[McoupeBobby]

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?

details of exclusivity for submissions are usually expressed on ISO agreements in detail.

[mikem]

details of exclusivity for submissions are usually expressed on ISO agreements in detail.

Is there a common practice?

[McoupeBobby]

Is there a common practice?

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.

[Michael I]

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.

Buddy hate to burst your bubble but it is extremely common . Read thru your ISO agreement more carefully

[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