[CO1]

Has OnDeck step foot over into your deals even after contracts and stips were back from your clients? Our default is OnDeck once a submission comes in but yet I still lost 4 deals ranging from 5k to 250k to OnDeck even though I had everything in from the client an on the funding call they said No. . An when I asked who gave better terms they came back saying OnDeck, An I personally think there isnt anyone that comes close to pricing as OnDeck with all there platforms. Any recommendations? On what to do, say, or even companies?

[skideeppow]

If you cant beat them, join them.

[MCNetwork]

Definitely. Every decent application I get goes into the On Deck portal first. They have good rates, lowest stip list, fast funding and commissions are paid within 48 hours. What's not to love?

[MCAVeteran]

Do they have first to submission policy gets the rights to deal for 30 days? Or is it first to contract? Only one broker or direct sale channel can win the deal so you will need more than 1 company to submit deals to-

[MCNetwork]

First to submission. That's why speed is of the essence.

[Sean Cash]

can you still just email them a file or does everything have to be done through their portal now?

[MCNetwork]

You can do both but the portal is faster and enables you to stake your claim if you enter it first.

[Chambo]

Do they have first to submission policy gets the rights to deal for 30 days? Or is it first to contract? Only one broker or direct sale channel can win the deal so you will need more than 1 company to submit deals to-

Once you submit a deal to OnDeck...you have 5 days only to update or fully submit. Then it is anyone's deal (which usually means they are passing it off to DCC or MCC)

[J.Celifarco]

Yesh but that is only if you don't submit a full package.. How often are you submitting half packages.. They only require one bank for some of there programs so how can you not have a full submission

[MCAVeteran]

Chambo- what do you mean passing it off to mcc/dcc? Why would a company that size do that? And if it was happening, wouldn't we hear if more issues around that practice?

[MCNetwork]

They may pass off their internal declines to other funders, but they don't pass off ISO submitted declines to anyone.

[channin19]

Once you submit a deal to OnDeck...you have 5 days only to update or fully submit. Then it is anyone's deal (which usually means they are passing it off to DCC or MCC)

I don't believe OnDeck and DCC(if this is Direct Capital) are partners anymore.

[Chambo]

Chambo- what do you mean passing it off to mcc/dcc? Why would a company that size do that? And if it was happening, wouldn't we hear if more issues around that practice?

Ed, PLEASE, PLEASE do not tell me you are THAT naive

[MCAVeteran]

Matt- don't You use them as one of your broker funding partners? Why create paranoia on the forum for others?

[Chambo]

why do you think I enter my work email in on the portal with submissions?

That way, the solicitations come to my office and I can throw them in Noel's face when he claims they don't do that anymore

[isaacdstern]

This is not just an Ondeck thing.....Believe me it happens at 90 percent of the major firms

[SBF]

Has OnDeck step foot over into your deals even after contracts and stips were back from your clients? Our default is OnDeck once a submission comes in but yet I still lost 4 deals ranging from 5k to 250k to OnDeck even though I had everything in from the client an on the funding call they said No. . An when I asked who gave better terms they came back saying OnDeck, An I personally think there isnt anyone that comes close to pricing as OnDeck with all there platforms. Any recommendations? On what to do, say, or even companies?

I have never had this happen...and have been working with them since 2010. If you haven't already done this, be sure and get to know your OD rep and keep up good relations with them.. normally you have a rep for new deals and a diff rep for renewals. Be as forthcoming and transparent as you can with them.. as you should with every funding source. We are here to provide a good and honest service to our merchant and funding source, and should protect both parties interests as well as we can.