[Eric Matthews]

Credibly/Retail capital has gone to crap. Maybe at one time they were the top funders but now they are on my bottom list. I funded a deal with them and the deal defaulted on the 27th day(according to them). I wasn't aware about the default until 3 months later when they guy Brad called me on the phone out of nowhere. I told him he should have made me aware right away this way I could have got a chance to get my merchant back on board. Since than I have not funded any deals with them. Until today out of nowhere I get a renewal email from them stating that a different merchant of mine was renewed. So when I call them up they tell me this is going to go towards the money you owe us. Its not about the money, its about the principal of not telling me right away when he started bouncing payments. Joe and Neil real nice guys to deal with but that guy Brad Zukoff BEWARE! Credibly has gone to ****

[Zach]

What would you have said to make the client pay?

"Please pay for the next 3 days until my clawback period expires"

I have had an excellent experience with Credibly. Although I don't broker many deals, the deals I have placed with them have been smooth and their underwriting was flexible.

[Eric Matthews]

As a broker I have a better relationship with the client than the funder. I could have at least cut his payments for a little while, this way he's still at least paying them.

[FundingCzar]

Credibly has definitely taken a dip competitively but Brad is top notch. Highly doubt it was his fault in any way, he was probably just the bearer of bad news. Someone should have obviously reached out though, that's unfortunate.

[cappy]

Definitely the bad news bear if you ask me, just an unfortunate situation. Credibly Is The Worst seems a bit over board to me....Cutting payments 30 days into a contract to save yourself a claw back on 1 deal? Maybe that "better" relationship with the lender could have helped you out. This industry thrives on relationships.

[Michael I]

wait so they didnt even withdraw it right away out of your account which they can do and offset it by another renewal and you are calling them the worst for that . Also i agree they should have told you but seriously if the guy went bad you should be sending the money right away yourself .

disclaimer - i still hate credibly but the above reasons are ludicrous

[Eric Matthews]

Its a little exaggerated but you know what I mean. I just wish they told me right away instead of 3 months later.

[Eagle Funding]

Why is everyone on the forum so dramatic, they not only didn't clawback your commission they renewed the client and let that pay them back, to me it sounds like they did you a huge favor when anyone else would've clawedback and I am sure you would've forgotten about the client.

Have never had a bad experience with them, and even placed a CPA with a 2 year 27% loan product with them, don't know anyone else doing that.

Waiting on anonymous to come up with a wise remark.

[anonymous]

Waiting on anonymous to come up with a wise remark.

Regarding clawbacks? Wouldn't know, never had one. In terms of the deal, CPA @ 27% over 2 years (assuming that figure isn't per annum [2yr 1.54]) sounds great. Not much to comment on lol, sorry.

[Vfunding]

The ISO dept at Credibly is great. You might be mad about the $2-6k you lost in commission, but think about the $30-100k they lost by a hit and run merchant. Defaults are part of this business. It was very nice of them to not ACH the commission right out of your account considering their ISO agreement likely allows them to do that. Defaults (especially quick ones) suck alot for everyone involved.

[ridextreme]

too many cry babies on this forum. This is the real world folks.

[J.Celifarco]

the deal went bad yes it sucks losing commission but they lost more then you. It happens it is part of the game and if you want to start bashing every bank that has to clawback commission from you because a deal went bad then you will have no banks to work with. Credibly is a top notch bank in or industry and Brad is a good guy to work with. People around the industry know this and you aren't going to get anywhere crying over a couple dollars commission. If other banks see this is what you do if a deal goes bad and a clawback happens you are going to quickly run out of places to submit deals.. Stop blaming other people for your bad deal, pick up the phone and fund another deal

[Eric Matthews]

John, no body is crying I'm just saying it took 3 months for them to tell me that my merchant defaulted. So before you try to make fun of someone read the entire post jerkoff!

[J.Celifarco]

John, no body is crying I'm just saying it took 3 months for them to tell me that my merchant defaulted. So before you try to make fun of someone read the entire post jerkoff!

they waited 3 months because they were probably trying to get the merchant back on so they wouldnt have to pull the commission, and instead of clawing it back they took from another renewal. This is them doing right by you and for doing the right thing you came on here calling them the worst.. Yeah I call that crying

[ridextreme]

it's because it took you 3 months before they owed you another commission. Get a job maybe ; )

[HDF]

Why is everyone on the forum so dramatic, they not only didn't clawback your commission they renewed the client and let that pay them back, to me it sounds like they did you a huge favor when anyone else would've clawedback and I am sure you would've forgotten about the client.

Have never had a bad experience with them, and even placed a CPA with a 2 year 27% loan product with them, don't know anyone else doing that.

Waiting on anonymous to come up with a wise remark.

They renewed a different client. But that being said, learning about your renewal flow from emails out of the blue is a bit dubious attention to detail even if you leave it in their hands to do so.

[Sachip24]

Anonymous signature cracks me up everytime lol

[aredmond]

I have been working with Brad and Credibly for a long time and fund a lot with them every month,. They have a unique scoring model and you can find several diamonds in the rough. The staff is pleasant to work with. A little slow at times but overall a win in general. I have met brad and had dinner and drinks with him and hes a very cool and honest guy who is always fighting to improve his company. As far as knowing about a clawback I agree with you but as a general practice our systems are very high tech and we know ourselves what is going on with our merchants. Hence the large renewal department,

We do have a unique scoring model on certain deals where we offer things like 200% of their gross sales, 15 month offers for lawyers, $100,000 offers with just DL/VC as the only stips.......just to name a few

Thanks CAS

[It's A Wonderful ISO]

Yes and I suspect they back door deals to the inside sales team, they offer no protection to the ISO on files submitted, hours after submission members of the inside sales force are calling your merchant, they change underwriting guidelines without notice, so to hear this dosent surprise me, my guess is the books are upside down and or employees are getting desperate, very very unpleasant experience with Neil who was and is very suspicious in nature, totally different company then say 7-8 months ago, I will never do business with them again, period, the "relationship" part is no longer applicable to their infrastructure in my opinion, but hey, keep sending them business folks, def a beware for me as well

[Vfunding]

Ouch. Harsh words there. Neal is THE MAN. No funny business going on there.

[Michael I]

Ouch. Harsh words there. Neal is THE MAN. No funny business going on there.

try putting your phone number on the app . and update us in a week . nothing wrong with the broker side but the sales side is taking leads with or without upper management knowledge

[rmckellar]

What is there to beware about? I'm flabbergasted that you're complaining. They didn't claw the commission back from your bank account and probably were trying to get the merchant back on track in the mean time. The bottom line is they paid you for a merchant that defaulted within the first month and they allowed it to come out of future commissions. That seems like a pretty nice gesture to me. I don't know many people that would be so nice about losing their investment and having paid a commission for that lost investment.

[nrh1lp]

We have been signed on with Credibly for a long time now and I have nothing but positive things to say about them. They have never tried to circumvent us and close a merchant with their in house team after we submitted a file to them

[admin]

The title of the thread has been changed from "Credibly is the worst" after reading the OP's gripe and because Credibly's generally positive reputation is well known, so it is probably quite unfair to label them as "the worst."

[sigmundpannu]

I have never had any issues with them at all. They've never given an approval that they didn't honor. When renewals roll around they are notifying our entire office about the renewal, they have never called a merchant without notifying us. And I have no reason to believe they have back doored any submissions. They are a go to lender for deals that fit in their box.