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06-11-2018, 09:22 AM #1
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Credit history is an important factor to consider and since you probably don't know his credit I'll give you a quick checklist of other items to go by to see if a merchant is fundable. Keep in mind that underwriting standards vary greatly from funder to funder but this is a good starting point.
1. Is the merchant's industry MCA approved (meaning it's not prohibited)? Y/N
2. Does the merchant do at least $10K per month in revenue on a consistent basis? Y/N
3. Has the merchant been in business for at least 6 months? Y/N
4. Does the merchant have less than 3 NSFs per month? Y/N
5. Is the merchant's average daily balance at least $500? Y/N
6. If the merchant declared bankruptcy in the past, then has it been discharged for at least 2 years? Y/N
7. If the merchant has open MCAs, is he making the payments consistently (not bouncing them)? Y/N
If you answered Y to all of these items and the FICO is above 540, then your merchant is most likely fundable (somewhere). If you answered N to a few of them, then you'll have a tough time getting an approval. And if you continue to use a gmail account to send in your submissions, then you might get declines just for that.Last edited by MCNetwork; 06-11-2018 at 09:45 AM.
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