Results 26 to 30 of 30
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03-30-2017, 04:45 PM #26
- Join Date
- Sep 2012
- Location
- New York, NY
- Posts
- 1,780
Well we're here to help educate people but it's very irritating when people pretend they're know-it-alls when it's obvious they're not. A little humility wouldn't hurt!
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03-31-2017, 08:48 AM #27
No. The purpose of a SPLIT is to negate any NSF days. That's the whole point in dong a splt, because of too many NFS's and/or negative days would make it hard to collect ACH payments (because they would bounce).
The purpose of a lock box is to collect the split when it's impossible to change processors, either due to complicated POS systems, locked terminals which buying new ones would be a deal killer, or even if the merchant refuses to split and lock boxes are an option.
Now our next lesson would be Split ACH. Do you have any idea what the heck that is? This is a tough one.
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04-01-2017, 07:57 PM #28
- Join Date
- Feb 2014
- Location
- Florida
- Posts
- 266
I have facilitated lockbox/diversion account deals for years.. sometimes its the only way.. If there is an issue with a delay in access to funds.. I simply advise my merchant to set-aside 20% of the advance until they adjust to the delay.. it's never been a problem. Sterling rocks this process for sure!
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04-04-2017, 12:41 PM #29
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,977
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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04-04-2017, 01:14 PM #30
They are partnered with US Bank, and the reserve amount is up to the lender. The typical rule of thumb is to wait until a few batches show to ensure the client is batching normal volume. It will also take a good 48-72 business hours for the first batch to show once the switch in processing deposits is made.
Aside from that I am just amazed at how misinformed people are here in the process in general. People who claim to have been in the business for YEARS!Anthony Diamond
Underwriter
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