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  1. #1
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    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!

  2. #2
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    Quote Originally Posted by SFC View Post
    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!
    Its unreliable and full of funders saying merchant defaulted just so no one touches them. also, at $500 a month, idk its a nice idea but Ive been doing just fine since I canceled my subscription.

  3. #3
    Senior Member Reputation points: 7232 NationalCorporateData's Avatar
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    Quote Originally Posted by happyman View Post
    full of funders saying merchant defaulted just so no one touches them
    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.

  4. #4
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    Quote Originally Posted by NationalCorporateData View Post
    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.
    agreed , i had a merchant couple of years back that got declined for being on data merch that got funded later by the company that put them on there

  5. #5
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    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.

  6. #6
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    Quote Originally Posted by abfunders View Post
    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.
    you forgot brokers to funders and vice versa

  7. #7
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    Quote Originally Posted by happyman View Post
    Its unreliable and full of funders saying merchant defaulted just so no one touches them. also, at $500 a month, idk its a nice idea but Ive been doing just fine since I canceled my subscription.
    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!

  8. #8
    Senior Member Reputation points: 7232 NationalCorporateData's Avatar
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    Quote Originally Posted by SFC View Post
    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!
    I think a major problem comes from the funders that flag a merchant that then causes others to decline the file for a DataMerch default, even if it's not a legitimate repayment issue.

  9. #9
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    Quote Originally Posted by NationalCorporateData View Post
    I think a major problem comes from the funders that flag a merchant that then causes others to decline the file for a DataMerch default, even if it's not a legitimate repayment issue.
    Not really. Because you write WHY you flagged the merchant. Very easy to look up if they say missed payment X date you just look at old statements to see if it's true. Useful product.

  10. #10
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    forward is by far the worse offender of this on datamerch

    they list everything as a defualt once they bounce a few payments

  11. #11
    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.

  12. #12
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    Quote Originally Posted by SFC View Post
    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!
    Thanks for the share... how much is it?

  13. #13
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    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

  14. #14
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    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

  15. #15
    Quote Originally Posted by happyman View Post
    Its unreliable and full of funders saying merchant defaulted just so no one touches them. also, at $500 a month, idk its a nice idea but Ive been doing just fine since I canceled my subscription.
    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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