[AlexSMF]

Hey guys,

Have a merchant that is trying to get his payoff letter from Can Capital and they are giving him the usual run around, except for whatever reason it is much worse. He has been trying for over a week and keeps getting the B.S. He tried calling on three-way call with his attorney and they refused to speak with him until his attorney hung up the phone.
I know this is their and most other funders shtick but usually after a few days they of trying to keep the merchant with no success they just give up and issue the letter....not this time.
Does anyone potentially have an inside person at Can Capital that can help this guy out to obtain a payoff letter? If so, can you please shoot me his/her contact info.

[AndyYSCISOdept]

That is just so un-professional, I don't know the whole sotry but from what you've told me it souds like sour grapes.

[AlexSMF]

That is just so un-professional, I don't know the whole sotry but from what you've told me it souds like sour grapes.

Yeah Ive never seen one like this. I warned the merchant that he was going to have to jump through hoops but not like this. They gave him wrong phone numbers to call, refused to speak with him while his attorney was on the line. Even after he threatened that he would stop payments on them, they said well then you would just be in default and we would take you to collections. At what point does Can Capital and other companies with similar practices realize that if there is one way to ensure that a merchant never renews with you again, then this is the way to do it.

[jotucker1983]

Has he really been trying for over a week?

I personally make sure my Funder Partners do the same thing. I want the merchant to give me an opportunity to underwrite the file for a renewal or reload and issue an approval. If we can't approve him or the numbers are just horrible, and he has a better deal elsewhere, then release the Pay-Off Letter.

But if the merchant hasn't spoken to me at all about wanting a renewal and we just randomly get a request for a Pay-Off Letter....I tell them to stall him, underwrite the file, generate numbers and allow me to do my renewal presentation first.

[AndyYSCISOdept]

Has he really been trying for over a week?

I personally make sure my Funder Partners do the same thing. I want the merchant to give me an opportunity to underwrite the file for a renewal or reload and issue an approval. If we can't approve him or the numbers are just horrible, and he has a better deal elsewhere, then release the Pay-Off Letter.

But if the merchant hasn't spoken to me at all about wanting a renewal and we just randomly get a request for a Pay-Off Letter....I tell them to stall him, underwrite the file, generate numbers and allow me to do my renewal presentation first.

I can understand what you're saying but based on the description above it sounds like the merchant was not interested and by the way that Can Capital handled the situation it would have cut your legs out from underneath you anyways

(My comment is based on allegations that I can neither confirm or deny the validity, all hypothetically based on the description of events being true)

[JoeLepkoski]

Stalling on the payoff letter for 2, maybe 3 days is pretty common practice, but over a week is pretty ridiculous.

[AlexSMF]

Has he really been trying for over a week?

I personally make sure my Funder Partners do the same thing. I want the merchant to give me an opportunity to underwrite the file for a renewal or reload and issue an approval. If we can't approve him or the numbers are just horrible, and he has a better deal elsewhere, then release the Pay-Off Letter.

But if the merchant hasn't spoken to me at all about wanting a renewal and we just randomly get a request for a Pay-Off Letter....I tell them to stall him, underwrite the file, generate numbers and allow me to do my renewal presentation first.

Joe, yes he has been trying since Friday of last week. Furthermore, the problem is that his rep has not even reached out to him to tell him "hi mr. merchant, i understand you are looking for a payoff, what I would like to do is give you our offer since you have been a loyal customer of ours, and if I cannot compete with what the other company is offering you, then I will try again to see if we can beat their offer, and if we still cant, then I will give you the payoff." I have done that many times and 99 out of 100 times the merchant is completely cool with that. However if you dodge his calls for a week and let some customer service rep that is trained like a monkey to recite the same thing over and over then you will lose that merchant. I dont know what type of clients you deal with, maybe the desperate ones will take that kind of abuse. Merchants I deal with typically tend to be smarter more advances business owners who get very turned off when they have to deal with **** like that. In any case, this post was not meant to start a discussion over which practices are best to employ but rather if someone on here can help me out with an issue I am having the same way that I provide useful information when I can to people that may have questions on this forum.

[#1closer]

can-cap payoff dept.
Jason Vaughn or Stacey Roman
877-300-8282 ext 6662

[MCNetwork]

AlexSMF, have YOU tried to reach CAN or are you relying on your client's word that he tried? It sounds like for whatever reason, your client is stalling. Some funders can pay CAN based on the balance shown on the client's online portal so you can try that approach. Otherwise, your client can be pulling a fast one and is shopping around. I would get on a three way with your client and CAN Capital or ask your client to come clean.

[AlexSMF]

can-cap payoff dept.
Jason Vaughn or Stacey Roman
877-300-8282 ext 6662

Thanks bud.

[AlexSMF]

AlexSMF, have YOU tried to reach CAN or are you relying on your client's word that he tried? It sounds like for whatever reason, your client is stalling. Some funders can pay CAN based on the balance shown on the client's online portal so you can try that approach. Otherwise, your client can be pulling a fast one and is shopping around. I would get on a three way with your client and CAN Capital or ask your client to come clean.

I have personally called with him on three way as well, they also refused to speak with him while someone else was on the line, so I "hung up" by pressing mute and overheard the entire conversation. Trust me, I know all the tricks that merchants and funders pull. I would not be asking for help on here if this has been going on for 1 or 2 days or if I had any reason to believe that the merchant is lying or if I thought that every other option has not been exhausted. Three way call with his attorney earlier this week did not work, three way call with me acting as his accountant, did not work. Him emailing his rep, no reply. Him calling customer service with me on the line on mute, they gave him run around saying they do not have access to his account, only his rep does. He asked for his reps number and one guy gave one extension and the supervisor gave another extension. Called both numbers with extensions and they are both wrong numbers. He threatened to call the CFPB and the AG along with stopping payments on them, they responded that he would be in default and go into collections. Like I said, I have dealt with going through hoops to get payoffs, and Can is notoriously ones of the companies that make it particularly difficult, but this was not something I have ever seen before. I havent been in this industry for 10 years but Ive been in it long enough to know what is bull**** and what is not.

[Michael I]

At this point you just stack it crest hill will give you double points or you can use wbl if he has collateral

[AlexSMF]

At this point you just stack it crest hill will give you double points or you can use wbl if he has collateral

Thanks, or I can just close on the 120,000 loan with 12 points with On Deck that he already signed contracts on.

[mcg168]

Hey guys,

Have a merchant that is trying to get his payoff letter from Can Capital and they are giving him the usual run around, except for whatever reason it is much worse. He has been trying for over a week and keeps getting the B.S. He tried calling on three-way call with his attorney and they refused to speak with him until his attorney hung up the phone.
I know this is their and most other funders shtick but usually after a few days they of trying to keep the merchant with no success they just give up and issue the letter....not this time.
Does anyone potentially have an inside person at Can Capital that can help this guy out to obtain a payoff letter? If so, can you please shoot me his/her contact info.

This def isnt common practice for CAN. Its their policy that they can only delay a requested payoff for 48 hours. No company ever wants to lose an established client but CAN is too large to make such a stink over 1 merchant. I would have him call renewals and ask to speak with a manager.

[Michael I]

Thanks, or I can just close on the 120,000 loan with 12 points with On Deck that he already signed contracts on.

Oh I didn't know it was on deck . Twice I had on deck call to threaten that they won't ever send can a payoff letter if they play this game .
The rep that did that for me is no longer there but it's worth a try to ask your rep

[funding pro]

CAN is in full on desperation mode. ODC has beaten them every which way (except for profits) and they have either gotten rid of the best middle managers they had or they chose to leave. I spoke to someone recently that said over 80% of their fundings are now renewals. Who knows how true that is but I'd believe it.

[mcg168]

CAN is in full on desperation mode. ODC has beaten them every which way (except for profits) and they have either gotten rid of the best middle managers they had or they chose to leave. I spoke to someone recently that said over 80% of their fundings are now renewals. Who knows how true that is but I'd believe it.

This is one of the most inaccurate things I have ever read on this site. CAN has had record months for the last 4-5 months, but if call $150,000,000+/month in funding 'desperation mode' I would like to see how you categorize everyone else in the industry.

Secondly - I would consider profits a pretty important measuring tool when your comparing companies.

[AlexSMF]

Thanks for the help, Payoff finally came an hour ago. Bad business practices for CAN capital on this one but worked out at the end.

[J.Celifarco]

CAN is in full on desperation mode. ODC has beaten them every which way (except for profits) and they have either gotten rid of the best middle managers they had or they chose to leave. I spoke to someone recently that said over 80% of their fundings are now renewals. Who knows how true that is but I'd believe it.

If ODC is beating them in everything except profits, that means ODC is losing

[Zach]

Thanks, or I can just close on the 120,000 loan with 12 points with On Deck that he already signed contracts on.

Absolutely! Let me know if the client needs more money. If OD approved for $120K I can probably do $250K.

[Michael I]

Absolutely! Let me know if the client needs more money. If OD approved for $120K I can probably do $250K.

Zach I have 8 open approvals with on deck this week . 2 of those were over 200 percent of monthly gross .

[funding pro]

This is one of the most inaccurate things I have ever read on this site. CAN has had record months for the last 4-5 months, but if call $150,000,000+/month in funding 'desperation mode' I would like to see how you categorize everyone else in the industry.

Secondly - I would consider profits a pretty important measuring tool when your comparing companies.

If ODC is beating them in everything except profits, that means ODC is losing

Not disagreeing with that. I guess my main point was that this industry was CAN's for the taking and they whiffed big time and let other players "catch up" and ODC pass them by, specifically from a market share perspective. If you work with them on a daily basis funding large volume, than you have felt the effects of the middle manager changes I mentioned.

[stat]

going through the same issue with CAN right now, they refuse to provide a payoff letter and went as far as telling the merchant that if he waits 9 days he will qualify for a 6% discount...so he'll qualify for a discount if he pays you off in 9 days but not if he pays you off today??

Very frustrating dealing with these guys, to think all someone wants is to pay them off EARLY & IN FULL

[anydealfunded]

Have them preach poverty and start nsfing...will only be a matter of time before they get a payoff letter. Sometimes you have to think outside the box.

[Michael I]

or selling the business and want to pay before new owner takes over which won't feel responsible