Merchants defaulting and lowering payments
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  1. #1
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    Quote Originally Posted by A+Paper View Post
    Many are just taking advantage. We're going case by case on whether to give them a break or not.

    I will say that many files are going to Legal this week for sure.
    Had a merchant say they needed payments stopped because governor gave an order demanding non-essential businesses must close, and that her business had been closed for days because of it. Looked it up and couldnt find such order. Funder requested MTD, and she said she couldn’t provide right now because she was busy running her business.

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    If she’s in NY, it’s true.






    Quote Originally Posted by WestCoastFunding View Post
    Had a merchant say they needed payments stopped because governor gave an order demanding non-essential businesses must close, and that her business had been closed for days because of it. Looked it up and couldnt find such order. Funder requested MTD, and she said she couldn’t provide right now because she was busy running her business.

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    Quote Originally Posted by Franklin View Post
    If she’s in NY, it’s true.
    Nah, not in those states. Plus she told on herself by originally saying she was shutdown, then said couldnt send banks and MTD because she was too busy running her retail business.

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    Quote Originally Posted by WestCoastFunding View Post
    Nah, not in those states. Plus she told on herself by originally saying she was shutdown, then said couldnt send banks and MTD because she was too busy running her retail business.

    Ouch

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    Quote Originally Posted by WestCoastFunding View Post
    Had a merchant say they needed payments stopped because governor gave an order demanding non-essential businesses must close, and that her business had been closed for days because of it. Looked it up and couldnt find such order. Funder requested MTD, and she said she couldn’t provide right now because she was busy running her business.
    This is the case in New York, New Jersey, Connecticut, Illinois, and California right now. Gubernatorial executive orders to close down businesses.

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    Quote Originally Posted by WestCoastFunding View Post
    Had a merchant say they needed payments stopped because governor gave an order demanding non-essential businesses must close, and that her business had been closed for days because of it. Looked it up and couldnt find such order. Funder requested MTD, and she said she couldn’t provide right now because she was busy running her business.
    We've done login many times the last few days and I'd say only about 20% were telling the truth.

    We even found a few people trying to hide receivables (and not very well), so merchants know what they're doing. They're not dumb.

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