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03-11-2016, 07:59 AM #1
Yellowstone Capital new deal exclusivity policy
The new policy will go into effect starting next week!
Have a great weekend everyone!
We will be replacing the 14-day exclusivity rule with a 0-day exclusivity rule. On Monday March 14, 2016, the following new rules regarding exclusivity will take effect:
The only way to get exclusivity on a deal is to submit a signed contract or fund a deal.
Until you submit a signed contract, that merchant is open to be closed by any other rep.
Submitting a signed contract to ops will get you 7 calendar days of exclusivity on that merchant. Ops will need to approve the contract just like ops approves submissions.
Once your 7 days expires, you can still try to fund that merchant unless another rep submits a signed contract, which would result in the other rep getting exclusivity for 7 days. Even if you submit a second signed contractwhether during your 7 day exclusivity period or afteryou do not get a second 7 day exclusivity period or any extension or your exclusivity. You can only have one 7 day exclusivity period per merchant.
Even if another rep has exclusivity (they submitted a signed contract within the past 7 days) you can still submit and work a lead in case they are not successful in funding the deal before the end of their exclusivity period.
For the sake of transparency, all reps that submits a deal with the same EIN as another rep within 30 days will be notified of all other reps that:
o submit or have submitted that deal
o submit a signed contract for that deal
o fund the deal
o are not successful in funding the deal before their exclusivity period is up
Please note that applications still need to be submitted to conflict check prior to submitting deals to the funders with a completed application and 3 full months of bank statements.
o Applications will still be rejected if there is a conflict (the merchant has an open balance, a defaulted balance, or has had a deal paid off in the last 14 days).
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