Results 1 to 9 of 9
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11-10-2015, 04:37 PM #1
Bank of America (First Data)
As far as I know, nobody can split with BOA (First Data). Can any funder split with them?
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11-10-2015, 04:44 PM #2
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- Apr 2015
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- 42
You are right.
To split with a merchant who processes with BOA, your options will be: lock-box or switch to First Data (Omaha platform), or any other big processor.Ron Hizkiyahu
Business Development & ISO Relations
VitalCap Fund | 48 Wall St. | New York, NY 10005
P. 212.994.6996 Ext.101 | F. 646.219.7949
ron@vitalcapfund.com
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11-10-2015, 04:53 PM #3
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11-10-2015, 05:02 PM #4
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- Apr 2015
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From my experience, merchants are permitted to do it, however due to certain relationships in place, either on the banking side or processing side, they may be convinced not to set up a LB.
Ron Hizkiyahu
Business Development & ISO Relations
VitalCap Fund | 48 Wall St. | New York, NY 10005
P. 212.994.6996 Ext.101 | F. 646.219.7949
ron@vitalcapfund.com
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11-10-2015, 05:02 PM #5
Yes Andy. Bank of America use to have issue with merchant's using a lockbox. That is correct. Most of the time you had to cross fingers they wouldn't catch it. Not sure if they still do have issue with it.
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11-10-2015, 05:08 PM #6
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- Oct 2015
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The one piece of advice we always give to ISOs/merchants after giving them the lockbox check/bank letter, When you give this to your processor to switch your deposits over, DO NOT say lockbox, just a new account for processing deposits. Mentioning a lockbox usually causes a 24-48 hour delay in the processor actually making the switch.
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11-10-2015, 05:42 PM #7
ANY merchant who processes with their bank may have a bundled business package (discounted rates if tied into banking and free next day settlement). If this is the case, you cannot place a lock box check in the middle of that.
But, just because they are at the same company doesn't mean they are bundled. Always ask up front when you see the statements.
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11-11-2015, 09:41 AM #8
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I get that Chambo, but I was asking about BOA in particular because I know from experience that I have never been able get a LB open there. That was what I was asking about, however, I can see what you mean about bundled packages between bank and processor.
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11-11-2015, 11:00 AM #9
most BofA processors are locked in and bundled with bank account @ BofA. TD, CHASE, Huntington, BofA, Third Fifth, etc, etc....if merchant bundles processing and banking for discounts, they cannot change the processing bank account (which is what a lock box essentially does)
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