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09-21-2020, 11:00 AM #1
- Join Date
- Apr 2020
- Posts
- 191
how would you be able to split this daily or weekly? it sounds like the merchant will have to give Fundkite account authorization and then Fundkite will have to service this daily or weekly or will the bank automatically do that.
I am asking because of the comparison to a CC split, which most times requires cooperation from processing companies.
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09-24-2021, 02:04 PM #2
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,952
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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09-24-2021, 02:22 PM #3Egor Gagarin
ISO Relations Rep, FundKite
Direct: 929-443-3300 | Email: egor.g@fundkite.com
Web: fundkite.com
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09-24-2021, 02:44 PM #4
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,952
My credit card split - we do not require any change to processor - our funding is the same day
as soon as funding call is completed.
A few differences between the products - as you stated in a previous post - you are returning to the roots of the MCA Business.
It should be well accepted by merchants.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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09-24-2021, 10:37 PM #5
- Join Date
- Dec 2016
- Posts
- 379
This seems like an absolute nightmare from a logistics standpoint. You would need countless staff to do a daily reconciliation and then you're getting banged out with even higher same-day ACH fees. On top of that, once a merchant realizes that they simply do not have to make a deposit in order to not pay or pay an extremely reduced payment, the abuse will run rampant.
On days that they make large deposits, and you come in and take the specified % they're going to throw an absolute fit when it's multiples of what they thought they had to pay.
I get the idea, and I'm sure merchants will when being sold, but logistically, it just doesn't make any sense IMO.
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09-25-2021, 11:33 AM #6
- Join Date
- Dec 2015
- Posts
- 610
Well that nightmare is what would give fundkite the edge, IF, they’ve figure out how to automate those logistics issues.
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09-26-2021, 05:21 PM #7
TheUnderwritingProdigy
It’s a nightmare for those that still use an Abacus to count. It’s a very seamless process for us.
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09-27-2021, 10:39 AM #8
- Join Date
- Jun 2017
- Posts
- 2,049
It seems that it would have to be on a 24 Hour delay....
IE all deposits from last 24 Hours affect todays Payment and so on....
All you have to do is monitor the accounts w/ Plaid or Dec Logic.
The Interesting thing I would want to know is the filtering, how do you determine true revenue. With a split its easy, every CC Transaction is True Revenue. Discerning revenue from lets say transfers, or other Non-Revenue deposits, that seems to me would be the most labor intensive, until youve run it for a year or so and have filters in place.Last edited by ryan $; 09-27-2021 at 10:42 AM.
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