Results 1 to 10 of 10
Hybrid View
-
02-05-2015, 05:44 PM #1
submissions
Quick question maybe you folks can give some insight. When submitting deals to lenders, and clients take cash/check as well as have a merchant account with a substantial amount going through the merchant account, why is it that some lenders only send an approval out with an ach program and never send an approval with %holdback unless we specifically ask? Why not send both options?
-
02-05-2015, 05:53 PM #2
- Join Date
- Sep 2012
- Location
- New York, NY
- Posts
- 1,780
The ISO rep at the lender is probably pushing the ACH options because it's much faster to fund and he wants to get his commissions quicker. Credit card deals usually take a few days longer to fund and if a lockbox is involved it takes even longer.
-
02-05-2015, 05:54 PM #3
- Join Date
- Jan 2013
- Location
- Berlin, CT
- Posts
- 191
They might prefer writing deals on their loan platform because of a personal guaranty? We would send offers for both if the merchant qualifies for both.
-
02-05-2015, 07:46 PM #4
because several of these newer and smaller funding companies do not have split capabilities.
-
02-05-2015, 08:08 PM #5
- Join Date
- Jul 2014
- Location
- Online
- Posts
- 965
Do you specify? Chambo is right, some lenders don't have split capabilities and certain lenders require that you specify or send to a certain department.
Always check the packages that come with your agreement. If the company can't supply you with spex/qualifications, submission guidelines, and contacts- odds are, they aren't a great funderAmanda Kingsley
DailyFunder: WhoisKingsley
This is me. https://www.facebook.com/whoiskingsley
I am Here too. https://www.facebook.com/groups/TheClosersGroup
Always Live and Lead with Integrity.
-
02-05-2015, 09:07 PM #6
submissions
Appreciate the responses..
-
02-05-2015, 09:32 PM #7
- Join Date
- Jan 2014
- Posts
- 283
I wish more did hybrids....so you can offer the benefits of payback "moving at the speed of their business"without the hassle of switching processors... A lot of Lenders say they do it, but I've only gotten a handful of deals like that...
-
02-05-2015, 09:46 PM #8
submissions
the other reason I think is less risk for the bank. on an ach program you have a fixed time frame and don't have to worry about the account running slow because processing dropped
John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
-
02-05-2015, 09:59 PM #9
- Join Date
- Jul 2014
- Location
- Online
- Posts
- 965
YESSSS! I feel like the approvals would be higher and make more sense.
Amanda Kingsley
DailyFunder: WhoisKingsley
This is me. https://www.facebook.com/whoiskingsley
I am Here too. https://www.facebook.com/groups/TheClosersGroup
Always Live and Lead with Integrity.
-
02-06-2015, 01:05 AM #10
If the bank statements have a lot of negative days the ach option isn't there. If they do not have a split mca option they will only be able to approve a perc of deals. Similiar to a comparison to on deck and can capital- CAN carries both mca and business loans while ODC only reviews for loans. That being said, loans/ach repayment products are more in demand and sold than mcas in today's current environment
Similar Threads
-
On Deck not taking Yellowstone submissions anymore?
By Achfund in forum Merchant Cash AdvanceReplies: 18Last Post: 06-12-2014, 03:36 PM -
Summer of Submissions
By HeatherF in forum PromotionsReplies: 3Last Post: 05-30-2014, 11:07 AM