[skideeppow]

Michael Barnett paid us on a deal that they made a mistake on. I submitted the deal and they declined it. The merchant called in a couple days later to On Deck directly. They made him an offer and closed the deal.

I called them on this and they admitted their mistake and promised to pay me.

Thank you for being ethical in a fairly unethical industry.

[isaacdstern]

Barnett is a mentsch and always does the right thing

[Quickfunder]

Agreed.

ehrhewjkrhewkjrhwekh (10 character limit)

[Quickfunder]

Isaac, what is the policy at Yellowstone for that same thing? Or when one of your guys calls an ISO's merchant for a renewal after refusing to answer ISO's balance inquiries?

[isaacdstern]

We have a 21 day exclusivity period...no deal can be submitted until that exclusivity period is over...if it slips through the cracks and does get submitted it goes to the original agent who submitted the file.

[mcaguru]

Slips thru the cracks??

[funding pro]

Michael Barnett paid us on a deal that they made a mistake on. I submitted the deal and they declined it. The merchant called in a couple days later to On Deck directly. They made him an offer and closed the deal.

I called them on this and they admitted their mistake and promised to pay me.

Thank you for being ethical in a fairly unethical industry.

It's great you got paid on that deal. Many of the larger companies that have been doing this for some time will do things like this when they make an error. I would be more curious to know why they declined it for you with no offer yet they funded it internally. Is it that two underwriters looked at it differently or do they have different underwriting criteria on the direct side vs their sales channel?

[MCNetwork]

Some On Deck sales managers fight for exceptions on previously declined deals if it makes sense or if the most recent bank statements look stronger than those previously submitted. If the merchant called On Deck directly, it counts as an in-house deal. If the original ISO catches this, he needs to contact On Deck to sort things out.

[isaacdstern]

We are not perfect and mistakes get made occasionally....when we come across a mistake we made we follow the 21 day rule we set

Slips thru the cracks??

[Quickfunder]

That 21-day policy sure is convenient when the ISO can't reach their Account Manager -- who according to the merchant -- called him directly and renewed him. Would you guys mind correcting this with us?

[isaacdstern]

Quickfunder...I have no idea who you are...if you would like to PM me or call me we can certainly discuss whatever issues you have with YSC

Isaac D. Stern - Managing Partner
Yellowstone Capital LLC
Ph: (800) 955-2411
Fax (888) 315-8546
Cell: (917) 743-8369
Email: Isaac@Yellowstonecap.com
www.Yellowstonecap.com

That 21-day policy sure is convenient when the ISO can't reach their Account Manager -- who according to the merchant -- called him directly and renewed him. Would you guys mind correcting this with us?

[Eric S]

That 21-day policy sure is convenient when the ISO can't reach their Account Manager -- who according to the merchant -- called him directly and renewed him. Would you guys mind correcting this with us?

Will you post an update here if YS actually corrects your situation? It's pretty well known in my circle that YS snakes renewals but are typically funded under one of their other names. I'd love to get a confirmation that this isn't actually true.

[isaacdstern]

Eric S. and Quickfunder either show some proof or stop talking smack...we fund over 400 deals a month for outside isos and pay out millions of dollars a month in commissions to them...

[cashmaster]

You mean the other names for them to second the partners they do broker deals with? Or ISO deals with?

[mcaguru]

one sec...does that mean yellow has pearl type entities.....

[isaacdstern]

We will NEVER fund behind a deal we brokered to an outside funder

[mcaguru]

so mistakes like that you are saying DONT get made!

[admin]

Guys, this isn't productive if you can't provide specifics. Name the deals or call the company directly to resolve whatever problems you have. Otherwise this isn't going anywhere.

Update:
Anyone can select the "insert image" icon in a post and upload an image since it was asked how to upload docs.