[Giants86]

Hey,
i came across 2 clients that run their business thru personal accounts.
is there a home for that type of deal?


thanks

[Jcoles]

Try cfm, sometimes they don't catch those.. But they take forever to underwrite

[Giants86]

thanks Jcoles..
sorry, not sure who cfm is. can you please specify?

thanks in advance.

[Jcoles]

Capital for merchants.
Make sure they apply as a sole prop, and merchants first name as legal name.

[Giants86]

thanks for your quick response!

[Bank]

I have gotten deals like this funded in the past. Request for the merchant to open up a business checking account and base the approval amount and terms on the last 6 months of his or her personal statements that were being used for business purposes. Once the business bank account is open for a couple days and you can see that it is going to be made the primary business account then funding can occur.

[J.Celifarco]

Hey,
i came across 2 clients that run their business thru personal accounts.
is there a home for that type of deal?


thanks

also if it is a sole prop and they are running through a personal account they can ask the bank to add the dba to the account which when it is a sole prop most banks will also accept

[Giants86]

Bank & J.Celifarco, thanks a lot!.. appreciate the feedback!
also many thanks to Sean for this great forum!

[Davekirk]

One real danger in funding a merchant who is operating out o their personal account is covered in what we at ACHWorks posted the other day - It's Not Personal...It's Business. The NACHA regulations for consumer versus commercial checking accounts and debiting via ACH from those accounts is staggeringly different. You might be helped to do a quick read of that article to get the full picture. It will only take a couple of minutes but it will be worth it. here is the website www.achworks.com/news/

[BB_Cooper]

One real danger in funding a merchant who is operating out o their personal account is covered in what we at ACHWorks posted the other day - It's Not Personal...It's Business. The NACHA regulations for consumer versus commercial checking accounts and debiting via ACH from those accounts is staggeringly different. You might be helped to do a quick read of that article to get the full picture. It will only take a couple of minutes but it will be worth it. here is the website www.achworks.com/news/

With personal bank statements- I believe the NACHA rules allow the merchant to unwind the last 90 days of recapture debits as of right-

[Davekirk]

BB Cooper

We have recently been successful in stopping that when we have the correctly worded Auth form and the debits were from a Commercial Account. When the Auth did not use the latest NACHA wording and the debits came from a consumer account it can still go that 90 day unwind just like you said. Man that would hurt in so many ways.