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  1. #26
    Veteran Reputation points: 157541 J.Celifarco's Avatar
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    Quote Originally Posted by Yankeeman07 View Post
    A credit card split does not require any messing with a terminal. It is a DDA Change authorized by the merchant.
    The delay could come from the data entry and in our situation we do not fund until we see at least 1 batch in the
    new DDA (Lock box) - In mos instances it is not an issue - The merchant wants the funds - therefore he/she can
    push their processor to change the DDA
    Sean is talking about before there were lockboxes. this was back in 2008-2009 when firstfunds was around. The only other option then was to do an ACH based off of credit card processing amount and other than MCC I dont think anyone else did that
    John Celifarco
    Managing Partner
    Horizon Funding Group

    3423 Ave S
    Brooklyn, NY 11234
    T: (347) 773-3990 | F: (718) 795-1990
    Linkedin: Profile
    Email: john@horizonfundinggroup.com

  2. #27
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    Quote Originally Posted by Yankeeman07 View Post
    I'm not your bro ! What are you 25 years old?

    Yes we fund. Numerous negative days is not the only factor in underwriting an account.
    A funder (or at least the company I rep) looks at the complete file, TIB, Monthly Sales Volume,
    Credit Score and almost the number 1 Factor - WHAT IS THE USAGE OF FUNDS!

    Will the funding generate additional revenue and profit.

    What occurs with a lock-box is that the funder (us) receives payments on-time without any risk
    of ACH Reject Fees and the compounding of stacked late payments and fees.

    We want the merchant to stay in business - it is not SOP to give funding to merchants
    that are closing their doors.

    BTW - you may not be old to enough to know this but the original MCA Product was a credit card split / lock-box.
    My 1st exposure was via United Bank Card (1999?) when they partnered with Amer-Finance (Mike DeAngelo?) ( someone can check my
    memory & history)

    If you conduct a Google Keyword search for Merchant Cash Advance. most of your initial results will refer to an MCA
    as a Credit Card Split.

    **The original post was "Who is funding merchants who have several negative days per month" - Is several negative days 3 or 5 or 7, 15?
    It was a general question, and I responded, yes, we can POSSIBLY fund that type of account.

    Who the F** Asked you for you 1 cent opinion?
    I've been doing this for 16 Years Big Guy!
    And its a forum, no one asks you to say all the dumb **** you do, so ill say whatever I want.

    No one has ever asked to hear about your dumb GenieCash bull****, doesnt stop you.

  3. #28
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    Quote Originally Posted by Yankeeman07 View Post

    BTW - you may not be old to enough to know this but the original MCA Product was a credit card split / lock-box.
    My 1st exposure was via United Bank Card (1999?) when they partnered with Amer-Finance (Mike DeAngelo?) ( someone can check my
    memory & history)
    Don't You mean Ameri-Merchant?

    Then there was American Finance Solutions..... I've literally never heard of Ameri-Finance

    It seems Google hasn't either..... except a company doing Car Financing....
    Last edited by ryan $; 02-26-2021 at 03:26 PM.

  4. #29
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    Quote Originally Posted by ryan $ View Post
    Don't You mean Ameri-Merchant?

    Then there was American Finance Solutions..... I've literally never heard of Ameri-Finance

    It seems Google hasn't either..... except a company doing Car Financing....
    And yea, I was right.
    https://merchantcashadvanceblog.blog...rtnership.html

  5. #30
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    About AmeriMerchant
    Founded in 2002, AmeriMerchant is one of the nation’s oldest and largest providers of working capital to merchants against their future credit/debit card sales, commonly known as a merchant cash advance. The company is committed to industry best practices and is a founding member of the North American Merchant Advance Association. For additional information about AmeriMerchant, visit www.amerimerchant.com or call 800-267-3790.
    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

  6. #31
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    QuikStone was one of the few funders still collecting during the worst time of the pandemic. Yeah, the pace slowed down, but they were still getting something. QS only does splits, nothing else.. and they have been in the game a very long time and still going strong. Can't say that for most other funders in our space. Say what you want about splits/lockboxes, etc.. it freakin' works. Between QS and Rapid, my clients love it. Oh and I'm sure most of you are aware, that a merchant isn't supposed to have have 2 MID's legally (for the same type of transactions...they can have a separate one for online transactions). If VISA/MC discovers any impropriety, they can get blacklisted.. and won't be able to accept cc's for many years (unless they work through a broker type set-up, which will cost them a lot more).... Yes, some merchants don't care about this or aren't aware of it, but most do care.. Once they are blacklisted (added to the MATCH data base), they are prevented from opening a merchant account for 5 years.. ouch. So, while there is always a risk of a merchant "diverting" cc transactions to another POS/MID account.. it is quite low, as most business owners try to do the right thing.
    (before i get attacked for this piece of info.. I am well aware that this is one of many reasons a merchant can be black listed.. so save your typing energy)..

    As far as excessive overdrafts/neg days, I agree it's indicative of being broke.. but honestly in my experience for the last 13 years or so.. the merchants that have these types of problems, will always have them, no matter how good or bad they are doing.. it's almost a habit, to over spend and not keep track of things properly... Sound crazy.. but it's true.
    Shannon Harris
    Funding Specialist
    888-705-8818 phone
    239-790-2664 fax
    Shannon@StellarBusinessFunding.com
    www.stellarbusinessfunding.com

  7. #32
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    Quote Originally Posted by ryan $ View Post
    I've been doing this for 16 Years Big Guy!
    And its a forum, no one asks you to say all the dumb **** you do, so ill say whatever I want.

    No one has ever asked to hear about your dumb GenieCash bull****, doesnt stop you.
    I don't expect you to understand a Closed Loop Peer to Peer Payment Platform (which has a US Patent)
    For people that know & understand that a business owner cannot legally accept credit card for a Federally Illegal Product,
    our solution is a great answer.

    For individuals that may want a little info on a Closed Loop Payment System - this article provides the groundwork:

    https://www.coincenter.org/the-case-...ectronic-cash/
    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

  8. #33
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    Some people just use the NSFs as a really expensive LOC. They pay overdraft fees, are allowed to go negative, get charged for it, but roll into the next day. I think it's super stupid to run a business like that, but I have a merchant working on his 4th renewal now with Quikstone.

  9. #34
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    This is an old thread but had to chime in. I had a restaurant that was negative every day for three months. Couldn't get him funded anywhere. I got funded 48k by either simply or simpli cart remember which. Lightning fast

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