[Acufund]

Just wanted to see if anyone else had the same issues with Bluevine. I signed up with them because I was interested in their LOC program. Wasn't able to get anyone on the phone but emailed them and got their ISO agreement. Tried getting someone on the phone for about a week to go over their product and still did not get a response, decided to send I deal over to see what they could do. After another week still no response on the submission and still no answer on the phone.

I still receive promotional emails from them every couple of days so after a couple of weeks of no response via email or phone I responded to their promotion and told them to either call me or terminate our partnership. The next day I finally got a response stating that they would accept my request to terminate the partnership.

Just curious if anyone has had a similar experience. I have signed up with many lenders over the years and have never had a first impression of a lender like this.

[ridextreme]

you sent a deal to some no-name funder that claims they have a LOC program that would not answer their phone for one week? I don't feel sorry for you dude.

[NoBigDeal]

you sent a deal to some no-name funder that claims they have a LOC program that would not answer their phone for one week? I don't feel sorry for you dude.

my thoughts exactly. just blows my mind. Acufund, are the current funders you work with really that bad with regard to speed/funding/service that you had to default to a spam email that clearly gave you even worse speed...funding...and service

[J.Celifarco]

I know not going direct has a bad industry stigma, but if this is what newer ISO's are doing they would be better off finding an experienced, larger, trust worthy, ISO and submitting their deals through them. They would make more money and get deals done quicker then trying to navigate the industry on their own

[Acufund]

As stated this was in regards to the LOC program. This post was to see if anyone has had similar experiences with Bluevine, they have posted in the past and wanted to give them a shot. Email was not sent to a spam email and there was no lost client over this so no need to "feel sorry" there ridextreme.

[NoBigDeal]

I know not going direct has a bad industry stigma, but if this is what newer ISO's are doing they would be better off finding an experienced, larger, trust worthy, ISO and submitting their deals through them. They would make more money and get deals done quicker then trying to navigate the industry on their own

I'm curious John, as a proud experienced broker, do you spend any of your time marketing towards other brokers in order to try and sign them up in order help shop their deals?

[J.Celifarco]

I'm curious John, as a proud experienced broker, do you spend any of your time marketing towards other brokers in order to try and sign them up in order help shop their deals?

Haven't spent a lot of time marketing to that as of yet, but do have a number of ISO I do work with and get deals done for.. Most of these have come by referral or someone having found me on here.. The problem with marketing for this is co-brokering is looked at in a bad way because so many companies have been burned by working with bad partners. The companies that work with me see there is a benefit to working with a bigger company. When you do more business with banks you get better service better pricing then companies that only do a couple deals a month.. The ISO's that submit through me get those benefits without having to fund a million dollars or more with a given bank.. We eventually will start marketing to do more of this business just haven't gotten to it as of yet.

[nrh1lp]

In regards to the bluevine LOC my experience with them was a little rocky to start, but once we figured out what exactly they need for a submission, what to see based on docs and you prep the merchant it was relatively smooth sailing. Like the guys above said though, if you are green you probably should work under a larger ISO who knows the ropes until you can steam through a deal with your eyes closed

[Michael I]

In regards to the bluevine LOC my experience with them was a little rocky to start, but once we figured out what exactly they need for a submission, what to see based on docs and you prep the merchant it was relatively smooth sailing. Like the guys above said though, if you are green you probably should work under a larger ISO who knows the ropes until you can steam through a deal with your eyes closed

same here .

[Michael I]

you sent a deal to some no-name funder that claims they have a LOC program that would not answer their phone for one week? I don't feel sorry for you dude.

i feel sorry for you that you know about them . great product .

[nrh1lp]

^ it seems like you and I are on the same page with most of these discussions haha

[HDF]

Haven't spent a lot of time marketing to that as of yet, but do have a number of ISO I do work with and get deals done for.. Most of these have come by referral or someone having found me on here.. The problem with marketing for this is co-brokering is looked at in a bad way because so many companies have been burned by working with bad partners. The companies that work with me see there is a benefit to working with a bigger company. When you do more business with banks you get better service better pricing then companies that only do a couple deals a month.. The ISO's that submit through me get those benefits without having to fund a million dollars or more with a given bank.. We eventually will start marketing to do more of this business just haven't gotten to it as of yet.

One opposite strategy a small ISO shop I recently visited told me about was to sign up with just about everyone that is a funder because they get better service and better terms on their first deal because the funding company wants submissions and to prove themselves to them in exchange for lots of flow. (which of course every ISO promises every funder) So they bunny hop along.......and when the flow doesn't come, they are opened up to getting the inevitable treatment by many of these "direct funders" we like to talk about.

This may work here and there, but take JC's advice if you want to grow your business

[FundingCzar]

Bluevine is good in concept but I think they opened the floodgates to more deals than they can handle. I started working with them a few months ago and their responsiveness to deals has definitely declined over time. That being said they definitely do fund deals, they can just be a bit slow and you have to stay on top of your rep.

[bdshaw]

Bluevine offers a secured line of credit and is a modified factoring product and apparently were not prepared for the volume of business they've received.
However there are several of we lenders and factoring brokers, all knowledgeable, that also offer secured lines of credit.
Setting up a factoring relationship averages 5-7 working days. If someone tells you they can do it in a day or two......they are flat out lying to you. If they tell you they don't require the information our industry has been gathering for well over 100 years, once again...lies. If you are told you can make a quick buck.....same problem
Try contacting one of us and you will get straight answers for your customers......not blue sky.
If you would like to learn about factoring and receiving commissions over an average of 33 months or Asset Based lending everyone in the factoring industry I've met here will be happy to spend time teaching you.
Bob Shaw
Delancey Street Funding
rshaw@delancyfunding.com
734-929-3800
on behalf of the factors and factoring professional on this site.

[jfeinberg]

Bluevine offers a secured line of credit and is a modified factoring product and apparently were not prepared for the volume of business they've received.
However there are several of we lenders and factoring brokers, all knowledgeable, that also offer secured lines of credit.
Setting up a factoring relationship averages 5-7 working days. If someone tells you they can do it in a day or two......they are flat out lying to you. If they tell you they don't require the information our industry has been gathering for well over 100 years, once again...lies. If you are told you can make a quick buck.....same problem
Try contacting one of us and you will get straight answers for your customers......not blue sky.
If you would like to learn about factoring and receiving commissions over an average of 33 months or Asset Based lending everyone in the factoring industry I've met here will be happy to spend time teaching you.
Bob Shaw
Delancey Street Funding
rshaw@delancyfunding.com
734-929-3800
on behalf of the factors and factoring professional on this site.

Agreed. However one of my reps spoke with a client today that funded last week through bluevine. He said there process took a couple of days to get up and funded through their line of credit.