Results 1 to 13 of 13
-
02-18-2016, 04:14 PM #1
- Join Date
- Apr 2013
- Posts
- 359
Do processors really need bank statements? OR are they trying to get the deal?
I have a merchant processing $40K and the processor is now requesting his bank statements.
Business is pretty standard - furniture retail.
Do I need to be concerned about the processor trying to outsource and get the advance deal as well? I don't know why the processing statements are not sufficient.
-
02-18-2016, 04:56 PM #2
- Join Date
- Oct 2013
- Posts
- 45
Furniture is one of the riskier industries for merchant approval. I wouldn't be concerned since a totally normal stip to approve furniture for retail merchant account.
-
02-18-2016, 05:15 PM #3John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
-
02-19-2016, 08:22 AM #4
- Join Date
- Oct 2013
- Location
- New York, NY
- Posts
- 1,203
-
02-19-2016, 09:16 AM #5
- Join Date
- Jul 2015
- Posts
- 58
Do processors really need bank statements? OR are they trying to get the deal?
If underwriting is asking for it regardless if it makes sense or not it's best to suck it up and provide the docs. Your deal will get funded faster. I have often grabbled with the question why wasted time and energy trying to play lawyer all for nothing.
-
02-19-2016, 09:23 AM #6
- Join Date
- Oct 2013
- Location
- New York, NY
- Posts
- 1,203
-
02-19-2016, 09:31 AM #7
- Join Date
- Jun 2015
- Posts
- 3,325
do you have any ideas how often i got request for moronic stips that i got waived .
-
02-19-2016, 09:55 AM #8
- Join Date
- Oct 2013
- Location
- New York, NY
- Posts
- 1,203
-
02-19-2016, 10:05 AM #9
- Join Date
- Jun 2015
- Posts
- 3,325
-
02-19-2016, 10:29 AM #10
- Join Date
- Jul 2014
- Posts
- 1,746
-
02-19-2016, 11:05 AM #11
I think for an MCA be it credit card or ach deal, the bank statements need to be reviewed and accounted for. I've never seen where a funding company won't require at least 3 months of bank statements. Its the processing statements that are optional and even that depends on the circumstance, for example if the amount of volume processed on the credit cards is large. Furniture is high risk and seasonal, further requiring a review of bank statements.
-
02-19-2016, 11:47 AM #12
- Join Date
- Oct 2013
- Location
- New York, NY
- Posts
- 1,203
I thought this was about setting up the processing and why theyd ask for a Bank statement? The answer to that is obvious but again, there are always surprises.
-
02-22-2016, 12:09 AM #13
- Join Date
- Apr 2013
- Posts
- 359
Correct, this was requested from the processor.
I understand given the industry is considered high risk and chargebacks are more frequent.
As for it being a "normal" stip... I don't trust anyone but myself so have a natural caution when it comes to submitting deals to anyone anywhere. I've caught enough of them to embarrass them and even get a few bad apples fired.
Similar Threads
-
PDF Bank Statements vs OFX File
By MikeGreen-Quarterspot in forum Everything elseReplies: 12Last Post: 04-24-2016, 10:04 PM -
Funding without bank statements
By Oxforddan in forum Merchant Cash AdvanceReplies: 13Last Post: 09-20-2015, 11:56 AM -
Need MCA with bad bank statements
By sigmundpannu in forum Deal BinReplies: 5Last Post: 09-01-2015, 10:59 PM -
Question: Bank Statements
By 1StopFunding in forum Merchant Cash AdvanceReplies: 5Last Post: 06-09-2014, 12:33 PM -
Fishy Looking Bank Statements
By Scott Williams in forum Merchant Cash AdvanceReplies: 14Last Post: 05-27-2014, 04:11 PM