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  1. #1

    Funder Not Paying

    Funder not paying saying they need a MTD from the merchant when the deal funded over 2 weeks ago. Merchant changed password for them to access his bank account but is consistently paying and plans to pay full balance early.

  2. #2
    Senior Member Reputation points: 86751
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    merchant's let mca's have carte blanche access to their bank account? thats a big no no

  3. #3
    Quote Originally Posted by fundingsmbs View Post
    merchant's let mca's have carte blanche access to their bank account? thats a big no no
    Merchant changed their password after the funding** so they would no longer have access to his bank account

  4. #4
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    Quote Originally Posted by MCABRuno View Post
    Merchant changed their password after the funding** so they would no longer have access to his bank account
    I believe that most funders have it in their contract that log in is required upon request.
    I had that issue. I had to convince the guy to trust the guy that trust him with his new password.

  5. #5
    Quote Originally Posted by brokerplus View Post
    I believe that most funders have it in their contract that log in is required upon request.
    I had that issue. I had to convince the guy to trust the guy that trust him with his new password.
    Got it, thanks

  6. #6
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    Merchants should establish 2FA - When and if a bank log-in is requested - the merchant knows what is occurring.
    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

  7. #7
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    Don't the banks raise red flags when IP addresses outside the norm try and log in? Scary for anyone to hand over their login data considering they have no idea who gets access to that. Sometimes it may be individuals not even in the country. Not a good practice to force this.

  8. #8
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    Quote Originally Posted by Yankeeman07 View Post
    Merchants should establish 2FA - When and if a bank log-in is requested - the merchant knows what is occurring.
    2FA is actually a great idea, but he would still need to change his password again after the login so that the next time that browser/computer/etc wouldn't be able to log in again.

  9. #9
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    Quote Originally Posted by MCABRuno View Post
    Funder not paying saying they need a MTD from the merchant when the deal funded over 2 weeks ago. Merchant changed password for them to access his bank account but is consistently paying and plans to pay full balance early.
    I am not defending the funder but did you just start funding deals with them? The reason they are asking for a month to date is to make sure you didn't double fund them.

  10. #10
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    Quote Originally Posted by fundingsmbs View Post
    Don't the banks raise red flags when IP addresses outside the norm try and log in? Scary for anyone to hand over their login data considering they have no idea who gets access to that. Sometimes it may be individuals not even in the country. Not a good practice to force this.
    Bank of America was freezing accounts for this.

    Its best to get a VPN for anyone doing manual logins, and use an IP near the Merchant

  11. #11
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    Quote Originally Posted by freeprocessing View Post
    I am not defending the funder but did you just start funding deals with them? The reason they are asking for a month to date is to make sure you didn't double fund them.
    When are they supposed to pay though, some funders pay after 10 cleared payments, they may have not seen the 10th clear yet and are willing to send out commission without the 10th payment clearing....they just want to see they will clear in the month to date

  12. #12
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    Quote Originally Posted by MCABRuno View Post
    Funder not paying saying they need a MTD from the merchant when the deal funded over 2 weeks ago. Merchant changed password for them to access his bank account but is consistently paying and plans to pay full balance early.
    which funder sounds like they playing games

  13. #13
    Quote Originally Posted by freeprocessing View Post
    I am not defending the funder but did you just start funding deals with them? The reason they are asking for a month to date is to make sure you didn't double fund them.
    Newly funding with them, did not double fund them. The merchant is fed up with asking for stips and relationship with him is already hurt for trying to ask for that. Don't want to name drop the funder as we hope to resolve the issue with them and continue funding, but it is definitely an inconvenience.

  14. #14
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    Quote Originally Posted by ryan $ View Post
    When are they supposed to pay though, some funders pay after 10 cleared payments, they may have not seen the 10th clear yet and are willing to send out commission without the 10th payment clearing....they just want to see they will clear in the month to date
    This sounds highly unlikely.

  15. #15
    Strange..

  16. #16
    This is what sol Teitel and his brother Joe Teitel do. Stay far far away from Wynwood Capital

  17. #17
    what funder requires the merchant to hand over their banking login direct to lender AFTER funding? lol. they didn't use any of the bank verification links that normal lenders use?
    what a ticky tak shop.

  18. #18
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    Quote Originally Posted by MCABRuno View Post
    Funder not paying saying they need a MTD from the merchant when the deal funded over 2 weeks ago. Merchant changed password for them to access his bank account but is consistently paying and plans to pay full balance early.
    Who is the funder pulling this BS so the rest of us know not to work with them?! Also, look at your ISO agreement and what it states. Funders have to follow the spirit and language of the ISO agreement, if it says after 3 cleared payments then ask for a payment report, if its just x days after funding they need to honor it.

    Either way delaying in not paying you sounds like a broker shop messing with your commission and please tell me this is all for at least a 5 figure commission. Because if this was for 2-3k look for a new funder.

  19. #19
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    prob a wannabe funder with a few millions bucks to advance and has no clue what they are doing. This is a big wallet game, if you don't have the money to sit at the high stakes table......

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