Results 1 to 11 of 11
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04-10-2016, 02:59 PM #1
- Join Date
- May 2015
- Posts
- 18
Business owners that conduct there business thru personal accounts?
Hey,
i came across 2 clients that run their business thru personal accounts.
is there a home for that type of deal?
thanks
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04-10-2016, 04:45 PM #2
- Join Date
- Sep 2014
- Posts
- 36
Try cfm, sometimes they don't catch those.. But they take forever to underwrite
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04-10-2016, 04:54 PM #3
- Join Date
- May 2015
- Posts
- 18
thanks Jcoles..
sorry, not sure who cfm is. can you please specify?
thanks in advance.
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04-10-2016, 05:06 PM #4
- Join Date
- Sep 2014
- Posts
- 36
Capital for merchants.
Make sure they apply as a sole prop, and merchants first name as legal name.
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04-10-2016, 05:18 PM #5
- Join Date
- May 2015
- Posts
- 18
thanks for your quick response!
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04-11-2016, 01:55 PM #6
- Join Date
- Dec 2014
- Posts
- 114
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.
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04-11-2016, 01:56 PM #7John 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
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04-11-2016, 01:59 PM #8
- Join Date
- May 2015
- Posts
- 18
Bank & J.Celifarco, thanks a lot!.. appreciate the feedback!
also many thanks to Sean for this great forum!
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09-01-2021, 02:58 PM #9
- Join Date
- Mar 2017
- Posts
- 32
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/
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09-01-2021, 04:00 PM #10
- Join Date
- Jun 2014
- Posts
- 541
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09-02-2021, 07:15 AM #11
- Join Date
- Mar 2017
- Posts
- 32
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.
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