[showtime73]

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.

[Rickinindy]

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

[abfunders]

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.

[Michael I]

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 ?

[Yankeeman07]

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.

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 others

[BigAFunding]

I prefer Chase Bank

[Dolphin Funding]

I went with Mercury.

[abfunders]

Dolphin, did you tell them you're a loan broker?

[Dolphin Funding]

Dolphin, did you tell them you're a loan broker?

yes I did, they just wanted to know I was a broker and not a funder.

[abfunders]

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

[closer129]

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.

[rmckellar]

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.

[mickledang]

Warehouse management technology is the use of various technologies to improve the efficiency and accuracy of warehousing operations. This includes technologies such as warehouse management systems (WMS), radio frequency identification (RFID), barcode scanners, automated storage and retrieval systems (ASRS), and robotics https://mlsdev.com/blog/technology-in-warehousing

[MOOF]

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.

I assume Silicon Valley bank won’t be opening new accounts

https://www.cnbc.com/amp/2023/03/10/...-deposits.html

[DonMcGrath]

When ever I see Moof, I think WOOF for some reason ��

[CAPSPOT]

This didn't age well lol...