[RogueCaliISO]

Which lender do you love working with and why?

If you are a lender... What makes an ISO valuable to you?? And what are some of your pet peeves that ISOs do?

[Funder Mark]

As a lender, a good ISO is one who screens their deals, and only sends in deals that meet the basic underwriting criteria. The amount of deals I have seen that an ISO with 30 seconds could have not sent in would have saved me and the underwriters I work with hundreds of hours of valuable time, we could spend on deals that would actually pay the ISO's.

[Ktolbert85]

A good ISO should have a firm understanding of the industry and underwriting guidelines. However, for me the most important trait for an ISO to have is to be able to prospect merchants without promising them the world. Meaning give the merchant reasonable expectations. There's nothing worse than trying to pitch a C paper deal to a merchant that was told he could get A paper pricing. The same goes for the amount of funds they may qualify for.

[AndyYSCISOdept]

Ktolbert I agree with you whole heartedly. You cant sell a Chevy as a Porsche, just like you cant sell a guy with 505 FICO and 5 negative days a month as A paper, call a spade a spade. If your client qualifies for X then tell them so, if they want to be lied to and told they can get Y then they aren't worth your time.

[Michael I]

i think what ktolbert and andy are saying is that lenders want to see good closing ratio .

[Funder Mark]

i think what ktolbert and andy are saying is that lenders want to see good closing ratio .

A big part of which is not sending deals that are automatic declines. Telling a client who qualifies for a Chevy that they may get a Porsche makes the deal hard to sell, but it is still better then getting hundreds of clients who do not qualify for anything.

[AndyYSCISOdept]

i think what ktolbert and andy are saying is that lenders want to see good closing ratio .

Some of my best ISOs only send me 8-10 files a month but close and fund 80% of them which makes them very very valuable indeed.

Then on the flip side I have a couple that send 15-25 files a day but only fund 30-35 a month, that's a lot of paperwork for a very poor closing ratio.

Now I get that YS deals aren't the most attractive to merchants but what the former rep does really well is setting the expectations.

[WhoisKingsley]

Which lender do you love working with and why?

If you are a lender... What makes an ISO valuable to you?? And what are some of your pet peeves that ISOs do?

Kingsley <3s Quarterspot. Everything from their submissions system, offering system, closing procedures, and SERVICE. I am picking them out of the many I <3 just because that one important aspect. SERVICE.

We tend to put all of our energy into sales but neglect service. From both sides of the spectrum (Broker and Funder/Lender) SERVICE is the most valuable and understanding procedures to create a better process is the most valuable trait a Lend/Funder or Broker could have. Take out the guessing and the leg work- any company that doesn't have this down is a complete waste of time. There is no trade secrets in this aspect of having a Brokerage Business or a Funding Company and it boggles my mind that people are still sticking attachments in an email and not checking things or accepting files and NOT CHECKING THEM. Also those lovely ISOs who don't understand that No is No and expect you to stick your neck out for something crazy high risk. I always ask "Would you put money in this?" Most of the time the answer is no. Here's my answer. Time=Money. If you don't believe in them enough to put Money in- your wasting my time and the Merchs time.

Oh yeah... and the bait n' switch method when the file obviously doesn't even qualify for a stick of gum. It makes everyone look bad. Okay I'm done

BASICS. BASICS. BASICS.

[WhoisKingsley]

Some of my best ISOs only send me 8-10 files a month but close and fund 80% of them which makes them very very valuable indeed.

Then on the flip side I have a couple that send 15-25 files a day but only fund 30-35 a month, that's a lot of paperwork for a very poor closing ratio.

Now I get that YS deals aren't the most attractive to merchants but what the former rep does really well is setting the expectations.

Kingsley <3s YSC too. I hate that people get all upset about YSC rates and process. Not everyone is perfect and YCS has helped bridge gaps for a lot of my high risk merchants. It may take a little bit, but I at least let them know EVERYTHING up front and give a representation statement of the business and what's going on. It's helps them take the info and get me what is needed faster instead of saying "Give me the Max you can get"... that's like saying "I don't know my merchant and whoever gives him the max can steal him from me".

[AndyYSCISOdept]

Thank you Ms Kingsley, we do appreciate your post and glad you've had a positive experience with us here at YSC. You make several great points!

[isaacdstern]

Thanks Amanda, we love you!

[Michael I]

Some of my best ISOs only send me 8-10 files a month but close and fund 80% of them which makes them very very valuable indeed.

Then on the flip side I have a couple that send 15-25 files a day but only fund 30-35 a month, that's a lot of paperwork for a very poor closing ratio.

Now I get that YS deals aren't the most attractive to merchants but what the former rep does really well is setting the expectations.

isaac as management which one of these people do you like better

[isaacdstern]

Honestly they both make up the great mix of isos we have. We have guys that send in 3 apps a month and some that send in 100 a day.

What I always explain to everyone is that Yellowstone's in house program came out of the necessity to fund the lower credit and high risk files everyone else was declining for us. We were marketing a ton and only able to receive approvals on 20 percent of our files. So we tried funding a few of them ourselves and I guess it worked Sure we don't do 15 month 120's but we help a lot of isos turn dead paper into commissions!!

[Chambo]

Honestly they both make up the great mix of isos we have. We have guys that send in 3 apps a month and some that send in 100 a day.

What I always explain to everyone is that Yellowstone's in house program came out of the necessity to fund the lower credit and high risk files everyone else was declining for us. We were marketing a ton and only able to receive approvals on 20 percent of our files. So we tried funding a few of them ourselves and I guess it worked Sure we don't do 15 month 120's but we help a lot of isos turn dead paper into commissions!!

Some of us do much better outside. Good Political Answer though

[FUNd]

Which lender do you love working with and why?

If you are a lender... What makes an ISO valuable to you?? And what are some of your pet peeves that ISOs do?

I like ISOs that don't claim to be in the Wall Street Journal, when they haven't.

[TheShitzuofMCA]

I love Nextwave Funding!

A valuable ISO in my opinion is one that closes on his deals and provides a steady stream of submissions. Pet peeves are push, push, pushers, who's deal doesn't fit the guidelines but they still don't take a decline for an answer.