[Paperchaser]

need lenders that will fund with mtd bank printouts, no one wants to just give their password

[J.Celifarco]

what type of deals???

[WhoisKingsley]

No one will just "fund" someone with just MTD print outs. They will use the MTD in underwriting... but never just to fund without knowing. Even all the high risk lenders perform a "bank check" before pressing the fund button.

Why not work with a lender who uses decision logic or another secure form to check? You can also request that the Underwriter or Funding Manager calls the merchant directly at the time of funding to obtain the information to fund.

[J.Celifarco]

What he meant was that prior to funding a lot of banks are starting to ask for bank login and many merchants have a problem with this.. Instead of getting bank login some banks will accept MTD bank for the current month. His question was what banks accept the MTD instead of making the login info mandatory

[Paperchaser]

What he meant was that prior to funding a lot of banks are starting to ask for bank login and many merchants have a problem with this.. Instead of getting bank login some banks will accept MTD bank for the current month. His question was what banks accept the MTD instead of making the login info mandatory

yea jcelifarco gets it

[ADiamond]

mtd and a third party call w/ bank typically will get it done.

i've convinced merchants to do a screen share such as join.me and that's as good as login, they dont have to reveal their password.

but another reason why merchants want to avoid login is they are more than likely hiding other accounts they dont want you to see tied to the login.

[MaxAdvance]

Max Advance uses a screenshot of the MTD day of funding, we do not request bank log-in info.

[Regium]

We use DecisionLogic (secured 3rd party) for bank verification if merchant is not comfortable providing us with credentials

[Paperchaser]

who else?

[cardinalequity]

Lot of lender use 3rd party verification like decision logic. Some present it upfront and others you need to ask for it. In other words you need to tell them to provide another method and a lot will but not all.

who else?

[cardinalequity]

I will add that if presented in a certain way merchants have less of a problem providing login. Like anything else it comes down to how you sell it. (and how bad they need the money)

[aredmond]

Are you asking for A paper lender or a B/C lender? or Both.

[Paperchaser]

both

[Eagle Funding]

We use Decision Logic

[GoodCustomerService]

Funding without a bank verification is absurd. It's a standard verification. If your merchant won't supply it then tell them to take a hike and borrow money from Grandma.

[bizzcash.com]

Funding without a bank verification is absurd. It's a standard verification. If your merchant won't supply it then tell them to take a hike and borrow money from Grandma.

Now that's Good Customer Service. At bizzcash.com, we use a Business Qualification Assessment Form that radio asks if merchant will permit third-party mandate, and, separately, if merchant will permit third-party review:

Permit Third-Party Mandate?:
YES, I WILL PERMIT MONEY TO BE DEPOSITED INTO THE BUSINESS ACCOUNT
NO
BANK STATEMENTS READY?:*
YES (MOST RECENT MONTHS BANK STATEMENTS REQUIRED FOR UNDERWRITING)
NO
Permit Third-Party Bank View?:
YES, I will permit bank account review to confirm the average monthly gross
NO


Look, nobody is going to jeopardize our relationships with funders. We want to have verification issues, or at least verification understandings, well settled well before we even pitch to a funder.

Just like the statements. Don't even hit us up if you aren't prepared to release the bank statements, and we promote that prominently on our website. "Why do you need all this authority, some may ask?" "Why do you need my money," I reply.

Our marketing is what keeps us from having to bend and bow and scrape. If one doesn't want to buy money, there are certainly many others that do. Ask Grandma!

We sell money. How hard can it be? Ha!

[aredmond]

CAN Capital doesn't due IBV(Instant Bank Verification) or Bank Login.

Retail & Swift capital are two that use Yodlee and Decision Logic. Retail Capital will also use Joinme.

B/C paper I would go with Everest or Lendini.

[mcg168]

CAN Capital doesn't due IBV(Instant Bank Verification) or Bank Login.

Retail & Swift capital are two that use Yodlee and Decision Logic. Retail Capital will also use Joinme.

B/C paper I would go with Everest or Lendini.

CAN absolutely does a bank verification for all their deals. They dont require login information or MTD activity, but they call the bank and verify the account.

[Achfund]

usually the ones that dont give are hiding something (even a grasshopper) but yeah mtd is usually ok on smaller deals <10k w a phone verification

[TheChoice]

There are some people. not a vast majority, that are genuinely scared of theft (monetary and id) and they won't do it on that principal alone.Very Small. The rest are hiding something.

However, everyone should be properly pitched, with reassurance and education, why it is a necessary practice to get the job done. You should be able to make the merchant comfortable enough to tell you what they are hiding, because it should be your job to assess whether or not it affects the deal. Some are hiding nothing.

Those that are stone cold about not allowing them to do the bank login, let them walk and come back if it burns their pocket. Don't harp, move on. It's a standard, otherwise merchants could manipulate mtd docs receiving double funding (one of many things that could go wrong), over leveraging, and/or causing merchant to default, losing your commission and damaging your relationship the investor. Sound like its a wasted file. No bank login, no money. Simple. If you sense the merchant is honest..roll the dice..try an alternative approval from Max Advance, which is a much more comfortable take on bank login.

[omegafund]

It is understandable why clean merchants dont want to give out login credentials or even use a 3rd part like Yodlee. Every week you hear about a massive data breach by big companies,healthcare,and banks. It makes merchants uneasy. If your lender cannot call the bank to verify then get a new lender.

[BB_Cooper]

We use Instant Bank Verification(IBV). But both IBV & Decision Logic doesn't work with certain credit unions and some smaller banks. In those cases we fund on MTD screen prints.

Robert S Bloink
EVP of ISO Partnerships
Direct: 313-218-4663
Email: bb@cooperasset.com
Web: www.cooperasset.com
logo-01smaller.jpg

[JSL23]

I guess I understand them feeling a bit apprehensive about giving a Log in...but then again they feel comfortable enough taking money and having us ACH it daily... It seems most Banks either use Decision Logic or are able to take a screenshot....one time they(I forget which Lender) did just call the bank for verification. I have felt like saying ,"okay so no log in, no money" to them once or twice but there are usually multiple ways to get it done.

[Paperchaser]

ok so who else uses mtd printsouts before they fund