4 Steps We Take to Prevent Backdooring
Have your deals ever been stolen out from under you? According to deBanked, backdooring is "the practice of stealing a deal and cheating the original ISO or broker out of the commission."
Ouch. We know it stings when your "partner" steals your deals. It's never fun being deceived or taken advantage of – especially by someone who is supposed to be on your side. At Elevate, we aim to never treat our partners that way.
That's why we take these four actionable steps to prevent backdooring:
1. No brokering out.
We operate as a true direct funder, meaning we do not try to monetize on the declined submissions sent to us. Those submissions belong to the submitting partner, and we do not sell this information or send it out to other funders.
2. No sales floor.
We do not have a sales team fighting to secure deals away from you. We do have someone in a customer service role who works renewals, but our ISOs get the same renewal commission regardless of who does the legwork to secure the renewal.
3. Language-monitoring technology.
We utilize a software called PerformLine to monitor all inbound and outbound emails. PerformLine flags any verbiage related to backdooring (and other unethical industry practices) and brings it to our compliance officer's attention. In addition, we use this technology to enforce customer service standards.
[Read our press release related to PerformLine here.]
4. Ethical recruiting and training practices.
We actively choose to hire from outside the MCA industry – that way new teammates do not come into their roles knowing bad industry habits. We train teammates internally to ensure ethical practices and transparency are what they know of the MCA world.
BONUS! Ethical leadership.
Our CEO, Heather Francis, is a board member of the SBFA and plays an active role in setting MCA industry best practices and standards.
At Elevate Funding, transparency and honesty are at the core of what we do. We want to see our partners succeed, and we strive to be an honest and considerate funding partner at all times, in all scenarios.
If you are interested in partnership and wish to speak to someone now, please call us at 888-382-3945 or click here to send us an inquiry. One of our teammates will get back to you as soon as they are available.