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  1. #1

    Post 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.

  2. #2
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    $90 is steep. I know that some are charging $49 per month for bank monitoring and account maintenance. This is the new world order.
    Archie Bengzon
    Jumpstart Capital
    archie@jumpstartcapital.biz
    www.jumpstartcapital.biz

  3. #3
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    Quote Originally Posted by Salesgodwolf View Post
    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.
    The permanent view of the bank account seems sort of toothless without a stacking fee in place. I really don't expect many merchants to comply with it.

  4. #4
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    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

  5. #5

  6. #6
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    Quote Originally Posted by Salesgodwolf View Post
    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.
    The only fee we charge is either $350 for deals 30k and under or 1.2% for deals above. No UCC fee, account management, ACH setup.... However, we do require account access via Plaid.
    David Obstfeld
    Chief Executive Officer
    SOS Capital
    1330 Ave of the Americas, NY, NY 10019
    212-235-5455
    SOSCapital.com

  7. #7
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    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

  8. #8
    Veteran Reputation points: 157541 J.Celifarco's Avatar
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    Quote Originally Posted by Salesgodwolf View Post
    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.
    what bank is requesting this??
    John 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

  9. #9
    Great feedback!. On deck, Can capital (Renewal) Rapid Capital.
    Last edited by Salesgodwolf; 01-09-2017 at 01:01 PM.

  10. #10
    Bank Monitoring should be a minimal expense to the lender if they are using bank data technology such as plaid or yodlee.

  11. #11
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    Has any one noticed less approvals or smaller offers from funders who fund with a COJ?

  12. #12
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    snaps been charging a monthly fee for years & on deck as well

  13. #13
    $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.

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