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01-20-2016, 12:57 PM #1
- Join Date
- Jan 2015
- Location
- Laguna Beach
- Posts
- 463
Viking Funding bad business practices!
Hey everyone,
Anyone have any experience with Viking Funding jumping ahead of your renewals and then funding them without telling the original ISO and cutting the factor to effectively gut renewal commissions? This just happened. I caught them as they were processing my renewal (prior to funding). I immediately emailed and called them asking what the details of the offer in process were. They stonewalled for 68 hours (while they were funding the deal), and then once it was funded emailed me the terms (I requested this information about 5 times before this), which cut my renewal commission to 1 point (on 100k). Yes I should have been in closer communication with my client, but they deliberately delayed telling me the offer until it was funded because they knew they were screwing me. I stayed out of their way for those 3 days because I foolishly trusted them and didn't want to cause any problems with with a renewal that I thought was on track. Moral of the story, DON'T SEND FILES TO VIKING IF YOU VALUE RENEWALS and certainly don't trust them to handle existing renewals ethically. They will try and fund them early and go out of their way to keep you out of the loop.
I emailed their CEO and their managing director has offered me a 75% commission on my next renewal. So they screw me over and then tell me they will do better next time. Ha! I know these are big accusations, but I have all of my emails. And you should see how many stips they requested on the initial funding...
Anyone have similar experiences?
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