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  1. #1
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    Cool online bank access?

    I am a fairly new broker to this industry and have come across some resistance to the stipulation requested by a funder I work with fairly often. The funder requests my merchant to give online bank access (view only) to verify the account and pull older statements,as you can imagine my merchants do not feel very comfortable with that!

    My question is to some of the direct funders out there, do you request this as well and/or what would you accept in in exchange to this stip?

    Any guidance is much appreciated

  2. #2
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    Quote Originally Posted by FCF Fund View Post
    I am a fairly new broker to this industry and have come across some resistance to the stipulation requested by a funder I work with fairly often. The funder requests my merchant to give online bank access (view only) to verify the account and pull older statements,as you can imagine my merchants do not feel very comfortable with that!

    My question is to some of the direct funders out there, do you request this as well and/or what would you accept in in exchange to this stip?

    Any guidance is much appreciated
    On any ACH deal, you should expect for the view only bank login to be asked for.

    Please feel free to contact us at MFS Global for any deals you'd like to discuss and also to find out how you can MAXIMIZE YOUR EARNING POTENTIAL on ALL DEALS.

    Best,

    MFS Global, Inc
    ISO Support
    isosupport@mfsglobal.com
    702-473-1145

  3. #3
    A forum user Reputation points: 2147483647 Sean Cash's Avatar
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    More and more merchants are submitting fake bank statements or manipulated ones. Paper statements over fax as proof of anything these days is pretty useless.

    Quote Originally Posted by FCF Fund View Post
    I am a fairly new broker to this industry and have come across some resistance to the stipulation requested by a funder I work with fairly often. The funder requests my merchant to give online bank access (view only) to verify the account and pull older statements,as you can imagine my merchants do not feel very comfortable with that!

    My question is to some of the direct funders out there, do you request this as well and/or what would you accept in in exchange to this stip?

    Any guidance is much appreciated

  4. #4
    Senior Member Reputation points: 3217 CO1's Avatar
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    What we do is say give me the information and than after change your password. Why would i need to take your money while i am the 1 that is giving you money, and than i also i say to them to get me a month to date activity report of your banking activity instead than.

  5. #5

    online bank access?

    Every lender will request on line access to view the account before funding

  6. #6
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    Thanks guys and especially Co1, you just gave me a great rebuttal point(s). One would think by now there is some software that can verify the bank accounts submited without having to use manual log-ins.

    Thanks

  7. #7
    with the amount of fake statements coming in lately I think its nuts to fund an ACH deal without doing a login to verify the statements are real

  8. #8
    Senior Member Reputation points: 30475 Zach's Avatar
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    Quote Originally Posted by Christina View Post
    Every lender will request on line access to view the account before funding
    This is not true. New Logic, On Deck, Quickbridge, and a myriad of others do not require online bank access.

  9. #9
    Senior Member Reputation points: 3217 CO1's Avatar
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    But there is its called:

    https://www.decisionlogic.com

  10. #10
    Veteran Reputation points: 134971 Chambo's Avatar
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    Quote Originally Posted by CO1 View Post
    But there is its called:

    https://www.decisionlogic.com
    This is a program/website that when merchant fills out their bank info, the site gives viewing access to MCA. They don't have, nor ever get, the actual login info

  11. #11
    Senior Member Reputation points: 50566 ADiamond's Avatar
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    This is for bank account verification and the only acceptable alternative is a third party conference call with the bank.
    Anthony Diamond
    Underwriter

  12. #12
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    Quote Originally Posted by isaacdstern View Post
    with the amount of fake statements coming in lately I think its nuts to fund an ACH deal without doing a login to verify the statements are real

    I come across 2 to 3 submissions a day with altered statements, so the log in is protecting us (the funder) in that way. But, the way that it protects the merchant is by allowing us to check their account to make sure our pulls aren't going to bounce when the merchant hasn't made a deposit in a few days. By doing this we save the merchant quite a few dollars over the lifetime of a deal.

  13. #13
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    Quote Originally Posted by Chambo View Post
    This is a program/website that when merchant fills out their bank info, the site gives viewing access to MCA. They don't have, nor ever get, the actual login info
    True, this software is some first gen software that someone will improve upon in the next year or two. I believe that the next generation/program will be a game-changer for MCA Funders etc.

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