[ADiamond]

April 25, 2016 - Pending - Payment $303 - Balance $0 - payments halt until this payment clears then if necessary, it will reprocess or go to collections
April 22, 2016 - Pending - Payment $399 - Balance $303
April 21, 2016 - Pending - Payment $399 - Balance $702 - will clear the afternoon of April 25, 2016
April 20, 2016 - Settled - Payment $399 - Balance $1,101
April 19, 2016 - Settled - Payment $399 - Balance $1,500

The problem with this is HUGE...first, youre assuming a weekend....and if I stop the payments on the 25th and the 3-5 previous all don't clear, I have to wait 5 days to figure that out and then turn the debits back on and wait another 5 days for the first one to clear again and then to collect those 3-4 payments I would still end up with over collection

The biggest problem is the delay created by 3rd party ACH companies....If we could eliminate the delays then there would be no issue

actually, there is no problem with this - why would you pull more payments past the 25th? who are you to pull more payments than you told your merchants you would in your own contract? you need to see if they clear and if they dont then proceed accordingly. pulling extra payments then returning it is floating the merchant's money.

i think 5 days is a little exaggerated too.. especially for bigger companies doing millions and billions of transactions a year you would think they would have a solid ach processor - smaller companies like mine do a fraction of that and after 12pm every day i only have 2 pending payments from previous days, and the one due to pull tomorrow - no matter on what bank the merchant has.

and as far as a weekend is concerned, friday's payment clears by 12pm wednesday the following week.

[AndyYSCISOdept]

Was using 5 days as the high end. My point is that the delay causes issues that's all. In an ideal world you could stop 3-5 days before which does happen a lot.

[AndyYSCISOdept]

Diamond, do you know what payment processors that have the least amount of delay?

[ADiamond]

Diamond, do you know what payment processors that have the least amount of delay?

to be honest with you I don't know specifically.. i recommended ours to another guy a few weeks ago and they told him they are currently not signing on any more MCA companies (supposedly a temporary hold and I don't know the reasoning) but if you would like I will follow up with them to see if this is still the case and refer you.

[Regium]

The delay isn't the merchant's fault (or problem), the issues it causes is the nature of the business

[FUNd]

pulling extra payments then returning it is floating the merchant's money.

Millions.

[Chambo]

to be honest with you I don't know specifically.. i recommended ours to another guy a few weeks ago and they told him they are currently not signing on any more MCA companies (supposedly a temporary hold and I don't know the reasoning) but if you would like I will follow up with them to see if this is still the case and refer you.

you don't know the reasoning? It is because of too many complaints of over collection and also debiting unauthorized accounts.

these kids keep thinking they can just do what they want, when they want. Sooner or later the grown ups have to come in and start scolding.

[mcaguru]

you don't know the reasoning? It is because of too many complaints of over collection and also debiting unauthorized accounts.

these kids keep thinking they can just do what they want, when they want. Sooner or later the grown ups have to come in and start scolding.

You guys are taking merchants for idiots and they are Not. In rare cases if a merchant is over collected its returned and if its under collected it goes to collections.

[FUNd]

You guys are taking merchants for idiots and they are Not. In rare cases if a merchant is over collected its returned and if its under collected it goes to collections.

Over-collection is NOT rare.

[mcaguru]

Over-collection is NOT rare.

I am sure with car payments and reoccurring payment industry these things happen BUT its never the MODEL to over-collect. The real scamming is the tens of millions being generated by credit score re sellers that charge $9 bucks from consumers and then in fine print they have the rights to keep collecting for ever until you stop and wait on hold all that are done to innocent consumers and every watch dog group is aware and the games go on.

[FUNd]

I am sure with car payments and reoccurring payment industry these things happen BUT its never the MODEL to over-collect. .

How can you possibly speak intelligently as to what goes on behind the scenes at lending houses you don't even know?

[mcaguru]

How can you possibly speak intelligently as to what goes on behind the scenes at lending houses you don't even know?

I guess you don't know me. Listen i don't know what the fly by nights do, My pals that control 75% of the MCA Funding space are all above board people and don't operate schemes to make another buck outside the core business model.

[FUNd]

I guess you don't know me.

Oh, my apologies, I didn't know that the CEOs of the major industry players run decisions past you.

[HDF]

I guess you don't know me. Listen i don't know what the fly by nights do, My pals that control 75% of the MCA Funding space are all above board people and don't operate schemes to make another buck outside the core business model.

What's in the unwritten core business model is the problem.

[mcaguru]

What's in the unwritten core business model is the problem.

We all focusing on the same issues. Seems like everyone forgets we dart several 100K wires a day across the country with no site inspection or landlord verification and then pay a Double Digit Commission (so we are out of pocket another HUGH CHUNK) before the merchants releases his 1st payment. people are pretending like we are sitting on buildings that mortgage was paid off in 1973 and allo we doing is collecting free cash flow.

[Chambo]

huh? Marcus, what's your point? what does any of that nonsense have to do with over collections?

[FUNd]

My pals that control 75% of the MCA Funding space

Cigars and brandy in the smoking room sir?

[mcaguru]

Cigars and brandy in the smoking room sir?

The leaders in our space are simple people for the most part.

[mcaguru]

huh? Marcus, what's your point? what does any of that nonsense have to do with over collections?

My point is when you will get privileged to see the merchant bounce reports your song may change from only knocking Funders practices. Like i see the country different then the pessimists!! In fact what keeps me up at night is regulation that will force us to take Used Auto Sales off the DO NOT FUND LIST

[Chambo]

My point is when you will get privileged to see the merchant bounce reports your song may change from only knocking Funders practices. Like i see the country different then the pessimists!! In fact what keeps me up at night is regulation that will force us to take Used Auto Sales off the DO NOT FUND LIST

I see bounce reports everyday dude. I broker, I syndicate....and I have a funding book here. What's your point? You don't like grownups telling you that you cannot do anything you want, whenever you want?

[mcaguru]

I see bounce reports everyday dude. I broker, I syndicate....and I have a funding book here. What's your point? You don't like grownups telling you that you cannot do anything you want, whenever you want?

Without Rules and Regs we would not be able to operate our business model today. I got no issues with Rules and Regs that pass the houses and come into law.

[HDF]

The leaders in our space are simple people for the most part.

Your space. YOUR space and way of doing things. Plenty of integrity and smarts among the others players big and small.

[J.Celifarco]

REALLY? I know a a few and of all the words I would use to describe them SIMPLE is not one of them. If that is the word you use to describe them, then I doubt they are leaders.

[mcaguru]

REALLY? I know a a few and of all the words I would use to describe them SIMPLE is not one of them. If that is the word you use to describe them, then I doubt they are leaders.

Simple, As in approachable by employees and spend 10 Hours a day in the office and almost never take vacations. (One guy i know running one of the largest A Paper shops ONLY fly's coach).

[J.Celifarco]

Simple, As in approachable by employees and spend 10 Hours a day in the office and almost never take vacations.

then we just have different definitions of the word simple.. That to me means good boss and hard worker, not simple