[Yesfund]

Any advice on how to advise a merchant to get a payoff letter from a lender?
Funder is giving the merchant the run around....

[Funder Mark]

Tell the merchant to complain, and say they will put out a bad comment online about the service. It also depends on how long it was since the client requested the letter.

[jotucker1983]

A lot of lenders are doing this and they rightfully should in my opinion if they have not had the opportunity to present the merchant an offer. I tell my lenders to do the same thing, if someone requests a "Pay Off Letter" but I haven't had the opportunity to even submit numbers to the merchant yet, how does the merchant know I don't have a better offer?

Now if we have already submitted numbers and they are subpar, or if we can't approve the merchant, then that's a different story.

[funded]

Sounds like quickbridge

[Andy]

Depends which side your on lol. If its your account , then you want the funder to delay to give you the opportunity to sell a renewal and retain the customer.

If your on the other side then yeah its very frustrating, I like the above idea about threatening bad reviews, we normally have the merchant threaten legal action if its been more than 24 hours and miraculously they get the payoff letter a couple minutes later

Another good strategy is to have merchant ask for balance or transaction report instead of payoff letter so it doesnt draw any flags at the funder. Then when we call to verify balance we can get payment instructions if we do not already have it for that funder.

[Yesfund]

An ISO i work with had the same issue with quickbridge, last month.
They are going to have a slew of complaints and BBB if they keep it up

[michaelh]

Geez it's not difficult- you tell the funder you are stopping payment at the bank if they don't provide a payoff letter by a certain date- Its a breach of contract on the lenders part - do it in writing the Lender

[Sachip24]

if they have log-ins you can ask them to print out their balance instead of having to get payoff. A lot of lenders accept are starting to accept this.

[anonymous]

Geez it's not difficult- you tell the funder you are stopping payment at the bank if they don't provide a payoff letter by a certain date- Its a breach of contract on the lenders part - do it in writing the Lender

Works like a charm. Have merchant verbally request, then have them send an email to that effect, so that it is in writing.