What is the best course of action If I just caught a "reliable funder" backdooring?
Need a Funder or Vendor? START HERE

Results 1 to 25 of 86

Hybrid View

  1. #1
    Senior Member Reputation points: 118833 ridextreme's Avatar
    Join Date
    Dec 2014
    Posts
    1,121

    Quote Originally Posted by mikem View Post
    There is no policy involved, my client told me that they called him trying to backdoor...
    so your client got a call from another ISO? Why exactly do you think it was backdoor'd? Did the ISO say they got the lead from the funder you sent it to? What exactly was told to your customer?

  2. #2
    Senior Member Reputation points: 6278
    Join Date
    Mar 2016
    Posts
    186

    Quote Originally Posted by ridextreme View Post
    so your client got a call from another ISO? Why exactly do you think it was backdoor'd? Did the ISO say they got the lead from the funder you sent it to? What exactly was told to your customer?
    I sent case to ISO A-----ISO B (not sure where he comes in just yet, ISO A wouldnt send him deals from my understanding but I'm not crying about that right now anyways)sends my file to Funder.-----My client/Lead/DEAL recieves phone call from funder saying they can't reach ISO B and would like to send him an offer.----My client/Lead/DEAL tells me all that transpired. ---

  3. #3
    Senior Member Reputation points: 51665
    Join Date
    Mar 2016
    Posts
    657

    Quote Originally Posted by mikem View Post
    I sent case to ISO A-----ISO B (not sure where he comes in just yet, ISO A wouldnt send him deals from my understanding but I'm not crying about that right now anyways)sends my file to Funder.-----My client/Lead/DEAL recieves phone call from funder saying they can't reach ISO B and would like to send him an offer.----My client/Lead/DEAL tells me all that transpired. ---
    Did the merchant accept the offer...get funded...and you not get paid?
    How long after you sent in the file was the merchant called?

  4. #4
    Senior Member Reputation points: 6278
    Join Date
    Mar 2016
    Posts
    186

    Quote Originally Posted by NoBigDeal View Post
    Did the merchant accept the offer...get funded...and you not get paid?
    How long after you sent in the file was the merchant called?
    Merchant did not get funded yet. As of now Funder is willing to place me instead of ISO B because merchant told funder he will only work with me,(somehow they ended up reaching ISO B and got them to "back off the deal"), an offer which I plan on declining-I'm not signed up with this funder and don't want to be for obvious reasons.

    about a week from when the file went out until the merchant got a call.

  5. #5
    Senior Member Reputation points: 51665
    Join Date
    Mar 2016
    Posts
    657

    Quote Originally Posted by mikem View Post
    Merchant did not get funded yet. As of now Funder is willing to place me instead of ISO B because merchant told funder he will only work with me,(somehow they ended up reaching ISO B and got them to "back off the deal"), an offer which I plan on declining-I'm not signed up with this funder and don't want to be for obvious reasons.

    about a week from when the file went out until the merchant got a call.
    I don't want this to be taken the wrong way, as I believe an ISO should always be involved when contact is made to their merchant, but it's not like the funder took the deal from you, funded, and didn't pay you, thereby cutting you out from the work you put in and stealing your deal. Otherwise, I'd definitely get an ISO agreement and see what it says regarding exclusivity on deals and what happens to your file after the exclusivity period (if there is any)

Similar Threads

  1. Funder requesting notarized "Affidavit of Confession of Judgement"
    By upperlinecap in forum Merchant Cash Advance
    Replies: 15
    Last Post: 07-25-2016, 12:10 PM
  2. Replies: 0
    Last Post: 02-02-2015, 11:33 AM
  3. "A paper" and "B/C" lenders
    By loan in forum Merchant Cash Advance
    Replies: 17
    Last Post: 02-02-2015, 11:13 AM
  4. The Difference between "High Risk" and "Additional Positions"
    By WhoisKingsley in forum Merchant Cash Advance
    Replies: 1
    Last Post: 12-01-2014, 10:31 AM
  5. QUESTION: Is this "Not a big deal?" OR a "Deal Breaker?"
    By JSL23 in forum Merchant Cash Advance
    Replies: 7
    Last Post: 10-21-2014, 01:18 PM


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  


INDUSTRY ANNOUNCEMENTS

Blue Owl Capital acquires Atalaya
Kansas added to disclosure service tool
FIS launches SMB digital lending


DIRECTORY