[brokerCompany]

Why are some funders so strict with voided checks for contracts or funding?
We gave bank login. Funder can verify
We have copy of statements that show business name and copy of checks that cleared.
Funder can call bank to verify.

Funder D "No we still need copy of voided check..."
Annoying and will be the funder at bottom of the list to send deals to.

[DTFdowntofund]

Seems pretty standard these days imo. I always fail-safe to asking the merch for DL/VC while I pitch the offer just to avoid such things. & honestly, you'll need them both as a required stip regardless of the funding house so may as well ask for it upfront if you'll need it anyway, no?

[brokerCompany]

Wow ask upfront never thought of that. Sarcasm
Yes some funders will get it done without voided check. Just depends

[DTFdowntofund]

Like who?

[Chargers]

Why are some funders so strict with voided checks for contracts or funding?
We gave bank login. Funder can verify
We have copy of statements that show business name and copy of checks that cleared.
Funder can call bank to verify.

Funder D "No we still need copy of voided check..."
Annoying and will be the funder at bottom of the list to send deals to.

Come on Man! This is the easiest stip on the planet. If a merch is having a problem with a simple ass thing like sending a photo copy of a voided check then there's something shady going on. Any legit funder is going to ask for this.

[brokerCompany]

Come on Man! This is the easiest stip on the planet. If a merch is having a problem with a simple ass thing like sending a photo copy of a voided check then there's something shady going on. Any legit funder is going to ask for this.

Its not a matter of being shady. Like I said the funder has bank login so nothing to hide, funder has copy of cleared checks with company name. Just a matter of merchant finding a new VC. The funder wanted it despite everything else that was provided. The merchant just ran out of checks..

[Sachip24]

Its not a matter of being shady. Like I said the funder has bank login so nothing to hide, funder has copy of cleared checks with company name. Just a matter of merchant finding a new VC. The funder wanted it despite everything else that was provided. The merchant just ran out of checks..

get a bank letter with routing and acc and business name. should suffice, ive done it before.

[DTFdowntofund]

get a bank letter with routing and acc and business name. should suffice, ive done it before.

exact

[Chargers]

Its not a matter of being shady. Like I said the funder has bank login so nothing to hide, funder has copy of cleared checks with company name. Just a matter of merchant finding a new VC. The funder wanted it despite everything else that was provided. The merchant just ran out of checks..

OOOOOOOOOOOOhhh :-)

[ryan $]

Why are some funders so strict with voided checks for contracts or funding?
We gave bank login. Funder can verify
We have copy of statements that show business name and copy of checks that cleared.
Funder can call bank to verify.

Funder D "No we still need copy of voided check..."
Annoying and will be the funder at bottom of the list to send deals to.

Voided Check has account and routing number - none of the things u said have those.

Obviously they need this info to pull payments - duhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh or a bank letter with said info

[ryan $]

Why are some funders so strict with voided checks for contracts or funding?
We gave bank login. Funder can verify
We have copy of statements that show business name and copy of checks that cleared.
Funder can call bank to verify.

Funder D "No we still need copy of voided check..."
Annoying and will be the funder at bottom of the list to send deals to.

your obviously new in this business as this is a standard stip for getting contracts, dl/vc - its like breathing - just get them

[WhoisKingsley]

Why are some funders so strict with voided checks for contracts or funding?
We gave bank login. Funder can verify
We have copy of statements that show business name and copy of checks that cleared.
Funder can call bank to verify.

Funder D "No we still need copy of voided check..."
Annoying and will be the funder at bottom of the list to send deals to.

I was sitting reading this and got very very very very confused. a Voided Check has ALWAYS been a closing document REQUIRED no matter what.

Drivers License required BEFORE ordering contracts - after contracts signed send back with voided check. Am I missing something?

[abfunders]

I was sitting reading this and got very very very very confused. a Voided Check has ALWAYS been a closing document REQUIRED no matter what.

Drivers License required BEFORE ordering contracts - after contracts signed send back with voided check. Am I missing something?

I just got contracts without the DL and VC with one funder.
Most require them to order contracts, but apparently not all.

[WestCoastFunding]

I just got contracts without the DL and VC with one funder.
Most require them to order contracts, but apparently not all.

A few of them don’t. Knight doesn’t seem like they require them much of the time.

[DTFdowntofund]

I just got contracts without the DL and VC with one funder.
Most require them to order contracts, but apparently not all.

Back in the olden days, no one required a DL or VC to get contracts. This is a newer practice I've seen in the last 3-4 years or so.

[WhoisKingsley]

Back in the olden days, no one required a DL or VC to get contracts. This is a newer practice I've seen in the last 3-4 years or so.

For MCA? Where were you working 3-4 years ago that no one requested this? It's always been lease agreement, VD Check, and DL - Business license or inc. docs maybe. Even before when deals were almost all credit card based (a real Merchant Cash Advance) this was always a stip.

[BB_Cooper]

Like Ryan $ said- void check is easiest place for funder to grab correct Account Number and Routing Number to send wire and set up pulls. If the account statements or bank letter provide the same and the merchant does a bank verification, a void check would not be necessary.

But it is the simplest way to get the proper payment details-

Robert S Bloink
EVP of ISO Partnerships
Direct: 248-341-9477
Email: bb@cooperasset.com
Web: www.cooperasset.com

[swiftcloser]

.....

[FCG]

The reason they ask for DL and VC upfront is to make sure all information is correct so they do not need to go back and revise the agreement.

[DTFdowntofund]

For MCA? Where were you working 3-4 years ago that no one requested this? It's always been lease agreement, VD Check, and DL - Business license or inc. docs maybe. Even before when deals were almost all credit card based (a real Merchant Cash Advance) this was always a stip.

Back in the olden days, no one required a DL or VC to get contracts. This is a newer practice I've seen in the last 3-4 years or so.

You misread my statement.

[DTFdowntofund]

Ondeck the only one I know of where you don't need a VC, probably because they have client enter the account and routing info into the online checkout.

I was being facetious here. But yes, that's accurate.

[WhoisKingsley]

You misread my statement.

YES ! no one had to give DL for contracts - now you do and it's like pulling TEETH sometimes! Sorry... i'm on my second cup of coffee now. -_-

[Lmonus]

VC and DL is not necessary for a contract request. However, if an iso send them the funder wont reject them. Its a great upfront stip that helps confirm spelling and DBA are correct on the contract. CFG does NOT need VC and DL to request a contract, but it helps.

[swiftcloser]

.....

[Yankeeman07]

Why are some funders so strict with voided checks for contracts or funding?
We gave bank login. Funder can verify
We have copy of statements that show business name and copy of checks that cleared.
Funder can call bank to verify.

Funder D "No we still need copy of voided check..."
Annoying and will be the funder at bottom of the list to send deals to.

Why are you making this a big issue? Those who have the $$$ make the rules.

Real easy solution , be proactive and inform your client what is required upfront -
Don't make any STIP an issue.

Just my 2 cents