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07-07-2016, 11:42 AM #1
- Join Date
- Apr 2013
- Posts
- 358
Do ISO's ever throw kickbacks to account managers?
Had a deal close recently and got the impression the account manager was expecting a minor kickback, maybe a point, for their help on closing the deal that took some time and hard work. Just wanted to see if this is something that is expected or done...
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07-07-2016, 11:44 AM #2John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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07-07-2016, 11:49 AM #3
If it was stated upfront that there is less commission if the ISO needs help in closing, I don't see that as the biggest problem. If we are talking about an actual kickback after the fact from the ISO to the account manager, then that is possibly illegal in one way or another, and should be enough to get that account rep fired. However, sending a nice bottle is always appreciated...
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07-07-2016, 11:51 AM #4
nothing wrong with a nice bottle to say thank you once in a while to someone or team that helps you out or goes above and beyond in a particular case, but that the most.. Actual money kickback no no no
Last edited by J.Celifarco; 07-07-2016 at 11:56 AM.
John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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07-07-2016, 11:54 AM #5
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- May 2015
- Location
- FL
- Posts
- 96
nooo
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07-07-2016, 11:59 AM #6
- Join Date
- Jan 2015
- Location
- Tampa, FL
- Posts
- 30
In the mortgage industry, anything of value would be considered illegal. Doesn't matter if a bottle, cash, tickets, etc. I don't think those rules apply to us though.
Account manager was probably mad he/she is getting a 24k/yr salary and saw you make 20k in commission on one deal lol. If he helped close the deal throw the guy a bone!Last edited by Opportune; 07-07-2016 at 02:22 PM.
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07-07-2016, 12:21 PM #7
Are you serious?? Do that and the guy loses his job and the ISO probably gets cut off if any manager at the bank finds out.. This statement right here is what is wrong with this industry.. You cant pay people off under any circumstances ever. Why this conversation even has to happen is crazy this should be common sense
John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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07-07-2016, 12:41 PM #8
- Join Date
- Jul 2014
- Location
- Online
- Posts
- 965
100% CORRECT!
Since their is an array of "Titles" at Funding Companies- anyone who works with an outside sales office is considered "Relations" and duties include outside biz dev and the QA of the deal (aka reviewing the file and making sure all required information and documents are included) and relating the highlight information of the deal to the Underwriter.
Depending on the Funding Company, their roles can exceed to anything and everything to assist the Broker in closing the file. Now, with that being said- it is NOT the Brokers responsibility to compensate the relations manager in any way. If the Funding Company is allowing the relations manager ("RM') to assist outside of the "standard" duties (including reaching out to a Merchant and assisting with closing), the Funder should compensate the RM for doing so. If you want to dig deeper, if the company is allowing this, it should be outlined, understood, and signed off by the outside sales office so there is no issues brought up like this.
BTW- I know many companies that are only paying a "salary" and no overrides/kickbacks on the multiple fundings they complete. In a sense, this is unfair knowing some RM do everything and work until super late and do not get compensated or appreciated for doing so. I would agree with John- send a GC or a bottle if it was a large deal. If it was smaller one, lunch/dinner... Amazon GC are awesome... You have the RM's email- you can easily send a thank you if they went above and beyond.Amanda Kingsley
DailyFunder: WhoisKingsley
This is me. https://www.facebook.com/whoiskingsley
I am Here too. https://www.facebook.com/groups/TheClosersGroup
Always Live and Lead with Integrity.
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07-07-2016, 12:42 PM #9
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07-07-2016, 12:50 PM #10John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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07-07-2016, 12:55 PM #11
- Join Date
- Jan 2015
- Location
- Tampa, FL
- Posts
- 30
Let me get this straight. So you're saying it's ok to buy someone a bottle of ANY value? It's ok to charge a merchant "up to 10% of funded amount" on top of what the funder is charging them as a PSF? It's ok to show up to a funders office with a full lunch spread to lube up their underwriters a little before you F them with some **** deals? But it's not ok to throw them a few bucks for a job well done? ARE YOU KIDDING ME??? All of that happens all day every day. Where exactly are you drawing the line?
Last edited by Opportune; 07-07-2016 at 02:22 PM.
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07-07-2016, 01:03 PM #12
- Join Date
- Jul 2014
- Location
- Online
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- 965
True. It's like me working with John and telling him every deal he helps me with I will give him a kickback- what do you think will happen? I am sure there are deals made like this out there... but that's none of my business.
In regards to Amazon, I had a relations manager who didn't just act like a character and sell me the company and say "send me deals" after every sentence. He reviewed possibilities with me and made sure I understood every possible scenario in order to get the right docs and expectation. When the file was complete and submitted- it went through underwriting beautifully... like it was passed off by a million butterflies that touched it and made sure every request (appvl./payback/rate) was on point to close. Ya'll know what it feels like to have a perfect file!!!
Point of the story- we talked and he mentioned upgrades he was doing to his car. Me, being the person who wants to "save the manatees", sent an amazon card to help. It wasn't about the money, it was more knowing the RM's drive and passion and why he went far beyond to assist. He had a goal and those who go above and beyond (whole heartedly) should be appreciated. He didn't ask, I still don't know if it was "accepted" to do so. *shrugs shoulders*
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07-07-2016, 01:09 PM #13
Not sure what ISO's you work with but I am not ok with about half the things you just said top of the list being a 10% psf or sending bad deals.. Ask anyone on here who knows me and I dont do either of those things.. Ill kill a deal myself before trying to fund a deal I know is bad.. Doesnt get you anywhere pushing bad paper. As an ISO you will fund more in the long run doing right by the bank instead of trying to screw them. Also yes there is a difference between sending a bottle saying thank you and giving cash
John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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07-07-2016, 01:10 PM #14
- Join Date
- Jun 2015
- Posts
- 3,318
there is a big difference between cash and a gift . when you give cash who says it belongs to the iso manager or will go to him , maybe house is entitled to their cut and will take it . now send him a bottle of wine , i doubt house will make make him open it and pour them a cup
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07-07-2016, 01:11 PM #15
- Join Date
- Jan 2015
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- Tampa, FL
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- 30
Last edited by Opportune; 07-07-2016 at 02:23 PM.
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07-07-2016, 01:13 PM #16
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- Jun 2015
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07-07-2016, 01:15 PM #17John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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07-07-2016, 01:16 PM #18
- Join Date
- Jan 2015
- Location
- Tampa, FL
- Posts
- 30
Last edited by Opportune; 07-07-2016 at 02:21 PM.
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07-07-2016, 01:17 PM #19John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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07-07-2016, 01:17 PM #20
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- Mar 2015
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- Boynton Beach
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Just use the following policy: Never ever do anything that can be questioned by a regulator later.
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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07-07-2016, 01:27 PM #21
- Join Date
- Jun 2015
- Posts
- 3,318
so a lender and iso go out to eat in the restaurant . who pays ? i say 100% lender does
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07-07-2016, 01:30 PM #22John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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07-07-2016, 01:31 PM #23
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07-07-2016, 01:47 PM #24
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07-07-2016, 02:18 PM #25
- Join Date
- Jul 2013
- Posts
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Never thought of it as a kickback. It's gone both ways. Definitely have bought dinner for a new relationship manager in the business after a great quarter.
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