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  1. #1

  2. #2
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    Well at least this is something that everyone has to be careful with and we can all learn from: Never use the term "loans" or "lending" or "lender" when you are referring to merchant cash advances.

    I know that one funder (Elevate) has their emails combed server-side to prevent anyone in the firm or their clients or their brokers use any of those terms, and they will actually correct someone if they do.
    Micah Markowitz | mmarkowitz@abfunders.com | 855-33-GO-ABF (direct)

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    soooo which "lender" is getting sued next, getting raided, getting bought out, bets anyone ?

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    Quote Originally Posted by abfunders View Post
    Well at least this is something that everyone has to be careful with and we can all learn from: Never use the term "loans" or "lending" or "lender" when you are referring to merchant cash advances.

    I know that one funder (Elevate) has their emails combed server-side to prevent anyone in the firm or their clients or their brokers use any of those terms, and they will actually correct someone if they do.




    You are correct, Elevate partners with Performline to monitor all email exchanges and we record all calls to make sure that if the word "loan", "lend", or any other term that can lead to be construed as loan product. But we do go further than that and spend our time educating merchants and our partners alike on the usage. From our welcome calls, to our signatures stating what product elevate provides, and our bi weekly notices to merchants that they can have their payments adjusted as it is contractually with in their right. As you know Elevate is transparent in everything we do to provide the best experience for all but most important so that the small business owner is aware and fully knowledgeable in the product Elevate provides.

  5. #5
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    Quote Originally Posted by HeatherF View Post
    You are correct, Elevate partners with Performline to monitor all email exchanges and we record all calls to make sure that if the word "loan", "lend", or any other term that can lead to be construed as loan product. But we do go further than that and spend our time educating merchants and our partners alike on the usage. From our welcome calls, to our signatures stating what product elevate provides, and our bi weekly notices to merchants that they can have their payments adjusted as it is contractually with in their right. As you know Elevate is transparent in everything we do to provide the best experience for all but most important so that the small business owner is aware and fully knowledgeable in the product Elevate provides.
    I had no idea you guys do that. That's awesome. A lot of people I meet just try to find a way to make the most amount of money as fast as possible.

  6. #6
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    this article doesn't mention that it was due to using the word lending or loan. it says, "deceiving small-business customers, hitting them with surprise fees and overcollecting on debts."

  7. #7
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    Party is over..i have been telling u this..over n over n over

  8. #8
    The FTC complaint mentions that part of the issue is false advertising surrounding the personal guaranty. Supposedly Yellowstone was advertising no PGs on deals but routinely included them. Does anyone know if the contracts had a true Personal Guaranty or was a Performance Guaranty? Curious if the FTC doesn't care about the distinction.

  9. #9
    Senior Member Reputation points: 7606 FUND3R1's Avatar
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    As long as you educate your clients and they know what they are paying you will be fine. There is clients who's credit is sub PAR (no pun intended.) Some people like this money because it's fast and they don't have hop through many hoops to obtain the financing.
    FUND3R1

    "Everyday is a bank account, and time is our currency. No one is rich, no one is poor, we've got 24 hours each. --Christopher Rice"

  10. #10
    Veteran Reputation points: 132618 J.Celifarco's Avatar
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    Quote Originally Posted by fundingsmbs View Post
    this article doesn't mention that it was due to using the word lending or loan. it says, "deceiving small-business customers, hitting them with surprise fees and overcollecting on debts."
    Agreed anyone who thinks this is just about using the word loan or lending I believe is in for a big surprise. This sounds like more than that. I hope Im wrong but this could get ugly for them
    John Celifarco
    Managing Partner
    Horizon Funding Group

    3423 Ave S
    Brooklyn, NY 11234
    T: (347) 773-3990 | F: (718) 795-1990
    Linkedin: Profile
    Email: john@thehorizonfinancialgroup.com

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    The end is near.

  12. #12
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    I guess that Bloomberg article really did have some legs.

  13. #13
    Senior Member Reputation points: 146501 ryan $'s Avatar
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    "And it routinely continues debiting customers’ bank accounts for four or five days after a debt is repaid, the agency said"

    COMPLETE AND UTTER HORSE SHIT.

    UH YEA, SO DOES EVERYONE ELSE BECAUSE WE RELY ON OUTDATED ACH TECHNOLOGY! THIS COMMENT IS MAKING YS LOOK BAD WHEN IN REALITY IT SHOULD CAST SHADE RIGHTFULLY WHERE IT BELONGS AN OUTDATED FINANCIAL SYSTEM, WHERE REGULATORS OBSTRUCT GROWTH AND TECHNOLOGY WITH REGULATIONS INSTEAD OF ALLOWING NON FIAT BORDERLESS BLOCKCHAIN BANKING TO GO WHERE IT EVENTUALLY WILL ANYWAY

    IT TAKES 3 DAYS TO KNOW IF AN ACH CLEARED OR NOT, SO HOW CAN LENDERS STOP ON THE EXACT DAY? HOPE FOR THE BEST?

  14. #14
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    Quote Originally Posted by ryan $ View Post
    "And it routinely continues debiting customers’ bank accounts for four or five days after a debt is repaid, the agency said"

    COMPLETE AND UTTER HORSE SHIT.

    UH YEA, SO DOES EVERYONE ELSE BECAUSE WE RELY ON OUTDATED ACH TECHNOLOGY! THIS COMMENT IS MAKING YS LOOK BAD WHEN IN REALITY IT SHOULD CAST SHADE RIGHTFULLY WHERE IT BELONGS AN OUTDATED FINANCIAL SYSTEM, WHERE REGULATORS OBSTRUCT GROWTH AND TECHNOLOGY WITH REGULATIONS INSTEAD OF ALLOWING NON FIAT BORDERLESS BLOCKCHAIN BANKING TO GO WHERE IT EVENTUALLY WILL ANYWAY

    IT TAKES 3 DAYS TO KNOW IF AN ACH CLEARED OR NOT, SO HOW CAN LENDERS STOP ON THE EXACT DAY? HOPE FOR THE BEST?
    your an idiot and your party is ending soon. hope you had fun.

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    Ryan.confirned idiot

  16. #16
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    So many things wrongbwith the mca....end is near

  17. #17
    Veteran Reputation points: 120232 Chambo's Avatar
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    Quote Originally Posted by Onepointwhat View Post
    The FTC complaint mentions that part of the issue is false advertising surrounding the personal guaranty. Supposedly Yellowstone was advertising no PGs on deals but routinely included them. Does anyone know if the contracts had a true Personal Guaranty or was a Performance Guaranty? Curious if the FTC doesn't care about the distinction.
    the gray area was with all the COJs. Pretty much all MCA contracts are a clearly delineated performance guaranty in them, but when you lock up a merchant's personal accounts by adding his name into a COJ, and then go after those personal bank accounts after judgment, you kind of turn the deal into a personal guarantee. THIS is where clarification was warranted. The first step was eliminating the COJ. hat's the next step? Good question....clearly defined PERSONAL GUARANTY? I'll leave this to the jokers with the JDs

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    who still does coj?

  19. #19
    Senior Member Reputation points: 146501 ryan $'s Avatar
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    Quote Originally Posted by golf2014 View Post
    Ryan.confirned idiot
    Im an Idiot. Yet EVERY lender pulls a few payments after the last payment then refunds the difference.

    ACH Is Outdated Technology, Fact.
    Regulations stop Innovation. Blockchain Technology would allow Instant Funding and Reconciliation, If it was adopted, and end the extra Pulls.

    You both are fuckin idiots.

    If "My PARTY" is MCA's - They aren't ending any time soon. And even if it did, I made enough these past 15 Years, Ill retire.
    Last edited by ryan $; 08-04-2020 at 12:34 PM.

  20. #20
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    So i can go into your house take 300.00 then give it back..or is that theft ??

  21. #21
    has anybody bought leads from Cashyew Date

  22. #22

  23. #23
    Senior Member Reputation points: 146501 ryan $'s Avatar
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    Quote Originally Posted by golf2014 View Post
    So i can go into your house take 300.00 then give it back..or is that theft ??
    I was double charged by google this month, then they returned it......Is that theft?

    Lets say it went the other way, lets say funders stopped the very day the last pull is pulled and didn't wait for it to clear and the actual balance to reach zero. Then 3 days later they found out the last payment or 2 bounced, and the merchant went MIA....and then assessed default fee's (as is their right). That would be wrong right?

    Or when Funders pay off other Funders, but the first Funder keeps taking payments because they don't process the payoff instantly....by your logic, your saying that is theft?

    Every MCA by your rational should be arrested then, put them in cuffs. What your saying is completely asinine. It is not theft. It is just how it is....AGAIN, as a result of using outdated ACH technology. Look at Crypto lending, Instant Settlement, Low Interest, it is a much better system. Until it is adopted globally/nationally and replaces the centralized banking industry (BELIEVE ME IT WILL HAPPEN EVENTUALLY) - Collecting 3 Payments past the end of term, because ACH takes time to clear..... is the system we have.

    Why you are on a forum filled with people who make a living with the Industry,, calling them thieves, Is unknown to me.

    Thats like saying if you pay with a check, the moment the receipient receives the check said product should be released or its theft. No, waiting for it to clear to make sure your paid isn't theft.
    Last edited by ryan $; 08-04-2020 at 08:29 PM.

  24. #24
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    If google did it to many people like you..definately. the feds etc want this industry gone or cut back bigtime. im not against the industry..but it has organized crime type of.business over n.over. once the feds indict you...your finished 99.6666 percent of the time.
    .

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