Results 1 to 15 of 15
-
12-16-2022, 12:16 AM #1
Reputation points: 2271
- Join Date
- Nov 2017
- Posts
- 153
Where do bank as a broker / iso
Where do you recommend to bank at if your own your own iso shop to receive commissions from the Funders ?
Bank of America
Chase
Pnc
Some banks may favor our industry , some May not. Just curious your thoughts.
-
12-16-2022, 04:45 AM #2
Choose a bank that understands your business model. I would try to find a local bank that you can connect with locally. I like Citizens
Metromedia Funding Solutions LLC
55 Monument Circle Suite 745*
Indianapolis Indiana 46204
317-649-0110*
https://www.metromediafunding.com/
Like us on Facebook!https://www.facebook.com/mpmetromedia/
Rick@metromediafunding.com
Your friends in funding.
-
12-16-2022, 07:06 AM #3
Reputation points: 227860
- Join Date
- Feb 2017
- Posts
- 3,429
Axos Bank.
The biggest Disadvantage: They truly suck from a UI/UX experience, both on the web and the mobile app. Outbound wires are a hassle. If you need to verify or clarify things or get your account unlocked, or send a wire, they have stupidly high security. If you are traveling regularly, just make sure that you tell them up-front, otherwise you'll get locked out and unlocking is annoying. (Not that anyone uses paper checks that often, but it takes a full 5 business days for checks to clear for use in your account.)
Their Biggest Advantage: They love brokers. There's also no monthly fees for the account, and free inbound wires. You can also send up to $10,000/day direct ACH outbound for free.
A lot of brokers have two accounts at two banks, just in case.
-
12-16-2022, 09:06 AM #4
Reputation points: 307559
- Join Date
- Jun 2015
- Posts
- 3,322
chase is a thousand times better than axos but i have multiple accounts as back up. Funders are usually the ones that have a harder time than iso , what did you categorize yourself as ?
-
12-16-2022, 01:45 PM #5
Reputation points: 84416
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,952
Utilize a generic business name - when the banker asks what is your business - tell them you are a "Business Consultant' Don't lie, but, don't offer info they don't need.
Aslo, open multiple business accounts, hence, if you need to change your DDA with your funders, you can accomplish that in quick time.
** I notice many brokers going the online fintech route - like a Mercury, Azulos and many othersDave 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
-
12-19-2022, 04:05 PM #6
Reputation points: 61
- Join Date
- Nov 2022
- Location
- NYC
- Posts
- 117
I prefer Chase Bank
-
12-20-2022, 10:56 AM #7
Reputation points: 10
- Join Date
- Sep 2022
- Posts
- 20
I went with Mercury.
-
12-20-2022, 11:26 AM #8
Reputation points: 227860
- Join Date
- Feb 2017
- Posts
- 3,429
Dolphin, did you tell them you're a loan broker?
-
12-21-2022, 12:21 PM #9
Reputation points: 10
- Join Date
- Sep 2022
- Posts
- 20
-
02-02-2023, 10:55 AM #10
Reputation points: 227860
- Join Date
- Feb 2017
- Posts
- 3,429
Just signed up with Mercury, WOW was that a fast approval time. It's just like Brex from what I can feel, without the rewards structure.
Also, multiple accounts with one login, that's pretty cool.
Now the hassle of switching with all of my lenders/funders
-
02-06-2023, 12:32 PM #11
Reputation points: 10476
- Join Date
- Nov 2019
- Posts
- 676
A local credit union might be the way to go. My company has been using one for years as a funder and i went to the same bank as an iso rep when i opened my corp when I started to syndicate big time.
-
02-09-2023, 02:51 PM #12
Reputation points: 1158
- Join Date
- Apr 2015
- Location
- Morristown, NJ
- Posts
- 100
Industry favorite and also for crypto companies like coinbase is Metropolitan Commercial Bank. I can give you a contact there if needed. In years past, big banks would terminate accounts of companies that were lending and even sometimes if they found out you were an MCA broker and not just a 'loan broker'. Most banks these days I believe will take you as a 'loan broker', but Metropolitan will take both brokers and direct lenders. Also, Silicon Valley Bank I BELIEVE does.
---------------------------------------------------------
Rich McKellar
www.linkedin.com/in/richardmckellar
-
03-10-2023, 03:29 PM #13
Reputation points: 615
- Join Date
- Jul 2022
- Location
- NJ/FL
- Posts
- 39
I assume Silicon Valley bank won’t be opening new accounts
https://www.cnbc.com/amp/2023/03/10/...-deposits.html
-
03-14-2023, 02:23 PM #14
Reputation points: 58222
- Join Date
- Dec 2015
- Posts
- 610
When ever I see Moof, I think WOOF for some reason
-
03-16-2023, 11:07 AM #15
Reputation points: 10
- Join Date
- Mar 2023
- Posts
- 3
This didn't age well lol...
Similar Threads
-
Need a bank for e-check processing for moving broker
By PC2201 in forum Payment ProcessingReplies: 5Last Post: 10-29-2021, 08:15 AM -
AZLO Bank is Closing on 3/31/2021 (and stay away from NOVO Bank too!)
By TheUnderwritingProdigy in forum Merchant Cash AdvanceReplies: 4Last Post: 03-02-2021, 02:25 PM -
3rd Party Bank Verifications done without Online Banking - Bank VOD?
By ADiamond in forum Merchant Cash AdvanceReplies: 6Last Post: 10-31-2017, 12:08 PM -
Bank line of credit and zero balance bank account
By bdshaw in forum Merchant Cash AdvanceReplies: 7Last Post: 07-09-2014, 01:10 PM