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?