[FunderGal]

Does credibly have a retail division now? I've seen a lot of ads on fb and youtube lately.

[WestCoastFunding]

Yes, they do. I don’t know how things are now, but 3-4 years ago it was really annoying to have to “compete” against their inside sales team to win a deal. Additionally, their inside sales team doesn’t just submit in-house, their inside sales teams submit to other funders - which is wild to me. So I never felt comfortable with the whole operation. It’s a shame, because their approvals tend to be good, and their funding processes were simple.

[GoodCustomerService]

Don't a lot of Funders have retail floors and send deals to other Funders? Rapid and Kapitus (SFS) are a couple I know of, along with Credibly.

[FunderGal]

Don't a lot of Funders have retail floors and send deals to other Funders? Rapid and Kapitus (SFS) are a couple I know of, along with Credibly.

I was unaware that Credibly previously had a retail division.

[Chambo]

Yes, they do. I don’t know how things are now, but 3-4 years ago it was really annoying to have to “compete” against their inside sales team to win a deal. Additionally, their inside sales team doesn’t just submit in-house, their inside sales teams submit to other funders - which is wild to me. So I never felt comfortable with the whole operation. It’s a shame, because their approvals tend to be good, and their funding processes were simple.

Most of these A funders have their own retail floor. Yes, they give preferencial pricing to their inside guys, and they are QUICK to downsell, sometimes to the buy rate. Finally, yes, most of these inside sales offices submit to other funders as well.

[Join Credibly]

H
Kevin

[Mynameisbob]

Wrong I sent you guys a deal last year and the file got the decline for too many paper deposits on June 25th . July 12th you guys reached out to my client through email which she forwarded to me. I asked the AE that was assigned to us why our merchant was being contacted when we received the decline in the 25th. The AE responded and said it was a glitch in their system LOL. Sad because I actually funded great deals with Credibly before I went on my own.

[WestCoastFunding]

Happy Monday Funders!!
I will go "Officially" on the record. We do have a very small inside sales team here at Credibly. However, a lead that enters our system has to go through 45-60 day cool-off period before our inside sales team would have the ability to reach out to them. IE, they are not even loaded into their pipelines prior to that.
We do the vast majority of our business with our ISO Partners, not inside sales. We would NEVER shoot ourselves in the foot by backdooring deals like that. And this is absolutely common practice to follow back up on leads after they cool.
Bottom line is if you haven't closed it in 45 days, you weren't going to close it anyway......
Kevin

I’m going to say this again: Credibly’s inside sales team doesn’t just submit to Credibly, but to a number of other funders including stackers.

If Credibly’s inside sales team contacts my merchant after 45 days (even if I’ve funded them with a different 1st position funder) how do I ensure your inside team isn’t going to stack them?

Why would anyone want to put their files at risk by submitting to them?

[Sachip24]

Happy Monday Funders!!
I will go "Officially" on the record. We do have a very small inside sales team here at Credibly. However, a lead that enters our system has to go through 45-60 day cool-off period before our inside sales team would have the ability to reach out to them. IE, they are not even loaded into their pipelines prior to that.
We do the vast majority of our business with our ISO Partners, not inside sales. We would NEVER shoot ourselves in the foot by backdooring deals like that. And this is absolutely common practice to follow back up on leads after they cool.
Bottom line is if you haven't closed it in 45 days, you weren't going to close it anyway......
Kevin

I'm curious how many reps is "very small inside sales team"

[Chambo]

some of these places only have 5-10 reps, others have complete centers with 50+

[Michael I]

Wrong I sent you guys a deal last year and the file got the decline for too many paper deposits on June 25th . July 12th you guys reached out to my client through email which she forwarded to me. I asked the AE that was assigned to us why our merchant was being contacted when we received the decline in the 25th. The AE responded and said it was a glitch in their system LOL. Sad because I actually funded great deals with Credibly before I went on my own.

happened to me more than once . one time the merchant actually forwarded me the email and than reached out directly to them and got a better offer .The rep said nothing i can do as we spend hundreds of thousands of dollars and we have no way of knowing if he came to us thru our marketing or through the email that was sent by mistake .

[WestCoastFunding]

I’m going to say this again: Credibly’s inside sales team doesn’t just submit to Credibly, but to a number of other funders including stackers.

If Credibly’s inside sales team contacts my merchant after 45 days (even if I’ve funded them with a different 1st position funder) how do I ensure your inside team isn’t going to stack them?

Why would anyone want to put their files at risk by submitting to them?

No response from Credibly

[FunderGal]

To be clear, I've never had any issues with Credibly declining my files and then calling my merchants, I just saw alot of ad's and asked the question.

[WestCoastFunding]

H
Kevin

Rather than respond, Credibly just deleted their comment.

SMH.

[Mynameisbob]

Rather than respond, Credibly just deleted their comment.
SMH.

Looks like credibly is non credible. So if I wasn’t going to close the deal in 45 days I guess your sales team is sooo good and trained that you guys will?

[WestCoastFunding]

Looks like credibly is non credible. So if I wasn’t going to close the deal in 45 days I guess your sales team is sooo good and trained that you guys will?

The 45 day claim was a lie anyway. They contact in 7-14 days.

[WestCoastFunding]

Hey Credibly, I think we should have the right to know if your inside sales team will contact a merchant that is submitted to Credibly (but chooses to fund elsewhere)? Will your inside sales team then stack the new 1st position funders?

Seems like a question you really need to answer.

[Michael I]

Rather than respond, Credibly just deleted their comment.

SMH.

i dont think they realized that since you replied before the whole "official " comment is still there

[Join Credibly]

On Monday, one of Credibly's team members posted inaccurate information about our view on contacting partner referrals. I would like to set the record straight...


1. This response is being written by Gary Bailey and I am the head all new originations for Credibly.
2. Our inside sales team works leads that come from some of the very same lead sources that many other lenders and brokers utilize. In the past, this had the potential to create duplicate leads in our system and created the false sense that our inside team was calling on active partner referrals (within 90 days of submission). Because of this issue, we changed our policy to be “first submission in” (regardless if it is our inside sales team’s submission or our partners’.). This procedure locks out anyone else from submitting the deal through Credibly. This implementation has solved ~98% of any concerns we heard over time. We have hundreds of thousands of leads from various channels that we have generated over the years and this can lead to phone calls and emails being sent to leads that you may have referred to us in the past. If you ever have an issue or question, we can provide proof of lead source(s), create date(s), and activity dates to prove the nature of our policies and contact strategy.
3. We have many different types of partnerships...from lead referral partners all the way through to major market ISO partners. Each tier of partners comes with a referral agreement that outlines our policies and what is required to do business with us. We honor our agreements and do not divert from them.
4. If you fund a deal with Credibly, no one will contact your merchant unless they are eligible for renewal. At that point, they will hear from our renewal team, which is an extension of your team and will work the deal through funding for you to earn the commissions and retain the relationship without question. We also provide our partners with several updates throughout the entire renewal marketing process.
5. Credibly can market to deals that pay in full after 90 days to see where the merchant stands on their funding needs.
6. We do not proactively market to our major market ISOs referrals (non-funded), until at a minimum, the 90-day mark of the last action taken on the file.... At that point an email may be sent to follow up on their intentions and ask if they are still active in the market... but no phone calls are ever made.

We value our partners of all levels... That’s why we have invested millions of dollars over the last year to improve the partner experience with Credibly. That’s also why we pay some of the highest commissions in the industry.

We hope that we have proved our (excuse the pun) Credibility through our interactions as well as what our funding partners mean to us. But with all this said, I want to make myself personally available for any questions or concerns that you may have.


If you have feedback or would like further clarity, I am happy to field questions from you. Once again, my name is Gary Bailey and my email is gbailey@credibly.com - I will get back with you as quickly as I can.

This profile will not be active shortly after today, so we will not be able to see or respond to any responses made. Please send an email directly and I can give you personalized responses.

Thank you very much for taking the time to read this and I apologize for any confusion or angst that the prior post caused.

[WestCoastFunding]

On Monday, one of Credibly's team members posted inaccurate information about our view on contacting partner referrals. I would like to set the record straight...


1. This response is being written by Gary Bailey and I am the head all new originations for Credibly.
2. Our inside sales team works leads that come from some of the very same lead sources that many other lenders and brokers utilize. In the past, this had the potential to create duplicate leads in our system and created the false sense that our inside team was calling on active partner referrals (within 90 days of submission). Because of this issue, we changed our policy to be “first submission in” (regardless if it is our inside sales team’s submission or our partners’.). This procedure locks out anyone else from submitting the deal through Credibly. This implementation has solved ~98% of any concerns we heard over time. We have hundreds of thousands of leads from various channels that we have generated over the years and this can lead to phone calls and emails being sent to leads that you may have referred to us in the past. If you ever have an issue or question, we can provide proof of lead source(s), create date(s), and activity dates to prove the nature of our policies and contact strategy.
3. We have many different types of partnerships...from lead referral partners all the way through to major market ISO partners. Each tier of partners comes with a referral agreement that outlines our policies and what is required to do business with us. We honor our agreements and do not divert from them.
4. If you fund a deal with Credibly, no one will contact your merchant unless they are eligible for renewal. At that point, they will hear from our renewal team, which is an extension of your team and will work the deal through funding for you to earn the commissions and retain the relationship without question. We also provide our partners with several updates throughout the entire renewal marketing process.
5. Credibly can market to deals that pay in full after 90 days to see where the merchant stands on their funding needs.
6. We do not proactively market to our major market ISOs referrals (non-funded), until at a minimum, the 90-day mark of the last action taken on the file.... At that point an email may be sent to follow up on their intentions and ask if they are still active in the market... but no phone calls are ever made.

We value our partners of all levels... That’s why we have invested millions of dollars over the last year to improve the partner experience with Credibly. That’s also why we pay some of the highest commissions in the industry.

We hope that we have proved our (excuse the pun) Credibility through our interactions as well as what our funding partners mean to us. But with all this said, I want to make myself personally available for any questions or concerns that you may have.


If you have feedback or would like further clarity, I am happy to field questions from you. Once again, my name is Gary Bailey and my email is gbailey@credibly.com - I will get back with you as quickly as I can.

This profile will not be active shortly after today, so we will not be able to see or respond to any responses made. Please send an email directly and I can give you personalized responses.

Thank you very much for taking the time to read this and I apologize for any confusion or angst that the prior post caused.

Hi Gary,

Does Credibly’s inside sales team submit to outside funders?

[channin19]

Mathias at Credibly has been nothing but aboveboard and they price deals to close.

[MCNetwork]

I'd be surprised if they DIDN'T submit to outside funders. Marketing is extremely expensive and each lead needs to be monetized.

[Join Credibly]

If we are unable to get an internal approval yes we will. We have to monetize the lead purchase, if able. Please feel free to email me directly with any other questions. Thank you.

[Join Credibly]

please let me know more, email me direct at gbailey@credibly.com I would like to hear more of your feedback. Thank you channin19

[WestCoastFunding]

If we are unable to get an internal approval yes we will. We have to monetize the lead purchase, if able. Please feel free to email me directly with any other questions. Thank you.

What if you do offer an approval but merchant doesn’t take it? Will your inside sales team then contact the merchant again in the coming months?