[Michael I]

Robert from Fincom Capital just called a merchant I have a contract out with, offering him better terms...
If anyone can shed light, it would be greatly appreciated.
We need to put the snakes on blast and get them out f the industry...

How far from submission?

[jotucker1983]

Zach, I've had "reps" that are high up in their company, personally calling me (thinking I'm the merchant) trying to backdoor me. Pretty sure there was nothing rouge. Do you want the lenders name?

I would like to know the name of the funders/lenders doing this. I have never had to change the merchant's business number to my number, for one, my funders/lenders all know my number (for the most part) and number two, I don't want to knowingly falsify any information (even a telephone number) on an application.

Also, if we are on topic, is it legit/lawful for a funder/lender that honestly declined a deal, reach out to the merchant a month later to see if there has been any change in his banks? And then of course not pay the broker if the deal closes? Does the funder own the lead once the broker submits it?

This should be fair game due to the lead exclusivity rules. The lead didn't fund, so technically after "some time" somebody else could resubmit it....that somebody else could be an internal rep or another broker.

You want to stay in control and in contact with your merchant at all times. If you are going to submit them to XYZ Capital, then make sure you communicate that to them and work closely with the merchant along with your Account Rep at XYZ Capital the entire time. If they aren't approved, then set a date/time of when to reach back out to the merchant.

It's unfortuate you are going through this though. There's just no reason for it other than some people within this industry have stupid business practices. Why steal a broker's deal and get cut off from all of his future business? Smh, it's just stupid.

[McoupeBobby]

How far from submission?

same day

[McoupeBobby]

This should be fair game due to the lead exclusivity rules. The lead didn't fund, so technically after "some time" somebody else could resubmit it....that somebody else could be an internal rep or another broker.

You want to stay in control and in contact with your merchant at all times. If you are going to submit them to XYZ Capital, then make sure you communicate that to them and work closely with the merchant along with your Account Rep at XYZ Capital the entire time. If they aren't approved, then set a date/time of when to reach back out to the merchant.

I agree completely. But when my merchant is being contacted the same day I submit it or 1 day later...

[ridextreme]

This is nothing new. There are shady employees working for every funder and ISO both big and small.

There are also shady brokers who coach landlords and put fake information on apps such as incorrect contact phone numbers.

So a broker is calling out a funder for calling a merchant direct but he admits to falsifying a signed document... This industry is shady on all sides.

[Michael I]

same day

So why did you come on here figure out which one of the 3 lenders it is and let's nail them on here .

[TStein]

I would like to know the name of the funders/lenders doing this. I have never had to change the merchant's business number to my number, for one, my funders/lenders all know my number (for the most part) and number two, I don't want to knowingly falsify any information (even a telephone number) on an application.

All it takes is one shady underwriter. I was actually approached by an underwriter in an job interview who pitched me on A paper declines for $55 each. Its that easy. Buy the data, call, cut points, and fund before the other company even catches wind. I still get calls from the guy trying to sell me the data.

Joe, we're smart in that we work with funders we know. When I have to send a file out from my sales floor, I know my files aren't being put in jeopardy. For example, I have a personal high risk funder comparable to YSC so I don't have to deal with that mess(Nothing negative about YSC). He introduced me to his underwriting staff and showed me their process from A TO Z. I am 100% confident that my files aren't being put at risk which is why I work with them. If you want to know who and are in NYC, PM me and he'll do the same.

I've done the number switch with a Sideline number before and the reality is your deals are getting called whether its same day or a few weeks later by someone unless a funding company knows you.

[Karen37a]

I know companies that backdoor deals all the time. And its written in their agreement that the lead/file is theirs after so many days. Some stall the funding.And some state your renewals are their if you are inactive which might mean not submitting 200k in business per month? per qtr?

Only way to hold onto your file is for your client/merchant to be loyal to you.

And I am never going to blast them on here because most people in the industry know whats going on...no point in stating the obvious.

Alls fair in love and war?


Watch who you deal with and have a working relationship with them so they value your business future ....if not you are toast.

I use to feel bad for people but now I think. Thats what you get for thinking you can be an Iso because you read a blog or 3.

[MCAVeteran]

Zach, I've had "reps" that are high up in their company, personally calling me (thinking I'm the merchant) trying to backdoor me. Pretty sure there was nothing rouge. Do you want the lenders name?

It shouldn't be easier to understand-this is not common business practice in any industry, even with the rouge agent claim, but I guess it comes with the perks of being unregulated.

Also, if we are on topic, is it legit/lawful for a funder/lender that honestly declined a deal, reach out to the merchant a month later to see if there has been any change in his banks? And then of course not pay the broker if the deal closes? Does the funder own the lead once the broker submits it?

Read the iso agreement. It outlines what the rules of engagement are. If you dont like sections, modify or request to modify and if the iso or funder cant accomodate, dont work with them and choose other companies that align with your best interest.

[Funder Mark]

Not really. Its different from Lender to Lender. For example. One lender I know of has written in there ISO agreements that they can call and fund the merchant 30 days after its submitted if the broker didn't fund them with them. And the broker is cut out.

Who is that!! God knows I would NEVER work with a company with that rule.

[Michael I]

Who is that!! God knows I would NEVER work with a company with that rule.

buddy go speak to your boss and dont be so naive