[FunderBill]

Hello,

I've started an ISO Broker business as a sole proprietor and am wondering what is a good bank for this. I've talked with the big ones BOA, WF, Chase and none seem to want to deal with the MCA industry. In the near future will form an LLC. Any suggestions on banks that you've found receptive to this industry? Thanks so much.

[Yankeeman07]

Hello,

I've started an ISO Broker business as a sole proprietor and am wondering what is a good bank for this. I've talked with the big ones BOA, WF, Chase and none seem to want to deal with the MCA industry. In the near future will form an LLC. Any suggestions on banks that you've found receptive to this industry? Thanks so much.

Form an LLC, (Florida takes less than 20 minutes) acquire a EIN (accomplished Online) and when you walk into a Bank you are a Financial Consultant,
or Business Consultant -

[Kevin Henry-Seacoast]

Hello,

I've started an ISO Broker business as a sole proprietor and am wondering what is a good bank for this. I've talked with the big ones BOA, WF, Chase and none seem to want to deal with the MCA industry. In the near future will form an LLC. Any suggestions on banks that you've found receptive to this industry? Thanks so much.

Hi FunderBill,

Welcome to DF. Starting an actual business entity is always a good start. You may want to consult with an accountant to see which form of entity will work best for you tax situation. If all the large banks are shying away from MCA brokers, you might want to try some of the super regional bank and/or community banks in your area. Setting up business accounts at any bank will require disclosures. Be honest with them about your business intentions.

[Olderguy]

I didn't have any trouble getting an EIN, business name statement and just setting up as a sole prop using a DBA. Went to US Bank. After two years, can take ACH using their SinglePoint system.

[goatFunding]

Hello,

I've started an ISO Broker business as a sole proprietor and am wondering what is a good bank for this. I've talked with the big ones BOA, WF, Chase and none seem to want to deal with the MCA industry. In the near future will form an LLC. Any suggestions on banks that you've found receptive to this industry? Thanks so much.

We bank with Signature and Mercury (Choice financial)

[abfunders]

We bank with Signature and Mercury (Choice financial)

Mercury is a great choice. You should have a website and something on LinkedIn so that they can do a decent KYC. You can also get a Wise account, it's fast and simple.

[closer129]

I use a local credit union for my cooperate account and i am an iso that that syndicates and the main company uses the same credit union and they have no problem. I would defiantly change from being a sole prop to protect your personal assets god forbid you get sued from a merchant and or funder.


Scott Platto
scott@tmrnow.com
tmrnow.com
212-220-9872

[FunderBill]

Got it, thank you to all of you for your helpful suggestions!