[John Galt]

Just got my first renewals with Can, and moving my book, not going with them anymore. Who works for 3% plus has to wait 3 weeks to get paid?

[MCABroker]

Sounds just like Rapid, at least CAN has a sick retention program. They gave us a 1.15 over 12 month paying 3% on a renewal, Unlike Rapids 1.31 over 12 paying only 3.... just move the book and don't look back.

[nrh1lp]

was the merchant at a $0 balance and then took out a second round of funding or did they re-fi halfway through and you only saw 3% of the net amount?

[J.Celifarco]

3% on renewals is insane. With what the cost of aquisition is on the 1st position new deals they are looking for IOS's wont be able to afford to send them deals.. Thats crazy

[Michael I]

what does your iso agreement say ?

[aredmond]

what does your iso agreement say ?

You, I and everyone with a brain knows the answer to that question....

[J.Celifarco]

You, I and everyone with a brain knows the answer to that question....

true so the question becomes if you dont like the terms on refi's with them why fund deals there

[anonymous]

...what percentage of ISOs do you think actually read ISO agreements? lol

[J.Celifarco]

read them then negotiate terms on line items that you have issues with.. How is this not standard practice

[HDF]

Quickly becoming an "assets under management" business with the big players.

[Vfunding]

CAN has made it pretty clear they have lost a great deal of interest in their broker channel. Truth is they have a 10+ year head start on a bunch of the other big players in this space so they still have huge wholesale referral relationships that keep them alive. I still see merchant statements that say "Need financing? Call CAN Capital today!" on top of every page of the the statement.

[Jonathon]

I have always received 4% on renewals with CAN. They have a great retention program for shopping merchants and until just a few months ago they paid a 3% bonus the following month on new deals. And when OnDeck was vetting ISO's CAN was still signing them up. I dont think they have lost interest in ISO's, they have been around long enough to know that its a great source of origination's for them.

[Accord Business Funding]

Here at Accord Business Funding, we offer full commission on all renewals. Accord Pricing Guide.jpg

[John Galt]

Bonus is gone. I'm moving accounts. Also only pay once a month on the 12th now for renewals. Not worth it. Still a lot more hungry funders out there for 100k plus accounts paying very competitively.

[AMERICApital1]

I get 4 points on renewals

[Karen37a]

I had some lenders take certain "language" out of the iso agreement..some wouldnt , didnt sign on.

In the end most companies get greedy when they think they do not need their outside or inside salesforce anymore. The problem is that the person making the decison usually is not in sales nor ever in sales. They think people just line up to take an advance ..like they are inbound calls or just wander onto a website.

Thats why I am on these sites stating the facts >>>" these are not easy to close, lots of drama, lots of time put in, follow up calls and great sales ability is needed to get someone to send docs and a contract in"

When you let these people think its easy... they cut commission, renewals...change terms of existing iso agreements.

All these imaginary robo dial advances, magical leads etc.. Dont exist.

I put my money on some of the ISO shops who are commission only vs an inside salesperson who is salaried or hourly when it come down to renewing the existing merchant or getting new ones long term.

[John Galt]

Yes, but when I signed on a couple of years ago they didn't have that plan or didn't tell me. I was happy with the 3% bonus when they had it. Unfortunately it's hard to not do biz with Ondeck or Can if the paper is A, especially as they want to fight to keep the renewal. Hard to compete against 17 month at 1.14, like going against Amex.

[ridextreme]

I think people not signing onto a lender like CAN who offers the retention calculator when we can beat most other offers in lieu of more renewal points is ludicrous. This is not 2010 when renewals meant something. They are getting called, stacked, lied to and promised the world by 20 people a day. People can't bank on renewals like they used to. But let them "take their business elsewhere" bc when they're offering a deal I need to beat, I'll hit retention and blow them away

[MCAVeteran]

The lifetime value of an account is what needs to be thought through in this business. Its not just about one time new commissions. Renewals are the franchise of this industry. Retaining accounts in this competitive space has forced lower rates and longer terms. If you want to build a long term portfolio of renewing accounts you need a aggressive renewal dept behind you. What the magic number is to be paid on is up for debate but you cant expect 15 point commissions each time they borrow money. Its unsustainable.

[Michael I]

let me ask you all this . Have you ever lost a can capital client to a competitor ? i honestly dont think i ever did . even if merchant credit is bad they do crazy rates to keep them

[nrh1lp]

let me ask you all this . Have you ever lost a can capital client to a competitor ? i honestly dont think i ever did . even if merchant credit is bad they do crazy rates to keep them

I have beaten CAN offers before, granted it was always with a term loan and the commission was a bit lower

[ridextreme]

I have beaten CAN offers before, granted it was always with a term loan and the commission was a bit lower

Term loans are like comparing apples with oranges.

[S.O.S. Capital]

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