[Valentine]

FUNd,

You bring up some good points, however, I'm going to have to disagree with the non-exclusivity rule due to the following:

1.) It creates total chaos in the marketplace. So Broker A faxes back the signed agreement with a 5 point mark-up at 10:30 a.m., and Broker B faxes back a signed agreement with a 9 point mark-up at 10:45 a.m., the merchant accepted both offers, which one do you go with? The one that came in at 10:30 a.m.? But the merchant accepted the higher revenue producing deal from Broker B, why not go with that one? If Broker A and Broker B are down the street from each other, this could cause all sorts of problems including physical altercations.

2.) A deal exclusivity rule that lasts up to two weeks is fair game in my opinion, but I think a 5 day rule across the board is the best idea. The rule should be based upon the merchant moving forward through the process and if it comes to a point to where the merchant has stopped moving, with 5 days having passed, then if another Broker submits said merchant then they can take over rights of the deal. 5 days gives the Broker time to work the deal.

3.) If a merchant doesn't "like" the Broker they are working with, the ISO/Broker Support Channel of the Funder can always pitch in to help close the deal. Some Funders prefer brokers to just submit a deal and they will have their inside team handle negotiation, pricing and closing. I would rather a Funder do that to combat this situation, rather than not having a deal exclusivity.

I would personally never do business with any Funder that doesn't protect my deal submissions for at least 5 days. To me (and this is just my opinion) that is bad business.

Not having that grace creates the thievery that everyone know's exist...... anyone with access to the file can re route to another company or do any of a number of bad things. No company is immune and it does not mean the higher ups are in on it.
Its happening as we speak.