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  1. #26
    Quote Originally Posted by ryan $ View Post
    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 It is just how it is....AGAIN, as a result of using outdated ACH technology.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.
    Not taking sides here but the FTC complaint said in some cases Yellowstone was pulling for up to two weeks after the deal concluded. Definitely outside of the "lag period" caused by ACHs.

  2. #27
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    Quote Originally Posted by Onepointwhat View Post
    Not taking sides here but the FTC complaint said in some cases Yellowstone was pulling for up to two weeks after the deal concluded. Definitely outside of the "lag period" caused by ACHs.
    This is a bigtime problem.

  3. #28
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    Quote Originally Posted by Onepointwhat View Post
    Not taking sides here but the FTC complaint said in some cases Yellowstone was pulling for up to two weeks after the deal concluded. Definitely outside of the "lag period" caused by ACHs.
    Did they refund the money when merchants did not realize?There is a reason all the top funders over there jumped ship.

  4. #29
    Quote Originally Posted by RickyR3712 View Post
    Did they refund the money when merchants did not realize?There is a reason all the top funders over there jumped ship.
    The complaint alleges that they only refunded the money if the merchant complained.

    https://www.ftc.gov/news-events/pres...rcharged-small

  5. #30
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    Quote Originally Posted by Onepointwhat View Post
    The complaint alleges that they only refunded the money if the merchant complained.

    https://www.ftc.gov/news-events/pres...rcharged-small
    Exactly.What ryan and golf are arguing about is nonsense,this is the main crime.

  6. #31
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    Quote Originally Posted by RickyR3712 View Post
    There is a reason all the top funders over there jumped ship.
    i always wondered if they really jumped ship or were thrown over board

  7. #32
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    Quote Originally Posted by Onepointwhat View Post
    The complaint alleges that they only refunded the money if the merchant complained.

    https://www.ftc.gov/news-events/pres...rcharged-small
    This was one of the main issues that took down the payday lenders like Scott Tucker, his company would keep debiting the consumers account and only refund when the consumer contacted them.

  8. #33
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    Ryan I can’t imagine you made a single penny in MCA if you don’t know about the long list of funding companies that purposely continue pulling merchants accounts hoping the merchant is too clueless to notice.....

  9. #34
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    What does thst mean did they refund the money ?? Ricky...ill go in your house n borrow 300..without u knowing and bring it back..i gave it back. Shoplifting..just give it back. Of course there will be people who have to fight for there money...its a failed bs lending practice...filled with tons of deceit.

  10. #35
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    Quote Originally Posted by golf2014 View Post
    What does thst mean did they refund the money ?? Ricky...ill go in your house n borrow 300..without u knowing and bring it back..i gave it back. Shoplifting..just give it back. Of course there will be people who have to fight for there money...its a failed bs lending practice...filled with tons of deceit.
    Don’t forget the part where you only give it back if they ask for it back. If they never notice, oh well....

  11. #36
    There are over 11 UWs at Yellow and they all operate separately and differently. They have only been fair with my merchants and while the charges against them may be true there is no way it happened or happens all the time. Logically they would push for the renewal anyways which means they would not be able to do that. (everyone knows how hard yellow is on renewing.

  12. #37
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    Quote Originally Posted by golf2014 View Post
    What does thst mean did they refund the money ?? Ricky...ill go in your house n borrow 300..without u knowing and bring it back..i gave it back. Shoplifting..just give it back. Of course there will be people who have to fight for there money...its a failed bs lending practice...filled with tons of deceit.
    Golf are you that naive and innocent?I am saying they did not give back the money unless some one called and asked.Meaning they walked into your house and stole your money.If you caught them on camera than it was oops i just borrowed it.They walked away with hundred of thousands of dollars from merchants with 10 balances that could not keep track of the extra week of payments.Anytime I see a merchant that debits end and i do not see a refund,I tell them to call and ask for the last 3 payments back.

  13. #38
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    Quote Originally Posted by davedamoneyman View Post
    There are over 11 UWs at Yellow and they all operate separately and differently. They have only been fair with my merchants and while the charges against them may be true there is no way it happened or happens all the time. Logically they would push for the renewal anyways which means they would not be able to do that. (everyone knows how hard yellow is on renewing.
    yellow or fundry?Most of the **** left when they got re branded

  14. #39
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    **** was easier back in the day when only Split Funding existed.
    You kept your merchants, no stacking.
    Once you built a book you could sit back and keep renewing them working 10 hours a week.

    It may not be a bad thing to go back to that. As it seems none of these issues arose from split funding or actual MCA Splits.

  15. #40
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    Quote Originally Posted by pcfunder View Post
    Ryan I can’t imagine you made a single penny in MCA if you don’t know about the long list of funding companies that purposely continue pulling merchants accounts hoping the merchant is too clueless to notice.....
    Purposely? No.

    Ive gotten calls from merchants saying so and so overpulled, and always straightened it out. But as a PRACTICE? No, I don't know anyone like that.

    And I don't do it on deals I fund directly. But there is no getting around the 3 day lag from ACH's and Lockboxes.

  16. #41
    Thryve, Green capital, Highspeed, westcoast, etc these are all yellowstone...

  17. #42
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    Quote Originally Posted by ryan $ View Post
    **** was easier back in the day when only Split Funding existed.
    You kept your merchants, no stacking.
    Once you built a book you could sit back and keep renewing them working 10 hours a week.

    It may not be a bad thing to go back to that. As it seems none of these issues arose from split funding or actual MCA Splits.
    there was a migration to fixed daily than weekly throughout the industry years ago. The market began to dictate this model more than split funding. Investors preferred this model as well as it created an actual term length for repaying the debt whereas split was always guessed never known and merchant and brokers began to game the system by putting in new terminals, pos systems, to divert repaying. everyone joined the fixed daily or weekly bandwagon and here we are today. the problem with that is, a fixed daily or weekly and fixed term create a loan. and when you create a loan, you are now at the state and federal guidelines. this is why a handful or more of funders partnered with federally chartered banks to skirt usury laws in states. banks have exporting laws different from a state licensure. for those who didn't go in this direction, they are now under a microscope. Almost every first position funder went to the rent a bank model. if you ask those companies, they believe they will be left standing because they invested in this setup and compliance. only time will tell , but, you are right, an mca originated from the idea of purchasing future cc sales and repayment through split funding. today, out of every funding done, what does that represent 15% ? I don't know if that will come back

  18. #43
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    Quote Originally Posted by fundingsmbs View Post
    there was a migration to fixed daily than weekly throughout the industry years ago. The market began to dictate this model more than split funding. Investors preferred this model as well as it created an actual term length for repaying the debt whereas split was always guessed never known and merchant and brokers began to game the system by putting in new terminals, pos systems, to divert repaying. everyone joined the fixed daily or weekly bandwagon and here we are today. the problem with that is, a fixed daily or weekly and fixed term create a loan. and when you create a loan, you are now at the state and federal guidelines. this is why a handful or more of funders partnered with federally chartered banks to skirt usury laws in states. banks have exporting laws different from a state licensure. for those who didn't go in this direction, they are now under a microscope. Almost every first position funder went to the rent a bank model. if you ask those companies, they believe they will be left standing because they invested in this setup and compliance. only time will tell , but, you are right, an mca originated from the idea of purchasing future cc sales and repayment through split funding. today, out of every funding done, what does that represent 15% ? I don't know if that will come back
    The bank charter would explain why WBL always calls their funding "loans". Rapid always did also on the fix repayment daily debits, a partnership with a bank would explain why. The disadvantage of this model is bankruptcy law can make problems if it's a true loan.

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