A firm that sources merchants and places their files with funders, earning points on funded volume without deploying its own capital.
Used interchangeably with "broker", though ISO often implies a larger operation holding direct funder agreements with sub-brokers submitting through it. ISOs and brokers together originate an estimated 70–80% of all MCA volume.
Points
The broker or ISO commission on a funded advance, expressed as a percentage of the funded amount.
Syndication
Multiple parties each funding a portion of the same advance and sharing the returns and the risk proportionally.
Submission
A completed merchant file sent to a funder for underwriting.
Funder
The party that deploys the capital in a merchant cash advance and carries the risk of repayment.
Broker agreement
The contract between a broker or ISO and a funder governing submissions, commission and conduct.
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