Results 1 to 3 of 3
-
05-31-2024, 01:43 PM #1
- Join Date
- Jun 2023
- Location
- New Jersey
- Posts
- 10
How do I collect a PSF fee from a merchant?
If I am providing a service for a merchant outside of an MCA and need to collect a PSF, how do I pull my fee from their bank account once I performed my services?
-
05-31-2024, 07:20 PM #2
Sign up with a ACH company like goach or your local bank but they will typically want you to be in business for 2 years or more and may not do loan brokers. Have a one page signed fee agreement, and voided check. I have a sample fee agreement I can email you. I'm signed up with US Bank under their Singlepoint so there is no fee other than a small monthly amount. I rarely do it only for loans where the lender program won't pay me a fee like SBA 7A for inventory....and I always discuss it up front with the client first and get the agreement signed up front. I don't charge any PSF for any loans where the lender pays me but that's my choice. I realize a lot of brokers do both and that's their choice.
Last edited by Olderguy; 05-31-2024 at 07:33 PM.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
-
06-01-2024, 12:02 AM #3
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,976
Dave 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
Similar Threads
-
Collect Checkout
By Yankeeman07 in forum Payment ProcessingReplies: 0Last Post: 11-04-2022, 03:34 AM -
We'll Chase Them & Collect For You
By TradeNicely in forum Merchant Cash AdvanceReplies: 1Last Post: 10-08-2020, 10:10 AM -
Get Set Up to Collect Fees
By esoyfer in forum Deal BinReplies: 6Last Post: 04-17-2017, 10:22 AM -
Get Set Up to Collect Fees
By esoyfer in forum PromotionsReplies: 1Last Post: 04-16-2017, 01:31 AM -
Get Set Up to Collect Fees
By esoyfer in forum Payment ProcessingReplies: 0Last Post: 04-06-2017, 12:22 PM