[AndyYSCISOdept]

Very curious: what defines an "aggressive" offer from YSC? Are you talking about the ISO commission? Because I'm pretty sure most shops would beat your average deal (at least your average deal from your production in 2015 -- 66 day 1.45x with 10% in upfront fees). Or are you guys trying to go "up market" and offer better products?

This is not meant to be a joke, or just to call you guys out (though the fact that your average deal is that expensive I find nuts given the volume you guys do) -- I am genuinely curious what a "very aggressive offer" means in the high risk space in today's market. Despite my involvement in this space for over a decade as an M&A banker first and then lender, I still am trying to figure out what the end goal is for the high risk / stacking product -- in the past several years, as stacking got crazier and crazier with more and more stacking shops popping up and pumping out pretty substantial volume, I always assumed that, eventually, increased competition should lead to a better product; strangely enough, it's had the opposite effect; the products actually have somehow gotten worse. I guess it's just too hard to price shop, and given how expensive all the high risk options are, commission rate and trust between the ISO and funder in many ways becomes the primary driver of placement (i.e. a high risk product is a true commodity even from a pricing standpoint since the pricing boxes are generally so tight).

This is where I give Marcus credit -- his value proposition is clear, and he won't let you forget those double digit commissions!

Well, given that YSC is providing funding at such a large volume to merchants that for the most part aren't being approved anywhere else Id say the answer to your question is self explanatory. However, I can get more in-depth if you'd like.