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04-25-2016, 01:10 PM #1
What I have seen with the banks I work with is that there is not set amount to stop payments but that banks (not all but from what I have seen alot) have to stop them manually and they do this at the end of every week. So if a merchant pays off on tuesday payments will be taken Wednesday-Friday. Then the following week any money that is taken over the payback amount is returned to the merchant. I dont think most banks have enough people to watch every deal every day try to come up with the method that works best for them.
I will completely agree with you that some banks are not very good at this and often need to be called and told to stop payments. Not sure what the fix is, if it is better technology or more people. Deffinitely an issueJohn 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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04-25-2016, 01:18 PM #2
- Join Date
- Sep 2012
- Location
- Gainesville Florida
- Posts
- 168
For most companies to communicate with the ACH provider... they have a FTP service to share files back and forth... Any funder should have a system that communicates either a total payback or number of payments within their system that would remove the debits. What I have noticed with the continue debits ... is it is a sales tactic. The funders way to get the client to call in and try and sale them on a renewal. We see it all the time with files that we fund or pay off certain funders in the space ... the debits continue and when questioned on why still debiting... I always get " Accounting issue" I agree with FUNd ... always in the funders favor.
Heather Francis
Elevate Funding
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