[Nick]

Hi everyone. I am new to the business so I need a bit of guidance on this. I helped fund a merchant with a loan. He signed an ACH agreement for my fees I was able to get him funded. Here is my question who do I use to collect the fees from his account? Any help would be appreciated. Thank You

[PRIMO CASH]

Brace Yourself.....................................

[J.Celifarco]

ACH works

[Nick]

Primo??

[J.Celifarco]

primo??

questions like this set you up for what is to come below

[MCNetwork]

Why would you give someone an ACH fee agreement when you're not even set up with an ACH provider? The level of incompetence entering this industry is astounding. Have him mail you a check...

[PRIMO CASH]

lol. There are several ACH processors you could use. However, if you charged a fee and just now are thinking of how to run it, you should start working on getting set up. Which takes a little time. It isn't instant. ACH Works is solid but very picky about who they sign up. I personally like ACHPROCESSING. Ask for Moe. Great people. Hope this helps...I said Brace yourself because of the responses you may or may not receive on this forum. Good luck nick!

[ADiamond]

have him wire you the money or get a biz bank account that allows you to invoice/pull from customers, or last resort have someone else use their account for 15-25% of the fee (inquire within)

[AlexSMF]

lol. There are several ACH processors you could use. However, if you charged a fee and just now are thinking of how to run it, you should start working on getting set up. Which takes a little time. It isn't instant. ACH Works is solid but very picky about who they sign up. I personally like ACHPROCESSING. Ask for Moe. Great people. Hope this helps...I said Brace yourself because of the responses you may or may not receive on this forum. Good luck nick!

Primo, I too have a question. What does MCA stand for? lol. At least you gave the kid a useful answer. Nick good luck to you bud. Most people, believe it or not, don't mind helping. sometimes though the questions asked on here make some of us stare at the ceiling and ask "God, how in the world does this person not get lost everyday when they go home?"

[Chambo]

Have them Western Union you the money

[ridextreme]

Hi everyone. I am new to the business so I need a bit of guidance on this. I helped fund a merchant with a loan. He signed an ACH agreement for my fees I was able to get him funded. Here is my question who do I use to collect the fees from his account? Any help would be appreciated. Thank You

Hi Nick, I can def. help you out with that. First off, how much was the amount of the business loan, and how much were your fees?

[Michael I]

Nick
Who was the lender that gave the deal?

[Nick]

It was for 200k and fees are $10,795. The loan was from Funding Circle

[ridextreme]

It was for 200k and fees are $10,795. The loan was from Funding Circle

do you have a business account and who drew up the ach form, did you borrow someone elses, or did you create one yourself?

What does MCA stand for? lol.

see what happens when you assume : /

[CLucas]

Recovering the fees might be difficult even if you have a signed contract. My hope is you receive your money, in the event you don't try to not let this deal cloud your view, use it as a learning experience and perfect your process for the next deal.

[Sean Cash]

lol. There are several ACH processors you could use. However, if you charged a fee and just now are thinking of how to run it, you should start working on getting set up. Which takes a little time. It isn't instant. ACH Works is solid but very picky about who they sign up. I personally like ACHPROCESSING. Ask for Moe. Great people. Hope this helps...I said Brace yourself because of the responses you may or may not receive on this forum. Good luck nick!

I have an account with ACH Processing Co and I know they are very friendly to this industry. Contact Moe Abusaad at mabusaad@achprocessing.com or (469) 209-8155

[Nick]

Thank You everyone. Would any one be interested in a 10% fee for running the ach?

[Sean Cash]

Thank You everyone. Would any one be interested in a 10% fee for running the ach?

That's a no-no in the payments world. You need your own account.

[MCNetwork]

That's how you get your ACH account cancelled...

[Sean Cash]

Hi everyone. I am new to the business so I need a bit of guidance on this. I helped fund a merchant with a loan. He signed an ACH agreement for my fees I was able to get him funded. Here is my question who do I use to collect the fees from his account? Any help would be appreciated. Thank You

I want to add something else to this whole conversation, where did you even get the template for your "ACH agreement"? ACH agreements between you and the customer must conform to your ACH Processor's requirements. You can't just make a form that says "merchant agrees to be ACH'd" and have them sign it and expect it to be automatically okay for you or someone else to debit them.

Did you copy and paste someone else's agreement? It's possible that your ACH agreement isn't valid even if you had your own ACH account. It sucks that you are learning this all after the fact. I hope that Funding Circle at least paid you well on the deal. You may have to kiss your closing fee goodbye unless the merchant is willing to send you a check.

[WhoisKingsley]

Hi everyone. I am new to the business so I need a bit of guidance on this. I helped fund a merchant with a loan. He signed an ACH agreement for my fees I was able to get him funded. Here is my question who do I use to collect the fees from his account? Any help would be appreciated. Thank You

Nick- I believe we spoke on the phone and email a few times where you picked my brain and asked for help with certain things. You clearly stated in your conversation that you were "different" than those who are ruining this industry. I've since then reached out about new developments that can help you and you haven't responded.

With that being said- Does the funding company that funded this "loan" know that you were charging fees? Who cares about that right? So, your broker company got paid the commissions but had them sign your ACH agreement which is probably not legal because if it was legal and you requested "how to" collect fees you would know you would need to have an account with an ACH company (which is hard to do) and with the looks of where your going and the way your company conducts business probably won't happen.

Go ahead and keep tarnishing the "ISO" "Broker" business and see where you are in a year from now.

[PRIMO CASH]

Well this convo took a sharp turn....In the defense of the noob, Funding Circle actually offers 2 different tiers of commission. One that does not allow for back end fees and one that does. Benefit of the doubt to Nick, perhaps he is signed up for the latter. However, that whole offering up 10% to run the fee for you is incredibly unethical and most likely illegal (though I'm not an attorney.) Listen to Amanda, do things the right way (time consuming and difficult as they may be) and you will find long term success. Learning the hard way tends to be initiation in this industry. Good luck.

[Fundpro]

As you can see I very rarely post on the forum but have been in this industry for over 8 years and thought I had seen it all. The fact that someone can come on this forum and not only admit they charged
a fee of that size and asked how they can collect it not knowing the mechanics of ACH. I seriously think I am going to sell my book.

[Chambo]

That's a no-no in the payments world. You need your own account.

You think any of these kids care about laws, rules and regulations?

[WhoisKingsley]

Well this convo took a sharp turn....In the defense of the noob, Funding Circle actually offers 2 different tiers of commission. One that does not allow for back end fees and one that does. Benefit of the doubt to Nick, perhaps he is signed up for the latter. However, that whole offering up 10% to run the fee for you is incredibly unethical and most likely illegal (though I'm not an attorney.) Listen to Amanda, do things the right way (time consuming and difficult as they may be) and you will find long term success. Learning the hard way tends to be initiation in this industry. Good luck.

Thanks Primo I may offer time consuming advice- but let me tell you. I have been in this industry for almost 3 years and started off as an admin (promised underwriter), went into funding management/business development between ISOs and Funding companies and have heard every complaint and suggestion from every side that participates in the MCA Industry. I am exhausted with people contacting me with advise that I give (FOR FREE) just to see things like this. I assisted with the Sean and help make it clear that it is the "Year of the Broker" - The broker is the one getting to the merchant and getting paper and Funding companies rely on Brokers/ISOs for deal flow... there is a way to do it and keep consistent quantity and maintain quality... I really want to help put things in place to streamline business for the Funders that I've worked with and know can help you! Why is everyone making things so difficult?!

Just another free tip- When merchants need money and they "Google" search specifics that they are looking for, sometimes the DailyFunder posts come up in their search. I think it's a good thing a few of you stay anonymous.