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06-02-2014, 12:02 AM #14
They are not targeting merchant cash advance companies specifically, but rather banks and processors that have high risk merchants/clients such as payday lenders. There are a lot of ways to draw attention to a possible payday lending or fraud scenario, one being by having a lot of ACH rejects, or a number of R08 bank freezes in excess of industry averages. Merchant cash advance companies are legal but they're high risk merchants, ones that can provoke the DOJ to come take a closer look at the rest of the bank's or processor's books.
Some banks and processors would rather do without the scrutiny even if they have nothing to hide and as such will not do business with merchant cash advance companies or they're dropping them as clients. That's the issue.Last edited by Sean Cash; 06-02-2014 at 12:38 AM.
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