[michaelh]

On January 6th we submitted a customer to them and got an approval and sold the deal. We got them to send us contracts that the customer verbally accepted
and then sent them the paperwork and stipulations January 7th. The customer then took the contract to another broker who immediately went back to swift who then gave them another offer with the same numbers and the other broker cut the commission to undercut. Swift now says if we want to be in competition with the other broker we must cut our commission. This Broker did not submit the deal to Swift until January 8th.

[Chambo]

they have the "first one back with the contract" mantra too, I see?

[AndyYSCISOdept]

So you are accusing them of what exactly? Fabricating a submission in order to manipulate/twist your arm into cutting your commission?

[michaelh]

I do not see that anywhere in our contract - but apparently they have changed the rules. And Andyyscisodept - I am just laying the facts out so other brokers know not to waste time sending deals that will not be protected till close.

[Michael I]

nothing wrong done here . swift is open about their policy

[Funder Mark]

The problem is that Everest now has the same policy. Even giving ISO's 5 days is good. Looking back, at least half of my good deals got funded within that time frame, and probably another 25% with 2 weeks of receiving a deal. One company I know about gives 30 days, but having no guaranteed safe time will simply have more of this happening.

[michaelh]

nothing wrong done here . swift is open about their policy

And they are open about telling everyone what the contracts are and telling the Brokers to cut the commission to undercut the other broker?

As I mentioned to you previously, there is competition on this file. This file was also submitted here from another Broker and I see that there is a contract out for 110K
To beat that contract, we would have to lower your commission otherwise we’re going to lose this. Have you been in contact with the merchant recently? Let’s win this one. Please give me a call so we can work on a better offer than what they have from this other Broker.

[Chambo]

Michael H....the funds which have a "First one back with contracts" practice (which is more and more of them these days) means you submit a deal, you get an offer.....3 days later, broker X submits the same deal, the fund will give them the exact same offer. If you decide to sell it with 12 points, and broker X sells with only 5 points, they have the cheaper deal and will most likely get the funding.

Welcome to cash advance. Nothing wrong was done here, and it is something you have to keep in the back of your mind everyday when you submit and then sit on merchant to return paperwork

[Michael I]

And they are open about telling everyone what the contracts are and telling the Brokers to cut the commission to undercut the other broker?

As I mentioned to you previously, there is competition on this file. This file was also submitted here from another Broker and I see that there is a contract out for 110K
To beat that contract, we would have to lower your commission otherwise we’re going to lose this. Have you been in contact with the merchant recently? Let’s win this one. Please give me a call so we can work on a better offer than what they have from this other Broker.

Thats your rep trying to help you as he obviously makes money if funded through you . You should be happy you have the warning and not just find out that its funded .
now dont get me wrong i barely do business with swift for that particular reason

[AndyYSCISOdept]

The problem is that Everest now has the same policy. Even giving ISO's 5 days is good. Looking back, at least half of my good deals got funded within that time frame, and probably another 25% with 2 weeks of receiving a deal. One company I know about gives 30 days, but having no guaranteed safe time will simply have more of this happening.

we operate with a 14 (calendar) day exclusivity period, it seems to work pretty well. One of the interesting aspects about our way of doing things is that if someone else submits your deal during the 14 days you will be notified. This allows the broker a little leverage when contacting the merchant to say, "hey I know we sent you contracts 5 days ago and they haven't come back, is there an issue?" Well if they're shopping then there must be.

[omegafund]

we operate with a 14 (calendar) day exclusivity period, it seems to work pretty well. One of the interesting aspects about our way of doing things is that if someone else submits your deal during the 14 days you will be notified. This allows the broker a little leverage when contacting the merchant to say, "hey I know we sent you contracts 5 days ago and they haven't come back, is there an issue?" Well if they're shopping then there must be.

YSC is a good policy, wish other funders would apply the same.
I have not had issues with swift, they seem to have changed their programs to be better as of lately. Funded a 50k in 1 day with them.