[MCNetwork]

So it turned out that I haven't funded a new deal with On Deck in the last 90 days. I was submitting deals in the portal fairly regularly (3-5 apps a month) but they were being declined so I wasn't able to fund anything. The renewals department funded one of my merchants and had the courtesy to notify me. When I inquired about my renewal commission they said that since I haven't funded a new deal in 90 days, I am not entitled to anything. Their logic is that they want ISO's to be funding deals regularly through them instead of sitting back and expecting to collect commissions from renewals. Understandably, I was quite pissed. This was a $1,500 commission that they kept from me. I've been an active partner for 4 years and never missed a 90 day period before. I was submitting deals to them but they were being declined through no fault of mine.

What do you guys think of this practice? Does it make sense from On Deck's point of view? Or will it create bad blood among the ISO community? On Deck is a great funder but I find this tactic to be pretty heavy handed on their part. I have a good amount of merchants with On Deck and now all of their renewal commissions are in jeopardy. I don't want to have to move them to other funders because I don't trust On Deck.

[skideeppow]

This is common knowledge and i am surprised you didn't know. With that said call over to Michael Barnett. I am sure that he will take care of it with some persuasion. You might have to get a new deal done first with them. They took care of me years ago and I send them a bunch of business. They decline most of it but i get one or two done a month.

I do not know anyone else who does this in the industry. I had AMI/CAN outright not notify me and not pay me on a deal and called them on it three months later when i found out. They paid me within 2 days. I think this is much worse.

[MCNetwork]

I really didn't know because I've never encountered the problem until now. I'll give Michael a call.

[Sean Cash]

This is Chambo's cue to claim this has been OnDeck's evil plan all along....

[MCAVeteran]

If the account manager who sent you ISo agreement disclosed this upfront and it's on agreement itself not much you can say or do after the fact. As far as is it a good practice? No. Has it stopped them from getting business and where they are today? No.

[Scott Williams]

I thought someone mentioned in the past that Ondeck was moving that 90 day period back to 6 months but I guess that didn't happen. Yes, I remember another ISO had this problem and Michael Barrnett fixed it right away.

[MCNetwork]

Yes I realize it's buried in my ISO agreement. Live and learn!

[Al1]

The only reason Ondeck has that as a standard part of their agreements is because ISOs don't object to it. A provision like that is way out of the industry norm and Ondeck knows it. I bet if an ISO asks to have the language changed Ondeck will do it. Any ISO thinking long term should have their agreement amended.

[MCAVeteran]

I agree- as the old saying goes, you don't get what you deserve, you get what you negotiate

[Ryan Shiroky]

I agree- as the old saying goes, you don't get what you deserve, you get what you negotiate

THAT is GREAT...

[Chambo]

This is Chambo's cue to claim this has been OnDeck's evil plan all along....

this is nothing new. They have been farming out declined to preferred ISO's and snatching up renewals on smaller ISO's for years

[FRESH DIRECT]

send me your declines

gcastillo@yellowstonecapllc.com

[socalgav]

My experience with OD on this goes as follows. And i just got a commission for 2 renewals without funding any new deals in the past 90 days. It is more of are you submitting files?. If they see activity in the pass 90 days as in you are submitting files then you should be ok. But again this is just my experience

[anonymous]

A lot of lenders have this in their ISO agreements and most will let you strike through it if you ask.

[anonymous]

send me your declines

gcastillo@yellowstonecapllc.com

...probably the best advertising I've seen on DF. No pitch, no bull**** - send me your garbage and I will turn it into a commission haha.

[Chambo]

...probably the best advertising I've seen on DF. No pitch, no bull**** - send me your garbage and I will turn it into a commission haha.

yeah, these rookies.....take it with a grain of salt