Results 1 to 21 of 21
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03-07-2017, 01:24 PM #1
JPMorgan Chase recurring daily payment
see JPM debiting a daily payment out of a clients account 2nd pos behind ODC.
do they have a cash advance product, or?
and what company/ISO would be representing them for funding?Anthony Diamond
Underwriter
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03-07-2017, 01:29 PM #2
- Join Date
- Oct 2016
- Posts
- 4,318
Didn't both JPM and OnDeck partner up last year?
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03-07-2017, 01:56 PM #3
- Join Date
- Jul 2015
- Posts
- 1,202
Interesting. They were supposed to be sharing their "best in class" technology and platform.
Wonder if there isn't some deleveraging of their portfolio to JPM's custody... Would have to be extremely high quality credits though.
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03-07-2017, 02:05 PM #4
- Join Date
- Dec 2013
- Posts
- 4,713
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
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03-07-2017, 02:16 PM #5
I've seen them take automatic payment to pay off credit cards, it said Credit Card Payment I believe.
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03-07-2017, 05:15 PM #6
- Join Date
- Nov 2014
- Location
- NYC
- Posts
- 187
Is this the deal where JPM starts pulling 30 days after OnDeck? Seems like the invest or buy a portion after the deal has some history. Haven't seen too many of these tho.
David Obstfeld
Chief Executive Officer
SOS Capital
1330 Ave of the Americas, NY, NY 10019
212-235-5455
SOSCapital.com
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03-07-2017, 07:26 PM #7
maybe so - i do not have enough bank history to go back and see if their deposit was separate or if the debits started 30 days later.
sounds like a good clean deal to take a 3rd position on, though lol
on a more serious note i dont know if it is the same deal as ODC's or not because it appears JPM has a 9+ month term when ODC has a much shorter one - just judging by balances & daily payments.
going to request more banks to see about who deposited what/whenAnthony Diamond
Underwriter
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03-07-2017, 07:56 PM #8
- Join Date
- Apr 2013
- Posts
- 117
Yes they have a partnership with Ondeck...not sure how much volume. Here is where Jamie D is a gangster. Chase hits account for loan. Ach bounces. Chase gets overdraft fee from bank account (assuming it is a chase account) AND gets bounce fee from the deal.
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02-01-2018, 03:57 PM #9
- Join Date
- May 2015
- Location
- New York, NY
- Posts
- 29
anyone else see JP Morgan pulling daily ?? Just received a deal with JP Morgan daily pulls.... nothing with OnDeck in there....
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02-01-2018, 04:18 PM #10
- Join Date
- Apr 2017
- Posts
- 66
Screen shot or it didn't happen!!!
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02-01-2018, 04:29 PM #11
- Join Date
- Jun 2015
- Posts
- 3,325
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02-01-2018, 05:21 PM #12
- Join Date
- Sep 2014
- Posts
- 65
There you have it!
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02-01-2018, 05:33 PM #13
- Join Date
- Jan 2016
- Posts
- 435
I spoke with my OnDeck guy a while ago about this, basically JP is using there platform/UW criteria etc & the payment is being serviced by OnDeck but its JP's money/books. So if you try and take someone with a daily pull from JP back to OnDeck they will decline it right away because "we would be stacking on ourselves"
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02-01-2018, 09:17 PM #14
- Join Date
- May 2015
- Location
- New York, NY
- Posts
- 29
what even stranger is that Swift funded in August... while the JP pulls were daily.. on top of JP Morgan / OnDeck.. and then a few months later JP Morgan / OnDeck gave the merchant an additional 30k without paying swift off.... very odd....
OnDeck funding on top of Swift? this is strange.....
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02-01-2018, 10:01 PM #15
- Join Date
- Oct 2016
- Posts
- 4,318
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02-02-2018, 08:18 AM #16Karen37aGuest
chase is using ondecks platform and from what I have seen ( experience with those deals is limited, I only saw a few) they are structuring them more like the Amex deals.
I've seen some A paper 1st position go into second and 3rd position numerous times over the last few years, behind b/c/d paper. At first, we were shocked by it confirming the timelines with the merchant..so this holier than thou bs has been interesting
Swift is still pulling from bank accounts and I have also just seen straight PayPal statementsLast edited by Karen37a; 02-02-2018 at 08:53 AM.
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02-02-2018, 09:00 AM #17
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- Jun 2017
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- 2,049
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02-02-2018, 11:36 AM #18
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- Oct 2016
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- 4,318
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02-12-2018, 03:00 PM #19
- Join Date
- Apr 2015
- Posts
- 6
You can set up sweep payments and it would look exactly like this.
OnDeck doesn't stack on JPM nor vise versa.
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02-13-2018, 11:18 AM #20
- Join Date
- Jul 2015
- Location
- Tampa Florida
- Posts
- 502
I ran across one last week. This is the product https://www.chase.com/business/quickcapital-loan
Jason H l Sales & Business Development
Quikstone Capital Solutions l Tampa FL
Direct Line & Mobile 813-371-8233 l Fax 813-371-8233 l Text 727-492-8812
Jason.Hausle@quikstonecapital.com
www.quikstonecapital.com
Direct Lender Since 2005
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02-13-2018, 11:48 AM #21
- Join Date
- Apr 2015
- Posts
- 6
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