Results 1 to 20 of 20
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07-29-2019, 01:34 PM #1
- Join Date
- Jul 2019
- Posts
- 5
How to Pull Broker Fee??
Quick question for anyone who can help out. Recently started up as an ISO and want to know the best way to go about pulling a broker fee. I have an ACH authorization form and everything. Just not sure what company I should go to in order to get the fee pulled. Thanks for any help.
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07-29-2019, 01:47 PM #2
- Join Date
- Mar 2018
- Posts
- 19
We use Actum, there pretty solid. Easy set up and good customer service.
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07-29-2019, 01:51 PM #3
- Join Date
- Feb 2016
- Location
- New York City
- Posts
- 52
Hi Chris,
We provide ACH services for the MCA industry (Brokers & Funders).
Please email me at Perry@goach.com and I will send over an application.
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07-29-2019, 03:18 PM #4
Actum is good. As long as the fees are not unreasonable we usually offer our ISOs to include it in our funding fees and the merchant will net the difference. I know some people dont agree to this but we feel its better to control it and we get to make sure that the merchant is aware, instead of being surprised like they are many times when the ISO just pulls it.
Granted sometimes you can disclose it and they still dont realize it, so its not a full proof plan.
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07-29-2019, 03:58 PM #5
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,993
If you want to pull the PSF Immediately an don't have to wait 3-to-5 to actually receive the $$,
use our Check 22 Platform.
1 Business Day Activation - Simple Online Signup:
https://geniecard.com/dcs/?gc=GenieCard&reference_no=2138250179
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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07-29-2019, 04:28 PM #6
- Join Date
- Jun 2017
- Posts
- 2,049
I use GoACH
Although I have to Be Honest, There has been some Issues because lets say a Fee is Charged Back, Or Insufficient Funds, any reason it doesnt go through, the system will Automatically PULL it back from your Bank Account even if they didn't even deposit the Fee into your account.
So lets say I pull 3,000 as a Fee.
It is set to deposit into your account 7 Days after You pull it.....but on day 4 it kicks back - They then Pull $3,000 from your account even though you were never paid on it.
It is a hassle.Last edited by ryan $; 07-29-2019 at 04:31 PM.
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04-05-2021, 12:24 PM #7
- Join Date
- Jan 2016
- Posts
- 54
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04-05-2021, 04:00 PM #8
- Join Date
- Nov 2020
- Posts
- 66
Lets Partner Up!
Spartan Capital is a private lender looking for dedicated ISOs.
If you want to start getting your deals funded fast, give me a call or send me an email!
Matt Spinelli
ISO Manager
Spartan Capital
201-907-4042
matt@spartancapitalgroup.com
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04-05-2021, 05:06 PM #9
- Join Date
- Jun 2017
- Posts
- 2,049
Honestly, I suggest SeamlessChex for Broker fee's.
Low Monthly cost, No Per Item Charge.
You essentially Change your ACH form to a Check Entry Debit Form.
Buy some Check Paper (Depending on whom you bank with, You can Print on Normal Paper, But I've had issues with Mobile Deposit on certain banks taking it) So I just Print on Check Paper, and It Spits out a real check (Signature Part Filled out with Authorization Obtained Prior, And A Signature not Needed Dsiclaimer)
Print the Check and Use your Banks Mobile Deposit Feature to Deposit the Check.
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04-05-2021, 06:48 PM #10
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,993
The Devil is in the Details with all check processors - It depends on what services you are seeking and understand the process.
Check 21 Documents are legal but are considered high risk , since the customer (Your Merchant) does not actually sign the check your are depositing.
Seemless Checx
$24.99 a month
For freelancers
Accept 10 checks/mo
Basic verification
Manual check entry
https://seamlesschex.zendesk.com/hc/en-us/articles/360028855031-Do-I-need-to-print-and-deposit-checks-myself-
https://seamlesschex.zendesk.com/hc/...ut-of-network-
Last edited by Yankeeman07; 04-05-2021 at 06:51 PM.
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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04-06-2021, 02:43 AM #11
- Join Date
- Jun 2017
- Posts
- 2,049
Seamless also will Deposit the Checks for you, they work with alot of National Banks and as long as your with a Bank they work with they will Batdh you out every day and everything submitted the previous day after noon and the same day up untill noon, will be Printed out and Deposited into your Bank for you.
This is especially a great thing when your banks mobile deposit feature is finicky, TD Banks specifically is the worst, the checks all look the same, it would take one then noot the next, then if you keep trying the same one, after 8 fails it would accept it out of no where with no rhyme or reason, one time i got so frustrated i crumpled a check up, then a coworker said let me try, he smoothed the check over and it worked fine. The Crumbled Check method worked for a while, but then it just became easier to send an employee to the bank with a bunch of checks to deposit once a day.
Until they Started doing it for you with the Daily Batch Outs. Funds are Available Next Day. Cust Service is great.
If you want to take it a step further, through the system you can send the Check to Merchant to Verify and Sign, essentially getting rid of the PSF, Fee Authorization your using now, you can just send them the Check Request, they will Approve, Sign the Check for you giving you Authorization, and then you even have the Option to do a Bank Verificztion where you provide Merchant a Plaid link (Like dec logic) and then after the enter credentials, ownership of account is verified,making sure you have the signer on account and then Verifies Balance making sure they have the money for the check.
its pretty solid
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04-06-2021, 10:14 AM #12
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,993
Check Verification is Called IBV - (Internet Balance Verification) which is actually a 3rd party software integration.
Your merchant is prompted to log into their Bank Account, which verifies routing, account #, there is a positive balance (it does NOT disclose Bank Balance)
at that moment for the check to clear. ***The check still could be a NSF !!!
Keep in mind all of these systems, Genie Check and my friendly competitors, these checks are NOT Guaranteed.
**Check Guarantee is a service that is available for an additional fee from certain providers.
As an example, ACWorks, it takes about 5 days for funds to actually deposited into your bank account.,
The utilize a "Settlement Account" which provides protection against NSF/Return to Make, etc. checks hitting your business bank account.
ACHworks provides a report of how many checks cleared and what was returned & why
https://www.vericheck.com/ach-return-codes/Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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04-09-2021, 01:00 PM #13
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,993
Another Option for pulling Professional Service Fees especially when your bank does not know precisely that you are
in the Merchant Cash Advance Business is a Peer to Peer Transaction -
The Merchant does a Bill Pay into another Bank Account (Virtual) This option is acceptable for transactions up to $5,000.00.
Since it is a Bank to Bank Transfer , you will have your funds withing 1 to 2 Days.
Private-Secure - No Wire or ACH recalls.
Call me for details -Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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04-09-2021, 01:42 PM #14
- Join Date
- Mar 2020
- Posts
- 22
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04-10-2021, 10:59 AM #15
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,993
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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04-13-2021, 05:40 PM #16
- Join Date
- Apr 2021
- Location
- Miami, FL
- Posts
- 21
We would pull it for you and add to your commission payment.
Matrix advance is back and currently funding mid-to-high risk deals 15K -150K.
We fund past defaults too.
Phil Marciano
phil@matrixadvance.com
(305) 317-5484
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04-13-2021, 09:38 PM #17
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,993
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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04-14-2021, 03:34 PM #18
Hey Chris,
Congratulations on becoming an ISO!
We would be happy to partner up with you as a lender for your merchants.
We fund same day, high risk files (b+), high commission, fast response!
Feel free to call/email me if you'd like to discuss working together.Jack Cohen
Funding Specialist
Diverse Capital
305.417.9647
Jack@DiverseCapitalLLC.com
www.DiverseCapitalLLC.com
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04-14-2021, 03:41 PM #19
- Join Date
- Apr 2021
- Location
- Miami, FL
- Posts
- 21
We've been offering it to ISO's we have good business relationships - and so far have not have any issues.
We don't pull it under the brokers name.
We usually add it to our fee on funding call and pay it along with the commissions.
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04-16-2021, 10:02 AM #20
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,993
In your SOP, you are deducting from the Gross Amount of the MCA Funding?
Example - Gross Funding is $100K - Broker Fee is $5K - you ACH/Wire $95K to Merchant?Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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