Results 1 to 6 of 6
-
06-08-2021, 06:42 PM #1
- Join Date
- Apr 2021
- Posts
- 45
Banana Funding Group
is Banana Funding Group same as Banana exchange the MCA line of credit for MCA funders.
I'am starting to Banana Fudning Group in merchants banks funding and debiting.
i wonder if they are funding MCA funder just to gather mca leads of good fundable deals and then fund them later.
-
07-17-2021, 03:45 AM #2
- Join Date
- Aug 2020
- Posts
- 5
I work there. Banana Exchange is the operations arm of Banana Funding Group so it's the same company basically.
We don't fund merchants and have no incentive to do so. Most of our MCA clients have been with for years and no one would have stayed a second if they had seen us funding one of their merchants (pretty easy to notice), or any merchant for that matter.Any questions about Banana Exchange? Feel free to contact me at: amit@bananaexchange.com
-
07-21-2021, 10:22 AM #3
- Join Date
- Sep 2019
- Posts
- 402
-
07-21-2021, 10:26 AM #4
- Join Date
- Jun 2017
- Posts
- 2,049
-
07-22-2021, 12:42 PM #5
- Join Date
- Aug 2020
- Posts
- 5
We never funded / credited a merchant - please recheck that. You may have seen us debiting merchants and here is why - when we fund an MCA, we have a right to collect their receivables if the MCA defaults on us. So far, none have defaulted and we have never exercised this right, but we are set up to do so should the rare event occur. There are two possible set ups:
1. We sign a tri-party agreement with the MCA and its ACH provider, giving us the right to redirect the ACH collections to our bank account if the MCA defaults.
2. OR the MCA allows us to collect in their place and we forward the amounts to their account at the end of each day. Under this setup, if the MCA defaults, we just stop forwarding.
Our MCA clients rarely choose the second option, but if they do - their merchants will see Banana Funding Group debit their account each day. We are now changing this practice to reduce confusion. Bottom line - these are not merchants we funded, nor have ever communicated with.Any questions about Banana Exchange? Feel free to contact me at: amit@bananaexchange.com
-
07-22-2021, 12:49 PM #6
- Join Date
- Jun 2017
- Posts
- 2,049
Similar Threads
-
Funding the Un-fundable props to MM Funding Group
By microboby in forum Merchant Cash AdvanceReplies: 2Last Post: 08-26-2023, 12:05 PM -
Noble Funding Group now FUNDING
By Mike Davis in forum PromotionsReplies: 14Last Post: 06-03-2021, 02:11 PM -
Have you heard of Banana Exchange?
By Michaela96 in forum Merchant Cash AdvanceReplies: 0Last Post: 08-02-2019, 01:08 PM -
PG Funding Group
By E2C in forum Help WantedReplies: 0Last Post: 09-06-2018, 07:16 PM -
ROC Funding Group
By Skytop in forum Merchant Cash AdvanceReplies: 11Last Post: 07-10-2015, 03:45 PM