Results 1 to 13 of 13
-
01-07-2017, 01:33 AM #1
- Join Date
- Jan 2017
- Posts
- 26
Is it the industry or the specific funder?
Are all funders in the industry now requesting a Bank monitoring fee every month of $90.00 and also having permanent view on the merchant bank accounts? has anyone heard of this now due to defaults rates being high?. We all know that Can Capital had an internal issue on the majority of there portfolio being stacked witch caused a tremendous outbreak and major funders in the industry to fall out.
-
01-07-2017, 11:03 AM #2
- Join Date
- Sep 2012
- Location
- New York, NY
- Posts
- 1,780
$90 is steep. I know that some are charging $49 per month for bank monitoring and account maintenance. This is the new world order.
-
01-07-2017, 12:51 PM #3
- Join Date
- Oct 2016
- Posts
- 4,318
-
01-08-2017, 06:53 PM #4
- Join Date
- Jun 2015
- Posts
- 3,325
I find fees like that to be a hidden fee which is wrong. Just higher payback by 90 x approval months. Now if they give the merchant an option of give bank log in or pay this fee and we will get bank statements from you each month is a different story
-
01-08-2017, 08:21 PM #5
- Join Date
- Jan 2017
- Posts
- 26
Agreed!
-
01-09-2017, 12:33 PM #6
- Join Date
- Nov 2014
- Location
- NYC
- Posts
- 187
David Obstfeld
Chief Executive Officer
SOS Capital
1330 Ave of the Americas, NY, NY 10019
212-235-5455
SOSCapital.com
-
01-09-2017, 12:44 PM #7
- Join Date
- Dec 2013
- Posts
- 4,713
We have NO such fee.
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
覧覧覧覧覧覧覧覧覧覧覧覧覧
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
-
01-09-2017, 12:46 PM #8John 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
-
01-09-2017, 12:51 PM #9
- Join Date
- Jan 2017
- Posts
- 26
Great feedback!. On deck, Can capital (Renewal) Rapid Capital.
Last edited by Salesgodwolf; 01-09-2017 at 01:01 PM.
-
07-11-2019, 06:10 PM #10
- Join Date
- Jul 2019
- Posts
- 4
Bank Monitoring should be a minimal expense to the lender if they are using bank data technology such as plaid or yodlee.
-
07-11-2019, 06:33 PM #11
- Join Date
- Jul 2018
- Posts
- 193
Has any one noticed less approvals or smaller offers from funders who fund with a COJ?
-
07-11-2019, 10:42 PM #12
- Join Date
- Apr 2015
- Posts
- 300
snaps been charging a monthly fee for years & on deck as well
-
07-12-2019, 11:21 AM #13
- Join Date
- May 2019
- Posts
- 60
$90 per month to monitor accounts and not pull an ach when they go negative etc probably saves merchant's more than $90 per month in NSF Fees (on average).
On top of that-- If merchant's know their accounts are being monitored it'll probably help them in the long rung.
Less likely to blow 5k in a casino over the weekend or take dumb 30 day deals-- or at least feel like the people who funded them know what's going on with their lives.
People seem to consistently forget that even your best merchants (with a few exceptions) are not the most responsible with their cash. That's why we all auto pull frequently to begin with!
For the most part I think it's safe to say that it's not the Funders causing the majority of the problems in this industry.
Similar Threads
-
BEST 3rd, 4th & 5th Position Funder in the Industry! ++CONSOLIDATIONS!
By AdvanceFund in forum Deal BinReplies: 7Last Post: 06-01-2017, 10:49 PM -
BEST 3rd, 4th & 5th Position Funder in the Industry! ++CONSOLIDATIONS!
By AdvanceFund in forum PromotionsReplies: 0Last Post: 10-06-2016, 12:30 PM -
Hedge funder or direct funder with guts i have a deal for about $500k
By Pbs in forum Merchant Cash AdvanceReplies: 7Last Post: 09-14-2016, 03:30 PM -
Merchant Cash Advance Leads Generated with specific requirements
By Call Qualifier in forum Financial ServicesReplies: 0Last Post: 08-30-2016, 01:18 AM -
Direct Funder/ Syndicated Funder will work hard for deals!
By BoostAaron in forum PromotionsReplies: 0Last Post: 03-03-2016, 09:39 AM