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10-14-2016, 11:09 AM #10
- Join Date
- Apr 2014
- Location
- Washington DC
- Posts
- 421
You are right -- I wish more lenders would do a "suitability test" before placing a deal on their product -- you are exactly right, that is what the "good actors" on the broker side do and there are many many great brokers. If you know our company well, any online or strategic partnership applications we receive (non-ISO), we conduct that suitability test before we even offer our product -- and many of them are better suited elsewhere (e.g. SBA, factoring, etc.), and we'll place them there even though it hurts our bottom line.
This is why I focus so much on suitability. Even ISOs that work with us know that we reject applications if we don't view our product as "suitable" for the business -- we don't send ISO files anywhere else, but won't place people on our capital if it doesn't make sense.[/U]Carl Fairbank
Founder & CEO boldMODE
www.boldmode.com
Carl@boldmode.com
Founder & former CEO of Breakout Capital (sold to SecurCapital in 2019)
www.breakoutfinance.com
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