[Ditty]

Anyone ISOs out there dealing with Swift Capital regularly? I just placed a deal with them for the first time, and I'm not at all impressed. They requested my merchant complete bank login, he had trouble, we tried to call in 3x to their number, got disconnected once and the other two times we were told somewhat rudely that if our contact isn't available there is nothing she can do for us.

Anybody have any good contacts at Swift that might help?

[channin19]

Their customer service division(California) apparently is located at a separate location from their sales division (Delaware). Totally unresponsive. The customer service to merchants is also less than ideal.

We had a merchant who could not get a payoff letter and was given the run around. After the payoff was completed they continued to take debits.

[mfs01]

You can submit to MFS Global - We pride ourselves on Customer service and are happy to give payoff letters when requested.

To get set up to do business with us, just shoot me an email to isosupport@fmsglobal.com or call us at 702-473-1145.

[skideeppow]

It also took me days to get a payoff letter from them.

[LoanShark714]

Name 1 company that gives you payoff letter immediately. Lenders should really look into a retention department to keep tabs. Once you got someone requesting payoff letter 8/10 chance merchant is shopping or your about to be bought out.

[Sean Cash]

The elusive payoff letter is not unique to businesses in this industry. When I was paying off my student loans at a much faster pace than the lender anticipated, they did their best to stop me.

First they told me I didn't have to make any payments for the next 6 months. Then when I continued to pay anyway, they returned a payment back to me for reason of "too many payments". They actually put a block on my account so that I couldn't pay them more than once in a thirty day period. I was paying them twice a month at that point. They put an end to that.

My last payment to them was a check I wrote for about $10,000. They told me I wasn't allowed to refinance my student loan to another lender so they weren't going to accept it. Of course it wasn't a refinance, it was check drawn against my own bank account. Took a few months but they finally came to accept that I was done with them.

It costs so much to acquire a good customer in this business. Nobody wants to rush to see them go, especially if it's to a competitor.

[Franklin]

That's insane, I've never heard of such ridiculousness.

[Akanzer]

Ditty,

I am happy to help you out. I am Executive in charge of all sales channels for Swift. I'm always happy to help out if you are running into a speed bump along the way. Being as it seems this is your first deal sent to us, it might be helpful for me to walk you through our process so you have the right expectations for yourself and your merchant. Feel free to reach me directly at 302-374-7027

Best,

Andrew Kanzer

[MCA1]

Andrew...Is it true you sent a merchant contracts, which he signed and returned on a Friday, and then you withdrew the offer (after the contracts were signed by the merchant) the following Monday?? This can't be true, can it?

[AndyYSCISOdept]

The elusive payoff letter is not unique to businesses in this industry. When I was paying off my student loans at a much faster pace than the lender anticipated, they did their best to stop me.

First they told me I didn't have to make any payments for the next 6 months. Then when I continued to pay anyway, they returned a payment back to me for reason of "too many payments". They actually put a block on my account so that I couldn't pay them more than once in a thirty day period. I was paying them twice a month at that point. They put an end to that.

My last payment to them was a check I wrote for about $10,000. They told me I wasn't allowed to refinance my student loan to another lender so they weren't going to accept it. Of course it wasn't a refinance, it was check drawn against my own bank account. Took a few months but they finally came to accept that I was done with them.

It costs so much to acquire a good customer in this business. Nobody wants to rush to see them go, especially if it's to a competitor.

It's funny you mention this I am going through the exact same situation with Student loans...as far as customers go. It isn't in my best interest to rush out the payoff letter without a chance to 1. Find out why they need it 2. Counter offer if they are in need of funds. I know for a fact that the reps who submit deals for funding to us, appreciate very much that we don't just let their files go without a fight.

[Jared_Weitz]

Andrew...Is it true you sent a merchant contracts, which he signed and returned on a Friday, and then you withdrew the offer (after the contracts were signed by the merchant) the following Monday?? This can't be true, can it?

That's happened quite a few times to us a while ago when we used to send deals there, that coupled with some really bad customer & ISO service issues forced UCS not to be able to send anything. Really is a shame because the rates are pretty good.

[MCAVeteran]

Is this because they are doing prequals and getting contracts signed before doing final underwriting or was this after welcome calls landlord calls etc etc were completed and they found something erroneous

[MCNetwork]

Andrew...Is it true you sent a merchant contracts, which he signed and returned on a Friday, and then you withdrew the offer (after the contracts were signed by the merchant) the following Monday?? This can't be true, can it?

This happens on occasion with all the funders. Especially if you try to prequal a merchant yourself without the deal being underwritten first. You have to consider all the facts of the situation before placing blame with the funder. Now if the deal was fully underwritten and the merchant or ISO wasn't involved in any shenanigans, then you have a valid bone to pick.