Grade. I usually try to keep up to date on what's going on in the market so that based on their profile, I structure them to a point to where it's very difficult for someone else to beat the deal (on price, approval, and payback cycle), while still maintaining a good level of profit.

[Michael I]

Whoever closes the deal (gets all the stipulations + the signed contract) first should get the commission, in my opinion. Just because someone submits it first doesn't mean it should be theirs, especially if someone else is doing all the work.

i agree with signed docs but not all stips

[JoeLepkoski]

I am all for an exclusivity rule, the rat race of first with signed docs causes not only an organizational disaster with the lender, but its inevitable that you'll have ISOs pissed off at losing "their" deal or ISOs that think they got screwed and will be on DF blasting the lender as stealing their deals because their not a "big shop" and dont get the same respect or service. And finally, you'll have a merchant thats been given X amount of offers from the same lender from X amount of ISOs who all explained the deal differently and some who promised things that are not accurate. Merchant gets funded, and 30 days later calls the lender pissed off because he cant renew at 10% paid in like one of the brokers promised him. And day 31 is an R08.

[Lexgroup]

@Good Customer Service - funders want to get the deal done before someone else does. I have had many deals stolen because the rep lied to the merchant for their own benefit (I know...shocker). Doesn't have to be through the same funding company either. Let's face it, there is a lot of competition out there.

@John Tucker - Closing the merchant is getting everything needed to satisfy the agreement, it's pretty straightforward. If closing every deal was as simple as you just described we would all be rich - good merchants aren't always easy to sell but desperate merchants are. Even if you are straight up with them, that does not guarantee a closing.

[Funder Mark]

I am pretty sure people will hate this new zero day rule more then they ever hated the 30 day rule. Why not settle at a nice 7 or 14 day exclusivity period?

[jotucker1983]

@John Tucker - Closing the merchant is getting everything needed to satisfy the agreement - not sure how else to explain closing....it's pretty straightforward. If closing every deal was as simple as you just described we would all be rich - good merchants aren't always easy to sell but desperate merchants are. Even if you are straight up with them, that does not guarantee a closing.

I don't know if we would all be rich (I wish lol), but to me it comes back to doing all of the work upfront with good pre-qualification before you send the package to any lender.

- You disclose to the merchant the type of product you are offering (MCA) with cost for capital ranges and payback cycle range. Either they are interested and can work with this cost for capital range (along with the short payback cycles) or not. They will usually tell you this upfront.

- From there, you pre-qualify the merchant in terms of getting information on their estimated FICO, gross sales, any tax liens, any judgment liens, any recent BKs, any landlord issues, any issues paying back a prior advance, any outstanding advances, any outstanding alternative loans, etc.

- Now that you have the answers to all of the questions, you can estimate their Paper Grade, which will estimate the amount you will be able to approve them for as well as their cost for capital ranges/payback cycles. You present that information to them to see if they are okay with that.

If they aren't okay with that, then you walk away.

If they are okay with that, you then move forward to having them fill out the app and pulling up statements for the submission to the applicable Paper Grade Funder. Once you get the items, you submit the file and work with the Funder to get it as close to the approval range you estimated. Once that's done, the Closing Agreement is typed up, the closing items are collected, and we are looking at funding as long as they pass final verification.