JPMorgan Chase recurring daily payment

**ADiamond** · 03-07-2017, 01:24 PM

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?

**WestCoastFunding** · 03-07-2017, 01:29 PM

Didn't both JPM and OnDeck partner up last year?

**HDF** · 03-07-2017, 01:56 PM

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.

**mcaguru** · 03-07-2017, 02:05 PM

**ridextreme** · 03-07-2017, 02:16 PM

I've seen them take automatic payment to pay off credit cards, it said Credit Card Payment I believe.

**soscap** · 03-07-2017, 05:15 PM

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.

**ADiamond** · 03-07-2017, 07:26 PM

Originally Posted by soscap

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.

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/when

**staten** · 03-07-2017, 07:56 PM

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.

**Yesfund** · 02-01-2018, 03:57 PM

anyone else see JP Morgan pulling daily ?? Just received a deal with JP Morgan daily pulls.... nothing with OnDeck in there....

**fromano590** · 02-01-2018, 04:18 PM

Screen shot or it didn't happen!!!

**Michael I** · 02-01-2018, 04:29 PM

Originally Posted by Yesfund

anyone else see JP Morgan pulling daily ?? Just received a deal with JP Morgan daily pulls.... nothing with OnDeck in there....

yes i have seen it twice

**ISO man** · 02-01-2018, 05:21 PM

Originally Posted by fromano590

Screen shot or it didn't happen!!!

Screenshot 2018-02-01 17.18.28.jpg

**nrh1lp** · 02-01-2018, 05:33 PM

Originally Posted by Yesfund

anyone else see JP Morgan pulling daily ?? Just received a deal with JP Morgan daily pulls.... nothing with OnDeck in there....

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"

**Yesfund** · 02-01-2018, 09:17 PM

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.....

**WestCoastFunding** · 02-01-2018, 10:01 PM

Originally Posted by Yesfund

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.....

Is Swift pulling directly from PayPal?

Karen37a · 02-02-2018, 08:18 AM

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 statements

**ryan $** · 02-02-2018, 09:00 AM

Originally Posted by Yesfund

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.....

Maybe its an ODC Line of Credit and he just drew down

**WestCoastFunding** · 02-02-2018, 11:36 AM

Originally Posted by ryan $

Maybe its an ODC Line of Credit and he just drew down

This

**ldash** · 02-12-2018, 03:00 PM

You can set up sweep payments and it would look exactly like this.

OnDeck doesn't stack on JPM nor vise versa.

**Jason Sterling** · 02-13-2018, 11:18 AM

I ran across one last week. This is the product https://www.chase.com/business/quickcapital-loan

**ldash** · 02-13-2018, 11:48 AM

Originally Posted by Jason Sterling

I ran across one last week. This is the product https://www.chase.com/business/quickcapital-loan

This example is not a Chase loan - I promise you.

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