Results 1 to 15 of 15
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10-13-2020, 01:40 AM #1
- Join Date
- Sep 2019
- Posts
- 402
DataMerch
For those of you who don't know, DataMerch provides a list of EIN's that defaulted on an MCA.
https://debanked.com/2020/03/datamer...line-database/
Unreal product. Super important/helpful tool. Sign up!
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10-13-2020, 10:25 AM #2
- Join Date
- Apr 2018
- Posts
- 178
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10-13-2020, 10:42 AM #3
There really needs to be some type of accountability within the system to avoid this. Maybe a support team at DataMerch to independently verify the situation and determine whether or not blacklisting a merchant is warranted. 3 strikes for misuse and you lose access or your flags come with a note, "this funder has a history of inaccurately marking defaults."
Goes back to the time when fly-by-night funders would file COJs after a single missed payment just to try collecting in full.
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10-13-2020, 10:44 AM #4
- Join Date
- Jun 2015
- Posts
- 3,325
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10-13-2020, 12:03 PM #5
- Join Date
- Feb 2017
- Posts
- 3,433
The honor system in MCA always seemed to me like an oxymoron. Whether it's brokers to merchants, merchants to funders, funders to merchants, merchants to brokers.
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10-13-2020, 03:30 PM #6
- Join Date
- May 2016
- Posts
- 90
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10-13-2020, 04:30 PM #7
- Join Date
- Sep 2019
- Posts
- 402
I can't argue that its not perfect. Nothing is. They do need to do a better job of policing it, some people post defaults after one NSF.
BUT, you learn REALLY quickly who not to trust and who to trust and it always shows you which funder said it, so its an extremely useful tool. $500 a month is Pennies if it saves you from even 1 default in an entire year!
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10-13-2020, 05:13 PM #8
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10-14-2020, 08:38 PM #9
- Join Date
- Sep 2019
- Posts
- 402
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10-14-2020, 09:36 PM #10
- Join Date
- Apr 2015
- Posts
- 300
forward is by far the worse offender of this on datamerch
they list everything as a defualt once they bounce a few payments
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10-14-2020, 10:09 PM #11
- Join Date
- Oct 2014
- Posts
- 27
Datamerch is a very funny product. I've submitted statements on deals I've funded after a bank verification to certain funders and had funders decline due to fraud, list fraudulent statements in datamerch and then other funders follow the datamerch trail and decline the deal for fraud.
Every funder who uses datamerch seems to treat it as gospel but I can look at a number of different instances where the information in datamerch is more fraudulent than the merchant's business or bank statements.
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10-15-2020, 03:09 AM #12
- Join Date
- Oct 2020
- Posts
- 129
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10-16-2020, 12:26 PM #13
- Join Date
- Dec 2019
- Posts
- 158
LOL. There is plenty of bull**** on there but at least it allows you to know there might be an issue with that merchant. Worth every penny vs. losing big $ on a fraud deal.
Thank you,
Joseph Vaknen
Business Development
SuperFastCap
Direct: (646) 546-3866 (Text or Call)
E-mail: Joe@superfastcap.com
www.superfastcap.com
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10-16-2020, 12:27 PM #14
- Join Date
- Dec 2019
- Posts
- 158
100%
They report if merchant missed 1 payment. Just have to know to not take them seriously and do your own do diligence on the deal.Thank you,
Joseph Vaknen
Business Development
SuperFastCap
Direct: (646) 546-3866 (Text or Call)
E-mail: Joe@superfastcap.com
www.superfastcap.com
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10-17-2020, 08:51 AM #15
- Join Date
- Sep 2020
- Posts
- 33
I find DataMerch extremely unreliable- PayNet is the way to truly perform due diligence in my opinion. Even then, need to be careful and know who's reporting missed payments. I have a long time merchant who I have been funding for years, we wanted to switch lenders and get a buyout- the new lender tells me that there are 27 missed payments reported to PayNet, I check and see the same thing. This merchant has never missed a payment in her life- its a big file and the new lender tells me that this is possibly the old lender trying to keep the merchant in house. Un-real. Anyway- I spoke to the current lender and it was removed the same day without argument and stating it must have been a mistake- which seems to confirm suspicions. Gotta be careful and trust but verify all your partnerships...
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