[Michael I]

carl i have an issue with all lenders that take direct applications . they do not know the market and will sell the merchant that it is the best option for them . That is where a honest broker is way more ethical then any lender can ever be .
i have moved a merchant with 500 credit off a 6 month term to a 18 month term at a cheaper factor to a lender that put more weight on the time in business . same with moving a guy to a lender that didnt hold his industry against him . not every lender is for every file.
now we can take it further , i have had an argument with bob shaw in the past as he believed taking any merchant to cash advance (even a lenders ) with out first trying the different type of financing is unethical .
100 people on this site will have 100 different guidelines on what is the right way to do business .

[Cfairbank]

carl i have an issue with all lenders that take direct applications . they do not know the market and will sell the merchant that it is the best option for them . That is where a honest broker is way more ethical then any lender can ever be .
i have moved a merchant with 500 credit off a 6 month term to a 18 month term at a cheaper factor to a lender that put more weight on the time in business . same with moving a guy to a lender that didnt hold his industry against him . not every lender is for every file.
now we can take it further , i have had an argument with bob shaw in the past as he believed taking any merchant to cash advance (even a lenders ) with out first trying the different type of financing is unethical .
100 people on this site will have 100 different guidelines on what is the right way to do business .

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]

[HeatherF]

carl i have an issue with all lenders that take direct applications . they do not know the market and will sell the merchant that it is the best option for them . That is where a honest broker is way more ethical then any lender can ever be .
i have moved a merchant with 500 credit off a 6 month term to a 18 month term at a cheaper factor to a lender that put more weight on the time in business . same with moving a guy to a lender that didnt hold his industry against him . not every lender is for every file.
now we can take it further , i have had an argument with bob shaw in the past as he believed taking any merchant to cash advance (even a lenders ) with out first trying the different type of financing is unethical .
100 people on this site will have 100 different guidelines on what is the right way to do business .

I can say that not all funders do this... below is in example to a direct application with Elevate and after a phone call determining his needs we decided that a merchant cash advance was not the best option ... the email I sent him this morning is below.

Daniel,

It was a pleasure speaking with you today. Based on our conversation I have provided some links to some options for you that are not daily or weekly type payments. Most of them do have online application process but you can always call in and complete the application as well. I wish you guys all the best and if in the future you should need anything,even if it is just a referral, don’t hesitate to reach out.

www.dealstruck.com
www.kabbage.com
www.breakoutfinance.com ( just introduced a once a month payment program)

Regards

I am not sure it is about being ethical but being honest with yourself and knowing where you fall. I believe the term is used on here quite often " Putting lipstick on a pig" . Elevate is heavily backed by our ISO's and that is the majority of our applications come from... as we know what niche we operate in... so we do not push our own origination but we do have a small budget for SEO and we have partnered with many top tier funders to assist with those clients that fall outside of our parameters.

Now that I have shown a "funder" can be as ethical as a honest broker... Can I get my halo and wings now