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  1. #1

    Datamerch

    How do i sign up for datamerch? im tired of submitting files and get datamerch declines, id rather know ahead of time

  2. #2

  3. #3
    Quote Originally Posted by happyman View Post
    they dont answer, do i need to be referred

  4. #4
    My contacts there are:

    swilliams@datamerch.com
    cburgess@datamerch.com

    Scott is the main guy I think, he generally answers within the hour.

    It's $495/month by the way.

  5. #5
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    I am primarily a broker and I use datamerch daily. Well worth knowing if I am wasting my time for the money.

  6. #6
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    Quote Originally Posted by ryanh View Post
    I am primarily a broker and I use datamerch daily. Well worth knowing if I am wasting my time for the money.
    curious what kind of submission flow you get that it is worth it? doesn't it take same amount of time to submit than to check ?

  7. #7
    Quote Originally Posted by Michael I View Post
    curious what kind of submission flow you get that it is worth it? doesn't it take same amount of time to submit than to check ?
    Checking on Datamerch is super simple. Just plug in the last 7 of the EIN into the search and that's it. For bonus tips, also run the last 7 of the SSN since sometimes you'll find they defaulted under that as a sole prop as well.

  8. #8
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    Quote Originally Posted by Josh1810 View Post
    How do i sign up for datamerch? im tired of submitting files and get datamerch declines, id rather know ahead of time
    It's generally for funders, no brokers. God knows what brokers would do with the system.

  9. #9
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    Quote Originally Posted by Michael I View Post
    curious what kind of submission flow you get that it is worth it? doesn't it take same amount of time to submit than to check ?
    Probably thinks you can get leads out of it.

  10. #10
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    Lol no i dont use it for leads. I'm a 3 man shop. No admin so that means when I think I have a clean deal I have to submit to a few portals, which means time I am on the phone.

    A quick datamerch search can save 20 minutes or so.

  11. #11
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    Datamerch is one of my first checks on a Submission, if a merchant is on there for anything substantial it's game over and move on

  12. #12
    Quote Originally Posted by Michael I View Post
    curious what kind of submission flow you get that it is worth it? doesn't it take same amount of time to submit than to check ?
    our leads go from interest-statements in-app signed-submitted. checking every merchant at the front door can save us hours of work!

  13. #13
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    Quote Originally Posted by Josh1810 View Post
    our leads go from interest-statements in-app signed-submitted. checking every merchant at the front door can save us hours of work!
    yeah but correct me if i am wrong you need social or tax id to check. so it only saves last step not to submit

  14. #14
    Quote Originally Posted by Michael I View Post
    yeah but correct me if i am wrong you need social or tax id to check. so it only saves last step not to submit
    most of our leads have ein

  15. #15
    although I've heard that some funders will lock up a client by putting him on datamerch with a bogus claim... kind of like the beginning of covid, where all payments were lowered even when the merchant didnt ask for it, and they immediately became "lowered payments" lol

  16. #16
    Quote Originally Posted by Josh1810 View Post
    although I've heard that some funders will lock up a client by putting him on datamerch with a bogus claim... kind of like the beginning of covid, where all payments were lowered even when the merchant didnt ask for it, and they immediately became "lowered payments" lol
    ehh. Not really sure how much I agree with that still being the case. It's pretty standard to see accounts w/"COVID-19 Hardship" being selected on there. Most of those postings are nearly a year old at this point and I know, personally, it doesn't make any difference whether or not I'll fund them this far down the line.

  17. #17
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    Biggest issue is there is no penalty for a funder that funds someone they themselves put on datamerch

  18. #18
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    Quote Originally Posted by Michael I View Post
    Biggest issue is there is no penalty for a funder that funds someone they themselves put on datamerch
    Not really an issue though. You see which funder left the review and you can see if they are in the deal... If the merchant is still paying them and yet they've left a recent note on DataMerch theyre prob full of it.

    You learn relatively quickly which funders add merchants for which reasons and learn what to discount.

    Would be nice if you could just filter out certain types of funders notes though once you realize which are BS.

  19. #19
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    Quote Originally Posted by ryanh View Post
    I am primarily a broker and I use datamerch daily. Well worth knowing if I am wasting my time for the money.
    ****. Ill buy all your DataMerch declines.
    DataMerch is ****. There are so many in there for "Defaulting" yet Court Records show nothing.

    Just send the files to a funder who doesnt use DataMerch.

  20. #20
    Quote Originally Posted by ryan $ View Post
    ****. Ill buy all your DataMerch declines.
    DataMerch is ****. There are so many in there for "Defaulting" yet Court Records show nothing.

    Just send the files to a funder who doesnt use DataMerch.
    Which lenders don't use datamerch?

  21. #21
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    if your a funder not using data merch are really a funder at all

  22. #22
    Data merch is solid AF! saved us countless problems - well worth the investment.
    Last edited by excelcap; 03-03-2021 at 06:12 PM.

  23. #23
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    Quote Originally Posted by ryanh View Post
    I am primarily a broker and I use datamerch daily. Well worth knowing if I am wasting my time for the money.
    I personally think DataMerch is complete bull****. MANY MANY MANY times lenders or even brokers will list merchants in DataMerch as default, fraud, ect and it turns out to be completely false, they just want to deter others from taking their customers.

    It is complete bull****. Nothing irritates me more than a file being declined for being in DataMerch for a default, but there are no UCC's or Court Records to back it up. Ive even gona as far as to provide a year worth of statements and literally shown lenders they never missed a payment and paid off in full. You can see the entire advance in the statements, perfect pay history, but like UNDERWRITING ROBOTS with no critical thinking, No we must decline, listed in DataMerch. Im showing you its bull****..... seriously?

    thankfully plenty of lenders dont use datamerch period.

  24. #24
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    Quote Originally Posted by Guilds12 View Post
    Which lenders don't use datamerch?
    A Bunch.

  25. #25
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    Quote Originally Posted by ryan $ View Post
    I personally think DataMerch is complete bull****. MANY MANY MANY times lenders or even brokers will list merchants in DataMerch as default, fraud, ect and it turns out to be completely false, they just want to deter others from taking their customers.

    It is complete bull****. Nothing irritates me more than a file being declined for being in DataMerch for a default, but there are no UCC's or Court Records to back it up. Ive even gona as far as to provide a year worth of statements and literally shown lenders they never missed a payment and paid off in full. You can see the entire advance in the statements, perfect pay history, but like UNDERWRITING ROBOTS with no critical thinking, No we must decline, listed in DataMerch. Im showing you its bull****..... seriously?

    thankfully plenty of lenders dont use datamerch period.
    plus when the funders that list them goes and funds them they have no penalty for that funder. Has happened to me so many times

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