[AndyYSCISOdept]

Exactly. That's why 3 deals at 4 points each is worth more than a single deal at 12 points. Although the upfront revenue is the same, your risk is diversified and you have more income opportunities with 3 merchants versus 1 when it's renewal time. If you lose 1 of the 3 in the future, you can still earn 8 points on the other 2 when they renew. If you lose the 12 point guy down the road, you're screwed.

I have always thought that the best way to stay in the game is to keep merchants around, they wont stay around if they get bashed over the head. Give me 5 10K deals over a 50K deal every day of the week. If just 1 of those renews 3-4 times that's a solid win for me, my ISOs, my syndication portfolio and my underwriters.