[Broker-Funder]

Hi all,

I have heard of a few clients complaining recently about Fenix Capital and how they are apparently calling their clients saying they need to increase their daily or weekly payment due to 'interest rate' increases. The merchants I have seen all been perfect payers so not like they trying to play catch up on the merchants balance either.

How can you tie this product to 'interest' unless Fenix is saying their rates with their private money or hedge fund went up (doubt they have a bank line) but you still have a contract with a merchant. You cannot just increase payments because you feel like it. A funder could lower the payment if the merchant shows a drop in sales for a given month and even give a refund for the month with the drop in revenue thats what reconciliation is for and the whole point how we are not a usury product but it sounds like Fenix is just screwing with their merchants. They also randomly took payments out of the merchants other account for no reason, again stating its due to 'increased interest rates'.

Anyone else hearing of this?

Fenix - if you are on here, how do you justify this? You trying to tie the product to 'interest' and bring the whole industry down?

[Yankeeman07]

They also randomly took payments out of the merchants other account for no reason, again stating its due to 'increased interest rates'.


​If the above statement can be verified, that would be fraud and a Federal offense?

[Broker-Funder]

They also randomly took payments out of the merchants other account for no reason, again stating its due to 'increased interest rates'.


​If the above statement can be verified, that would be fraud and a Federal offense?

I mean, we can see it come out of the merchants bank account so its easily verified. It was a business account though, but Fenix just pulls randomly because they felt like it?

[Kevin Henry-Seacoast]

Hi all,

I have heard of a few clients complaining recently about Fenix Capital and how they are apparently calling their clients saying they need to increase their daily or weekly payment due to 'interest rate' increases. The merchants I have seen all been perfect payers so not like they trying to play catch up on the merchants balance either.

How can you tie this product to 'interest' unless Fenix is saying their rates with their private money or hedge fund went up (doubt they have a bank line) but you still have a contract with a merchant. You cannot just increase payments because you feel like it. A funder could lower the payment if the merchant shows a drop in sales for a given month and even give a refund for the month with the drop in revenue thats what reconciliation is for and the whole point how we are not a usury product but it sounds like Fenix is just screwing with their merchants. They also randomly took payments out of the merchants other account for no reason, again stating its due to 'increased interest rates'.

Anyone else hearing of this?

Fenix - if you are on here, how do you justify this? You trying to tie the product to 'interest' and bring the whole industry down?

You would have to look at the prospect's contract they entered. Some finance companies have language in their contracts that protect the finance company if interest rates go up. I don't know Fenix or have seen their contracts.

[PremiereCap-ISOSupport]

Sounds like a collection issue. Fenix Capital does not withdraw payments higher than what's on the contract.

[syavask]

This is absolutely false. If you mean Fenix Capital Funding, LLC, we would have never increased daily payments out of nowhere. Send the statements you’re talking about to processing@fenixcapitalfunding.com to resolve the issue.

[Broker-Funder]

This is absolutely false. If you mean Fenix Capital Funding, LLC, we would have never increased daily payments out of nowhere. Send the statements you’re talking about to processing@fenixcapitalfunding.com to resolve the issue.

The merchant been trying to resolve the issue for over a week and your team continues to blow the merchant off. No missed payments. You funded a completely different business that you originally cross corp that the merchant does not own(and they signed their mistake but you cant sign for a business you dont own). You funded this random business/account and whoever did it, then shut down that bank account but you are saying the original merchant owes you the money. You funded this random business/person and now you saying they are on the hook for it. The merchant cannot sign for something they do not own, wouldnt hold up in court. Your UW team made a big error, funded a random person but because it was on the prior contract as a cross Corp (again the merchants mistake for signing), you saying the merchant on the hook.

[Zonefund]

The merchant been trying to resolve the issue for over a week and your team continues to blow the merchant off. No missed payments. You funded a completely different business that you originally cross corp that the merchant does not own(and they signed their mistake but you cant sign for a business you dont own). You funded this random business/account and whoever did it, then shut down that bank account but you are saying the original merchant owes you the money. You funded this random business/person and now you saying they are on the hook for it. The merchant cannot sign for something they do not own, wouldnt hold up in court. Your UW team made a big error, funded a random person but because it was on the prior contract as a cross Corp (again the merchants mistake for signing), you saying the merchant on the hook.

Fenix capital. One of many funders who you have to contact to remind to pay you on renewals when you find out the merchant contacted them directly and renewed. Other then that, John Bulnes keeps the company alive. That man is a master of the mca world.

I still think most funders cannot compete with them on 3rds. Their pricing is aggresive hence why I still use them.

[CraaaCraaa Radio]

John Bulnes put Fenix alias Premier Capital back on the map of funding. I am sure this file was not underwritten under the watch of John Bulnes, hence why the major major screw up

[Broker-Funder]

John Bulnes put Fenix alias Premier Capital back on the map of funding. I am sure this file was not underwritten under the watch of John Bulnes, hence why the major major screw up

Update - Sounds like they might fix it. so Fenix funded some random other business that was original on the cross corp (no idea where they found this random business). Merchant signed it on the contract (on the renewal and on the 2nd renewal). Somehow some random person was able to receive about 8k from Fenix from this random other business and Fenix held the original signer of the originally funded business responsible. Fenix put it in Legal and stop drafting their 1300+ weekly payment from the original business/bank account since it was in legal. But it seems like they found the error since the merchant showed proof they dont own this other business and through the voice recording its clearly not the same person. Apparently the CEO of Fenix needs to get involved or tell the 3rd party collection company to remove the fees and balance off the account and since Fenix was not debiting their normal weekly payment for the last 4 weeks, the merchant is going to pay that and catch up.

Long Story short - Fenix funded some rando 8k and thought the client took additional funding on their other business (which they dont have). How underwriting makes this mistake and funds it and a completely different account, i will never know.

[CraaaCraaa Radio]

this is grounds for lawyers to get involved.
stop the payment and have the merchant contact his/her bank. This will NOT hold up in any court.

[CraaaCraaa Radio]

has to be in the contract.

or if the merchant missed some payments and fell behind than I can understand.

but for interest rates going up to pull additional ach s out of the merchants account, are grounds for a law suit and getting the sec/feds involved.

it is very hard for me to believe Fenix would do that and if so let's take a look at the statements where this happened to be absolutely certain.

[seasonedfunder]

reconciliation works both ways. payments can go up if sales go up

[Broker-Funder]

reconciliation works both ways. payments can go up if sales go up

that is definitely not how it works. I have been in this space since 2009 and I have never seen payments go up randomly. The only way that can happen is the merchant submitting their statements in showing how much better they doing. And I have never heard of that before. Merchants would only ask for help when calling the funders and thats when the funders request the statements to 'prove it' on the drop in revenue. So no, reconciliation does not work both ways or at least it would never work in the way without a merchant submitting statements, which this merchant didnt do. The funder rep just called said we want to increase payments due to 'increased interest rates'

[abfunders]

Firstly, FundKite has the program that if the merchant he's doing better than they will pay more. All credit card splits are the same. Secondly, do you have a recording you can prove it? What phone number did they call from? Right now, the burden is on you to prove that the funder did this. Fenix has been here a long time. This is probably the first time anybody's ever heard a whisper of a problem, so prove it or lose it

[Broker-Funder]

Firstly, FundKite has the program that if the merchant he's doing better than they will pay more. All credit card splits are the same. Secondly, do you have a recording you can prove it? What phone number did they call from? Right now, the burden is on you to prove that the funder did this. Fenix has been here a long time. This is probably the first time anybody's ever heard a whisper of a problem, so prove it or lose it

You comparing Credit card splits to daily/weekly ACH? The good old days back when you had to switch a merchant to Integrity or another processor to get a deal done, you got paid based on the credit cards, so of course you will get paid back faster if merchant is a restaurant in the Otter banks of NC during the summer but that has nothing to do with 'reconciliation'. The merchant can prove it, not worried about any of that. I know them personally, they live 15 minutes away from me. Not like this a random merchant that was called and I am believing their little story.

[abfunders]

No, keep up with the times. Fundkite built a way that has weekly monitoring that actually adjusts and takes 15% of your revenue. Auto-reconciliation on ALL deals. THIS should be the future of MCA. Have the merchant forward you the call and send it to Fenix directly and have them answer your merchant directly.

[Broker-Funder]

No, keep up with the times. Fundkite built a way that has weekly monitoring that actually adjusts and takes 15% of your revenue. Auto-reconciliation on ALL deals. THIS should be the future of MCA. Have the merchant forward you the call and send it to Fenix directly and have them answer your merchant directly.

Been waiting for them to call me but Fenix keeps blowing the merchant off. Since the merchant going to three way me in when they finally want to answer the merchant since it seems they just taking advantage of them. Emails sent, calls and texts to the rep. Fenix reps calls when he feels like and is very rude to the client from when the merchant tells me, they cannot stand Fenix and hate their customer service.