by: Yulia Belogorskaya • 0
How it works
Broker initiates contact with lead/Merchant for cash advance. Collects required documents for initial approval and offer. Sends merchant information to funder. Communicates proposal information from Funder to Merchant. Negotiates offer and closes the deal.
What is an ISO/Broker - The payment card industry defines an ISO (Independent Sales Organisation) as an organization or individual that is not an Association member (meaning not a Visa or MasterCard member bank), but which has a bank card relationship with an actual Association member. Such a relationship can involve various things, such as acquiring or issuing functions, soliciting new customers, arranging for terminal purchases or leases, providing customer service, soliciting cardholders
Each MCA Company has point systems (buy rates) for brokers, which are broker commissions. When a broker presents a deal to the merchant, they have the ability to negotiate the factor rate and or term. The lesser the factor rate/term, the more points are taken off brokers’ commission. The higher the factor/term, the higher the commission.
* Ability to broadcast leads/applications to multiple funders.
* MCA can broadcast a deal to multiple funders; application to record Decline or Accepted.
* Only one funder will be selected as the approving funder- manual selection.
* Reasons for Decline to be entered for declined applications by Funder.
* MCA should be able to undo an approval and offer the deal to a different funder ñ until the deal is accepted and funded.
* MCA to track initial and residual (renewal) commission from the funders.
* Only new deal is brokered from a rejected application
* Separate workflow to be configured for Brokered Deals (like New and Renewal Deals)
* Attach documents
* Track commission
* Track Funder Status
* Email STIPS