[PRIMO CASH]

Here is an email I received from a client:

Dear Ana,

My name is Mark Devlin and I'm the Head of Customer Experience for Swift Capital. I'm reaching out to you because you previously came to us through a third party broker and were pre-qualified for working capital but did not take the funding from us.

Well, good news: we can now offer our low prices directly to you with weekly payments.

In the next 72 hours one of my specially trained Business Funding Experts will be calling you ready to lay out our best offer... a very good one. If you foresee your business needing capital in 2016 for any reason, it would serve you well to give my team a couple minutes to hear about our lower prices and better terms.

If they can't make you an offer that wins you over, please ask to speak to me personally.


Best regards,

Mark

Mark Devlin
Leader, Customer Experience
mark.devlin@swiftcapital.com


P.S. If you are not interested in hearing from my team, simply reply to this email to let me know and we won't call you.



We are the 3rd party broker Mark is refering to.

[Funder Mark]

I just posted about a similar email last week.

[Chambo]

So Swift is tired of losing out due to normal competition....and is trying to backdoor and cheat ?

[PRIMO CASH]

What little business we have done with Swift has been an overall nightmare of an experience anyways. I send deals that take forever to get a response. Then we go to close it and the offer changes 2 or 3 times before it actually closes. Or there are mistakes on the contracts that took forever to sign via docusign so they have to redo and resend to clients. Whoever is in charge over there needs to restructure the whole operation.

[Paul]

We are a Direct Lender, with no Direct Sales Side. All of our origination's come to us through our ISO/Broker Partners. This will never happen to you with us.

Please feel free to contact us if you are interested in getting set up.

Paul@windsetcapital.com or 855-761-8299 ext 280

[KTK]

That's two in the past week on this board that blatantly flip the bird to its ISO partners. Very foolish marketing efforts

[Michael I]

does swift even have an inside sales team , where they do their own marketing or are they just backdooring

[ADiamond]

so maybe they have a clause in their ISO agreement that state's after a certain amount of time, they own the deal. i would reread your iso agreement with them before coming here to make them look bad, after what may be something you agreed to legally?

[PRIMO CASH]

so maybe they have a clause in their ISO agreement that state's after a certain amount of time, they own the deal. i would reread your iso agreement with them before coming here to make them look bad, after what may be something you agreed to legally?

You know what? Maybe you're right...Maybe they do have a clause that says after a certain period of time the lead I paid for and brought to them now belongs to them. Maybe I Overlooked that in the ISO agreement. Well this is warning to anyone else out there, read your ISO agreement thoroughly because there are companies out there that never take control of the leads you pay for. Thanks for your feedback ADIAMOND.

[TheShitzuofMCA]

so maybe they have a clause in their ISO agreement that state's after a certain amount of time, they own the deal. i would reread your iso agreement with them before coming here to make them look bad, after what may be something you agreed to legally?

Still messed up. Not gonna do what everyone thinks I'm gonna do!

[jotucker1983]

Guys I'm not 100% sure, but wouldn't a lot of companies do this same thing? Basically if I submit a deal to a funder/lender but it doesn't close for some reason (either not approved, approved but merchant didn't like the terms, or approved but killed at closing), the funder/lender has the merchant's information in their "data" base so why wouldn't they send marketing promotions to said merchant?

To me, a back-dooring situation is when I submit an "active" deal to a funder/lender, but they are really a broker that's brokering out the deal, funding it and not compensating me on the project. Or, they are a funder/lender and giving the file to their inside sales team to close it and shutting me out of the process.

But I would think a lot of the funders/lenders send marketing and promotions to previously submitted merchants though, why wouldn't they? I keep in touch with my entire sales pipeline often, including those who are on hold for later resubmissions, and encourage them to resubmit through me rather than going to any prior funders/lenders directly because as their broker, I bring a much more efficient process to them versus the merchant trying to navigate the market themselves and doing nothing but having their credit dinged a million times.

[MCNetwork]

I agree with Joe. It's not exactly "backdooring" when the merchant didn't accept funds from your company. The ISO couldn't close the deal. This is fair game.

[Funder Mark]

True, it does depend on the amount of time that has passed from when the broker was unable to close the deal, to when the funder reached out. That being said, it still would leave a bad feeling with the broker, unless they knew it from the get-go.

[KTK]

Totally agree and understand that a lot of funders will make contact after time has passed. I'm not ignorant enough to think differently. However using verbiage that insinuates the merchant will save by going direct (which was in swifts defense a lot more blatant in the last email we saw posted like this) and basically telling them not to bother with their broker again is really disrespectful to the ISO's that work hard to bring them deals.

[MCNetwork]

There's no code of fair play in our industry. This is guerrilla warfare and we have to do everything in our power to protect our home front. And that means treating our clients fairly and giving them the best possible deal. In addition, you have to stay top of mind with them to keep them from defecting to another party. We don't "own" our clients as much as we'd like to think so. Merchants will turn on you on a dime and look for the best deal. If I were a merchant I'd do the same. Like it or not, it's dog eat dog out there. Survival of the fittest.

[FUNd]

We are a Direct Lender, with no Direct Sales Side. All of our origination's come to us through our ISO/Broker Partners. This will never happen to you with us.

Please feel free to contact us if you are interested in getting set up.

Pau@windsetcapital.com or 855-761-8299 ext 280

Windset is legit, and so is Paul. +17 points, too.

[MCAVeteran]

Cannibalism of its own lead sources at work here

[dpFund]

Well...at the risk of sounding cheeky, I disagree completely with "It's OK to take the deal away from your brokers and fund it yourself, cheating them out of their commission if it takes too long". That is nothing short of lying and cheating.

The best friends I've made in the industry are the ones that know I treat them right. We're far from perfect...but we're honest. Whether it is a deal that takes a long time to close, or one that re-ups down the road. In fact, I just had a client re-up a few weeks ago and I sent the referring broker a check for $10k. He was ecstatic since he never would have known that we funded the client again. Friend and referrer forever.

Dan Page