[FUNd]

OK, I'm sick of this now. Why are over 50% of our clients who don't renew calling us about extra payments being pulled at the termination of contract? It was a sporadic issue, now becoming commonplace (especially with the bottom-feeding lending houses). I've heard every excuse in the book from ISO reps, all of which I almost fell out of my chair laughing at, and still have no concrete answer as to why ACH software is programmed to pull a set amount of payments, yet happens to "malfunction" all the time, always in the lender's favor.

Anyone else experiencing this?

[J.Celifarco]

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 issue

[Funder Mark]

I was always told that it is due to the lag time between when an ACH is pulled, and when it is received. So if the last payment for a client is pulled on Monday, it will not show up until let's say Wednesday, and the funder does not want to stop the payments until Wednesday, when the last ACH is actually received.

[Chambo]

It's bad business and another factor that'll catch the CFPB's eye

[Chambo]

I was always told that it is due to the lag time between when an ACH is pulled, and when it is received. So if the last payment for a client is pulled on Monday, it will not show up until let's say Wednesday, and the funder does not want to stop the payments until Wednesday, when the last ACH is actually received.

That is only true about 30% of the time. Other times, it is due to sheer laziness

[HeatherF]

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

[J.Celifarco]

That is only true about 30% of the time. Other times, it is due to sheer laziness

Also very true

I was always told that it is due to the lag time between when an ACH is pulled, and when it is received. So if the last payment for a client is pulled on Monday, it will not show up until let's say Wednesday, and the funder does not want to stop the payments until Wednesday, when the last ACH is actually received.

I hear that also. Every bank has its own issues

[isaacdstern]

Unless you use a Wells or a Chase all 3rd party providers have a lag time. In most cases it's 3-5 days. We use 5 different Ach providers and all range between 3 and 5 days

[HDF]

Much of those who consider themselves as B2B "Fintech" are comprised of a crappy website, telephones, and email. Go to all the conferences you want, but most of the shops behind the scenes look like a wall street brokerage circa 1979.

[bdshaw]

I have some experience dealing in the ACH marketplace.
Heavily monitored and regulated by NACHA any lenders that pull extra money from accounts should be reported to NACHA.
In the past they will contact their processor and pull their ability to collect electronically. Fund, if you hear anymore complaints refers them to me and I'll put them in touch with the correct office.
If the processor is responsible they will get two warnings. Anymore will result in getting kicked out of the network.
Lenders oulkung that cheap hurt everyone here who doesn't .
Bob

[mcaguru]

Much of those who consider themselves as B2B "Fintech" are comprised of a crappy website, telephones, and email. Go to all the conferences you want, but most of the shops behind the scenes look like a wall street brokerage circa 1979.

If you came to Cresthill Office's you'd think your in a silicon valley Tech's HQ's !

[Regium]

I was always told that it is due to the lag time between when an ACH is pulled, and when it is received. So if the last payment for a client is pulled on Monday, it will not show up until let's say Wednesday, and the funder does not want to stop the payments until Wednesday, when the last ACH is actually received.

Was also given this excuse with one or two particular funders. Horrible practice, and looks horrible on the broker who sold the deal.

Customer pays off an account 1.45+, under 5 months, with 8% in fees - shouldn't be overcharged as well to offset a potential bounced payment. Charge the amount you're supposed to - if it bounces, inform the merchant and run the charge again.

[ADiamond]

this is all bull. ACH payments take 3-5 business days to clear yes that is correct but someone stated that extra money is being pulled past the balance, that is them floating the merchant's money for a week before they return it.

there is no reason why a platform can not calculate a running balance, which in fact most do that's why you will see the last payment a few dollars shorter than the normal daily amount with most trustworthy lenders

what he said was they are pulling payments past the balance being $0 "because the past 3 havent cleared," and they shouldnt be pulling payments - they are floating the money - the ach processor isn't pulling extra payments, someone has to initiate it.

An ACH payment is pulled the night before by 5-7PM EST for the next day, and will hit their account the next day. Today, Monday, is a payment that was initiated Friday April 22, 2016.


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

[HDF]

If you came to Cresthill Office's you'd think your in a silicon valley Tech's HQ's !

Sure. Preying Mantis is all over technology and cutting edge communications. Keep telling yourself that.

Preying Mantis.JPG

I wanted to introduce myself My name is Marcus Clapman and I head ISO Partnerships at Cresthill Capital A large Direct Lender in the Merchant Capital Advance Space/Revenue Based Finance.


Cresthill Capital is well known for Funding the following HIGH RISK businesses:



· Poor Credit

· Home based

· Tax liens (Case by case).

· Out of the box kind of businesses/

· Vapor/ Hemp

· New Owner of establish Business

· Businesses with Large financial liabilities

· Files over $200,000.

· Many position FILES

· We love Construction!!


Items needed For Pre-approval offers(HOURS after submitting!!)

· Completed application, Signed and dated.

· 3 month most recent bank statements.


Underwriting Guidelines

· Monthly Deposits of at least $5,000 (California $7,000).

· Must be in business 3 months (case by case 2 months).

· No more than 7 NSF’s (larger files can be up to 10).


Will fund High RISK Merchants:

· HOME BUSINESSES

· SOLE PROPRIETORSHIPS

· CALIFORNIA BUSINESSES

· CONSTRUCTION

· BAIL BONDS

· ANTIQUES (NO SPECIAL ORDERS)

· RENTAL OR SALES AGENCIES

· COLLECTIBLES/MEMORABILIA

· COMPUTER HARDWARE SALES, SERVICE AND REPAIR

· EDUCATIONAL MATERIALS / SEMINARS/ SELF HELP

· ESCORT SERVICE AND ADULT ENTERTAINMENT

· NTERNET BUSINESS

· LEAD LISTS (ALL TYPES)

· MLM – MULTI LEAD MARKETING (PRODUCT SALES ONLY)

· MODELING-TALENT AGENCIES

· MOVING COMPANIES

· ONLINE MALLS

· ONLINE / MAIL ORDER EVENT TICKET SALES

· PRIVATE INVESTIGATORS

· PUBLIC RELATIONS SERVICES

· REAL ESTATE RELATED INDUSTRIES

· SECURTIY AND/OR SURVEILLANCE EQUIPMENT / SERVICE PROVIDERS

· TRAVEL AGENCIES

· WEB ADVERTISING


Restricted Merchants:


· Used Auto

· Legal Services

· Collection Agencies


Stipulations for funding:

1) Signed Contract.

2) Business License.

3) Clear Voided Check.

4) Last 2 Months of Rent Checks.(no landlord or site inspection needed!!).

5) Bank login credentials with all security questions.

6) Clear driver’s license (we require a color scanned copy front & back).

7) Merchant Interview. Followed by WIRE to merchant within 10 Minutes


Cresthill Capital Commission Compensations:


We are currently offering 8% on the funded plus a 2 point bonus on all files making the total 10%


“Recliner Program”

Cresthill (for companies that choose this program) handles A-Z (you provide just the Raw Lead) we pay you 5-Points on the funded deal!! (we have all the shared documents in place so your updated during the entire process).



Kindly, fill the info below so we can place into the ISO Agreement.


Agent’s / operators Full Name:


Business Name:


Business Address:


Business Phone:


Cell:


Fax:


Email:



Marcus Clapman I Business Development | Cresthill Capital

(High Commissions Payout Group)

——————————————————————————

Tel: 917-521-6528 | Fax: 212.671.1473

315 Madison Avenue | Suite 4026 | New York, NY 10017

Email: bizdev@cresthillcapital.com

http://www.cresthillcapital.com

[WhoisKingsley]

OK, I'm sick of this now. Why are over 50% of our clients who don't renew calling us about extra payments being pulled at the termination of contract? It was a sporadic issue, now becoming commonplace (especially with the bottom-feeding lending houses). I've heard every excuse in the book from ISO reps, all of which I almost fell out of my chair laughing at, and still have no concrete answer as to why ACH software is programmed to pull a set amount of payments, yet happens to "malfunction" all the time, always in the lender's favor.

Anyone else experiencing this?

Two of the worse cases I've seen- one had over two weeks of payments overdrawn and the other over $7k in over pulls that the Merchant didn't catch. We received a pay off letter that was almost $4k higher than what was calculated. When we did a little more digging it would have been over $8k by the time they were Funded.

Unfortunately, there is no "One Call Resolution" in this industry when something happens like this. This isn't something people like to deal with and most of the time it takes weeks to repair because it seems to be "not important" and/or someone in the background said "Dammit, they caught on!"

[FUNd]

I wonder how many merchants don't notice. I suspect, with some funders, that a large maturting portfolio with an extra payment here and and extra payment there adds up to a nice fat payday when it's all said and done. Service the ones that complain, pocket the cash for the ones that don't. Not saying this is what happens, just a theory.

[mcaguru]

Sure. Preying Mantis is all over technology and cutting edge communications. Keep telling yourself that.

Preying Mantis.JPG

I wanted to introduce myself My name is Marcus Clapman and I head ISO Partnerships at Cresthill Capital A large Direct Lender in the Merchant Capital Advance Space/Revenue Based Finance.


Cresthill Capital is well known for Funding the following HIGH RISK businesses:



· Poor Credit

· Home based

· Tax liens (Case by case).

· Out of the box kind of businesses/

· Vapor/ Hemp

· New Owner of establish Business

· Businesses with Large financial liabilities

· Files over $200,000.

· Many position FILES

· We love Construction!!


Items needed For Pre-approval offers(HOURS after submitting!!)

· Completed application, Signed and dated.

· 3 month most recent bank statements.


Underwriting Guidelines

· Monthly Deposits of at least $5,000 (California $7,000).

· Must be in business 3 months (case by case 2 months).

· No more than 7 NSF’s (larger files can be up to 10).


Will fund High RISK Merchants:

· HOME BUSINESSES

· SOLE PROPRIETORSHIPS

· CALIFORNIA BUSINESSES

· CONSTRUCTION

· BAIL BONDS

· ANTIQUES (NO SPECIAL ORDERS)

· RENTAL OR SALES AGENCIES

· COLLECTIBLES/MEMORABILIA

· COMPUTER HARDWARE SALES, SERVICE AND REPAIR

· EDUCATIONAL MATERIALS / SEMINARS/ SELF HELP

· ESCORT SERVICE AND ADULT ENTERTAINMENT

· NTERNET BUSINESS

· LEAD LISTS (ALL TYPES)

· MLM – MULTI LEAD MARKETING (PRODUCT SALES ONLY)

· MODELING-TALENT AGENCIES

· MOVING COMPANIES

· ONLINE MALLS

· ONLINE / MAIL ORDER EVENT TICKET SALES

· PRIVATE INVESTIGATORS

· PUBLIC RELATIONS SERVICES

· REAL ESTATE RELATED INDUSTRIES

· SECURTIY AND/OR SURVEILLANCE EQUIPMENT / SERVICE PROVIDERS

· TRAVEL AGENCIES

· WEB ADVERTISING


Restricted Merchants:


· Used Auto

· Legal Services

· Collection Agencies


Stipulations for funding:

1) Signed Contract.

2) Business License.

3) Clear Voided Check.

4) Last 2 Months of Rent Checks.(no landlord or site inspection needed!!).

5) Bank login credentials with all security questions.

6) Clear driver’s license (we require a color scanned copy front & back).

7) Merchant Interview. Followed by WIRE to merchant within 10 Minutes


Cresthill Capital Commission Compensations:


We are currently offering 8% on the funded plus a 2 point bonus on all files making the total 10%


“Recliner Program”

Cresthill (for companies that choose this program) handles A-Z (you provide just the Raw Lead) we pay you 5-Points on the funded deal!! (we have all the shared documents in place so your updated during the entire process).



Kindly, fill the info below so we can place into the ISO Agreement.


Agent’s / operators Full Name:


Business Name:


Business Address:


Business Phone:


Cell:


Fax:


Email:



Marcus Clapman I Business Development | Cresthill Capital

(High Commissions Payout Group)

——————————————————————————

Tel: 917-521-6528 | Fax: 212.671.1473

315 Madison Avenue | Suite 4026 | New York, NY 10017

Email: bizdev@cresthillcapital.com

http://www.cresthillcapital.com

[TheShitzuofMCA]

[aredmond]

If you came to Cresthill Office's you'd think your in a silicon valley Tech's HQ's !

Then you should come to our office

[FUNd]

2nd'ed

[HDF]

"Cresthill (for companies that choose this program) handles A-Z (you provide just the Raw Lead) we pay you 5-Points on the funded deal!! (we have all the shared documents in place so your updated during the entire process)."

Freakin' awesome you Fintech mastermind

[mcaguru]

"Cresthill (for companies that choose this program) handles A-Z (you provide just the Raw Lead) we pay you 5-Points on the funded deal!! (we have all the shared documents in place so your updated during the entire process)."

Freakin' awesome you Fintech mastermind

That's for our CPA referral program.

[AndyYSCISOdept]

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

[bdshaw]

This is not the fault of the processors. You have several options Andy. You could become a processor yourself or you could use an overnight processor such as Chase.
The system is primarily in place to support banking in the event of another emergency such as 9/11.
Check 21, the elimination of paper checks being presented for collection is well underway and the banking industy's priority.
Bob

[AndyYSCISOdept]

This is not the fault of the processors. You have several options Andy. You could become a processor yourself or you could use an overnight processor such as Chase.
The system is primarily in place to support banking in the event of another emergency such as 9/11.
Check 21, the elimination of paper checks being presented for collection is well underway and the banking industy's priority.
Bob

Bob, I think you misunderstood what I was saying, either way, YSC is not in the processor business and in regards to Chase, their system was not adequate for our 7K ACH debits each day. Ultimately we are limited by the technology and systems used by the 3rd parties. That's not to say the blame 100% is all theirs.