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 contract—whether during your 7 day exclusivity period or after—you 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).