[WhoisKingsley]

I've had issues before where a merchant has paid off a balance in full (or not) and the Lender will not give the merchant a payoff letter/balance letter?!? If a merchant calls and requests one for whatever purpose can a lender really say NO? Is this legal?!?

[Chambo]

They will give it to them eventually if the balance really is paid off, but several funds out there like to stall and delay their behinds off. All in the attempt to renew the merchant themselves and keep it in house

[AndyYSCISOdept]

The fact of the matter is, nowadays it is actually in the funders best interest to provide it ASAP because if they don't they will get grasshopper'd anyway. So, why not get paid off instead of putting your money at risk. Im surprised that this tactic isn't standard practice. We ALL know that even the most "loyal" merchant isn't opposed to taking a 2nd when the opportunity is right.

[bdshaw]

If in combination with a UCC filing you can always write the Secretary of State who generally look into this abuse ASAP and may take away their right to perfect liens in that state. The lenders who play this game usually are in violation of the UCC article. Liens must be released if there is no loan balance to secure.

[WhoisKingsley]

It's crazy. My merchant has been paid off with this lender for 3 days now and he does not want to renew. He had his attorney call with him and they made excuses. In all honesty- It's a company that I've never worked with or heard of- don't want to put them on blast but... Who is Nationwide Funding?

[Chambo]

It's crazy. My merchant has been paid off with this lender for 3 days now and he does not want to renew. He had his attorney call with him and they made excuses. In all honesty- It's a company that I've never worked with or heard of- don't want to put them on blast but... Who is Nationwide Funding?

Another "Me Too" company....

[JSL23]

It's crazy. My merchant has been paid off with this lender for 3 days now and he does not want to renew. He had his attorney call with him and they made excuses. In all honesty- It's a company that I've never worked with or heard of- don't want to put them on blast but... Who is Nationwide Funding?

Good question-who is Nationwide!? I understand them taking one crack at trying to keep their client, but the only thing delay tactics will assure is that the Merchant will NEVER use that Lender again.

After 3 days I would out them on blast too. Not only is that uunprofessional, but ethically, it is just wrong.