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03-30-2017, 04:19 PM #1
Reputation points: 99426
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- Sep 2012
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- New York, NY
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- 1,780
Actually the main purpose of a lockbox is to facilitate a credit card split cash advance in which the merchant does not wish to change processors to one that the funding company has a split agreement with or if the funding company wants to include AMEX deposits in the split (because AMEX doesn't split with funding companies). The funding company takes his split (i.e. 20%) from the lockbox deposits. It does not "negate" the NSF days. The NSFs are still happening in the business checking account because the merchant is having cash flow problems.
As far as credit card funds being ACH'ed immediately from the lockbox to a merchant's bank account? It happens within 24 (sometimes 48) hours. It's not "immediate." Again, this delay is what creates additional strain on a merchant's cash flow.Last edited by MCNetwork; 03-30-2017 at 04:23 PM.
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03-30-2017, 04:21 PM #2
Reputation points: 307559
- Join Date
- Jun 2015
- Posts
- 3,327
ok Dave i think you just confirmed that you never did a lockbox
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03-30-2017, 04:34 PM #3
and this is point point exactly some people have no idea what they are talking about yet have no problem just saying stuff that is blatantly false
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
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03-30-2017, 04:45 PM #4
Reputation points: 99426
- Join Date
- Sep 2012
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- 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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04-01-2017, 07:57 PM #5
Reputation points: 4599
- 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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