ISO / Broker Partner Terms
The ground rules for ISOs and brokers who apply to the ISO Partner Program or submit merchants to us.
This document has not yet been reviewed by legal counsel and may be updated after that review.
About these terms
These ISO / Broker Partner Terms apply to anyone who applies to or participates in the Limestone Advance ISO Partner Program or submits a merchant to LIMESTONE GROUP LLC d/b/a Limestone Advance ("Limestone Advance") as an independent sales organization, broker or referral partner ("Partner"). They supplement our Terms of Use and Privacy Policy. If you sign a written ISO agreement with us, that agreement controls where it differs from these terms.
An application is not an agreement
Submitting a Partner Application does not create a partnership, agency, referral, commission or any other relationship or obligation. We review applications at our sole discretion and may approve or decline any application for any lawful reason. A relationship exists only when Limestone Advance approves it and both parties sign a written ISO agreement. Broker portal access is set up only by Limestone Advance after that.
Independent contractor
Partners are independent contractors. Nothing creates an employment, agency, joint venture, franchise or partnership relationship. Partners have no authority to bind Limestone Advance, make any promise or representation on our behalf, approve or price any transaction, or receive funds on our behalf.
Accurate submissions
Partners must submit only merchants that have authorized the submission, and only complete, accurate and unaltered applications, bank statements and documents. Partners must disclose everything they know that is material to a file, including other funding positions. Altered or fraudulent documents, undisclosed positions, or misrepresentations will result in termination, forfeiture and clawback of compensation as provided in the ISO agreement, and may be reported to law enforcement and other funders.
How Partners describe our product
Partners must describe our product accurately as a merchant cash advance, a purchase of future receivables for business purposes, and must not describe it as a loan or promise approval, amounts, pricing or timing. Partners must not charge merchants any fee that is unlawful or that is not clearly disclosed to and agreed by the merchant in writing.
Compliance with law
Partners are responsible for complying with all laws that apply to them and their business, including state commercial financing disclosure and broker registration or licensing laws; the Telephone Consumer Protection Act and do-not-call rules; the CAN-SPAM Act; the FTC Act and state laws against unfair or deceptive practices; and privacy and data-security laws, including the Gramm-Leach-Bliley Act safeguards where they apply. Partners must obtain any consents required to contact merchants and to share merchant information with us, and must provide any disclosures that we or the law require to be delivered.
Compensation
Compensation is earned only as set out in a signed ISO agreement, and only on transactions that we approve and fund. Unless the ISO agreement says otherwise, no compensation is owed on declined, unfunded, cancelled or rescinded transactions, and compensation is subject to clawback as provided in the ISO agreement, including for early default, fraud or breach.
Non-circumvention and confidentiality
Partners must keep our pricing, guidelines, underwriting criteria, portal access and any non-public information confidential, and use it only to work with us. Partners must protect merchant information with reasonable safeguards, use it only for the submission, and notify us promptly of any unauthorized access or data incident involving information shared with us.
Use of our name
Partners may not use the Limestone Advance name, logo or marks, or create advertising that refers to us, without our prior written approval.
Monitoring and termination
We may review a Partner's submissions, complaints and compliance, and may request documents to confirm compliance. We may suspend or end any Partner relationship, and any portal access, at any time as provided in the ISO agreement. There is no guarantee of any volume of approvals or funding.
Indemnification
Each Partner agrees to defend, indemnify and hold harmless Limestone Advance and its members, managers, officers, employees and funding partners from any claims, losses, penalties and costs (including reasonable attorneys' fees) arising from the Partner's acts or omissions, submissions, communications with merchants, or violation of these terms, the ISO agreement or any law.
Governing law and disputes
These terms are governed by the laws of the Commonwealth of Virginia. Disputes are resolved as provided in the ISO agreement or, if none, as provided in the governing law, venue and arbitration sections of our Terms of Use, including the class-action waiver.
Contact us
Questions about this document:
LIMESTONE GROUP LLC d/b/a Limestone Advance425 W Washington St, Ste 4
Suffolk, VA 23434
Phone: (914) 393-6772
Email: subs@limestoneadvance.com