[LoanShark714]

We have 15k active processing merchants that are fresh and never been marketed to by us, as far as business loans. We plan on sending each and one of them a notification to see if they could use some funding. Any suggestions? Thanks

[Chambo]

yeah, pick up the phone and call them up and ask them if they need any short term financing.

[LoanShark714]

Should we pay or not pay our agents for their merchants if we fund them without agents involvement.

[Sean Cash]

you talking about the merchant processing agents?

[LoanShark714]

We have in house and outside MSP agents. I plan on announcing to our Inside and Outside Agents that we are now offering business loans to our merchants. BUT i know our agents will not reach out to 100% of our merchants to notify our new business loan programs. Therefor when we do have merchants calling in for business loans after they saw our advertising wither on a commercial, mailing, marketing without the agents involvement. Do you think its fair not to pay the Agent? Since the company did the marketing and gave the heads up our agents already that we are offering loans now? Thanks.

[LoanShark714]

I got a 100 men n women in the front line waiting for my orders. After I build my grounds.

[LoanShark714]

I am plan on having the West Coast on Lock. Like we already do with merchant services. Whos With Me?

[Sean Cash]

We have in house and outside MSP agents. I plan on announcing to our Inside and Outside Agents that we are now offering business loans to our merchants. BUT i know our agents will not reach out to 100% of our merchants to notify our new business loan programs. Therefor when we do have merchants calling in for business loans after they saw our advertising wither on a commercial, mailing, marketing without the agents involvement. Do you think its fair not to pay the Agent? Since the company did the marketing and gave the heads up our agents already that we are offering loans now? Thanks.

I guess that depends. Does your ISO agreement say you have the right to market additional products to their merchants? And if so, are you supposed to pay them? In your case, a loan is a value-added product to the processing relationship. Refer to your agreement.

[AndyYSCISOdept]

I guess that depends. Does your ISO agreement say you have the right to market additional products to their merchants? And if so, are you supposed to pay them? In your case, a loan is a value-added product to the processing relationship. Refer to your agreement.

I couldn't agree more. If the rep does the work they should be compensated. If you don't compensate them on this you could be creating a bigger headache than it's worth and on top of that your name will get out there as a "non paying ***hole" whether it's justified or not. I agree with Sean, if the agreement says PAY, you should pay.

[LoanShark714]

We definitely do not want to create any kind of negative energy with any of our sales reps. I think we should pay them. Atleast half of what they should have got paid if they were to close the deal themselves or maybe a bonus per account, even if they are not involved with the deal. Since the agent made it possible by bringing in the merchant from the get go. We will compensate. Hopefully this will drive our sales team even more to get more deals flowing. I will announce the new Schedule A. for our new program mentioning the commission will be based on involvement of the deal. Sounds like a plan. Once our sales team members sees their neighbors making twice more or 3 or 4 times more selling business loans on top. This will create the positive domino effect i am planning for. Thanks for the information.

[freddy]

Why would anyone in sales not compensate one of their ISO's is beyond me. We compensate our ISO's for renewals even if they were not involved in the renewal process.
When it comes to our ISO partners - they are just that, our partners.

Freddy@bccfund.com

[funding pro]

Between your handle and this thread, I know everything I need to know about you.

Some advise if your open to it. If you are looking to build a business, a real reputable business, ask yourself if you were on the other end of these decisions whether or not you would want to do business with someone making those decisions.

[Chambo]

Should we pay or not pay our agents for their merchants if we fund them without agents involvement.

Did you really and honestly just ask this question? Or was this a joke?

[Jared_Weitz]

Id always error on the side of paying out the agents more than less. I'm always of the mindset that long term relationships yield better revenues.

[LoanShark714]

I think you guys got my information twisted. The 15k merchants im talking about are our processing merchants. Not Business Loan Merchants. What i was trying to say was that I will announce to our agents to inform their merchants and future prospects that we will now be offering business loans. ON top of that we will be marketing business loans in other sources of advertisement wither its a commercial or flyers or notifications. Therefore if one of our agents merchants respond to our advertisement rather than hearing it from their agent that we are offering loans and say we close the deal without the agents involvement. We would then compensate less than what we would if the agent were to generate and close the deal themselves. Does that make sense? I think you guys are thinking that Im planning on not paying out commissions for renewals on loans that our agent brought to the table. Thats clearly not the situation here. I dont know psychic pro is talking about but im a peoples champ brother. But I also know whats wrong and whats right and obviously we are doing something right. How else would we have over 100 + soilders.

[Al1]

I think you guys got my information twisted. The 15k merchants im talking about are our processing merchants. Not Business Loan Merchants. What i was trying to say was that I will announce to our agents to inform their merchants and future prospects that we will now be offering business loans. ON top of that we will be marketing business loans in other sources of advertisement wither its a commercial or flyers or notifications. Therefore if one of our agents merchants respond to our advertisement rather than hearing it from their agent that we are offering loans and say we close the deal without the agents involvement. We would then compensate less than what we would if the agent were to generate and close the deal themselves. Does that make sense? I think you guys are thinking that Im planning on not paying out commissions for renewals on loans that our agent brought to the table. Thats clearly not the situation here. I dont know psychic pro is talking about but im a peoples champ brother. But I also know whats wrong and whats right and obviously we are doing something right. How else would we have over 100 + soilders.

When you find yourself in a hole, stop digging.

[funding pro]

I think you guys got my information twisted. The 15k merchants im talking about are our processing merchants. Not Business Loan Merchants. What i was trying to say was that I will announce to our agents to inform their merchants and future prospects that we will now be offering business loans. ON top of that we will be marketing business loans in other sources of advertisement wither its a commercial or flyers or notifications. Therefore if one of our agents merchants respond to our advertisement rather than hearing it from their agent that we are offering loans and say we close the deal without the agents involvement. We would then compensate less than what we would if the agent were to generate and close the deal themselves. Does that make sense? I think you guys are thinking that Im planning on not paying out commissions for renewals on loans that our agent brought to the table. Thats clearly not the situation here. I dont know psychic pro is talking about but im a peoples champ brother. But I also know whats wrong and whats right and obviously we are doing something right. How else would we have over 100 + soilders.

Nope, I'm pretty sure we all get it. You are a LoanShark(714) trying to figure out if you should pay your "partners" on revenue you are generating from the clients they brought to you, albeit with an ancillary product.

[LoanShark714]

lol something is wrong with you.

[Chambo]

When you find yourself in a hole, stop digging.

Couldn't have said it better myself. He got the answer, just didn't like it, so thought if there was some long wordy excuse, the answer would change

The quickest way to commit professional suicide is to stop paying your agents. Just ask Sam Chanin how that worked out for him

[LoanShark714]

Unfortunately . I tend to be some what of a player hater magnet where ever I go and cant seem to get them off me. Just gotta learn to accept them. Its a part of life. Its ok though, Im use to it. Just becareful to much hating is bad for your health.

[AndyYSCISOdept]

We definitely do not want to create any kind of negative energy with any of our sales reps. I think we should pay them. Atleast half of what they should have got paid if they were to close the deal themselves or maybe a bonus per account, even if they are not involved with the deal. Since the agent made it possible by bringing in the merchant from the get go. We will compensate. Hopefully this will drive our sales team even more to get more deals flowing. I will announce the new Schedule A. for our new program mentioning the commission will be based on involvement of the deal. Sounds like a plan. Once our sales team members sees their neighbors making twice more or 3 or 4 times more selling business loans on top. This will create the positive domino effect i am planning for. Thanks for the information.

That sounds like a great idea. I would be interested to see how this works out. Please shoot me an email ( amcdonald@yellowstonecapllc.com ) so we can discuss some ideas I think would really help you out.