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11-30-2012, 10:34 AM #1
Fixed Lockbox Payment
Ondeck offers a repayment of a fixed dollar amount instead of a percentage thats drafted out of a lockbox. Anyone know of another funder that can do that?
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11-30-2012, 11:02 AM #2
- Join Date
- Sep 2012
- Location
- New York, NY
- Posts
- 1,780
I don't know any other lender that offers that. All the other lockbox deals are based on percentage holdback from credit cards.
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11-30-2012, 03:10 PM #3
On Deck's way to go through & secure by credit cards, but still classify it as a loan
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12-01-2012, 02:15 PM #4
- Join Date
- Sep 2012
- Posts
- 72
so all the credit card sales go into the lockbox but the lender ends up taking a fixed dollar amount? what happens if the deposits are less than the fixed dollar amount? this doesn't make much sense to me.
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12-02-2012, 09:55 AM #5
Ondeck usually has a reserve they keep in the lockbox ($1000-$2000). I assume that covers any days the deposits are less than the fixed repayments.
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12-03-2012, 11:21 AM #6
- Join Date
- Sep 2012
- Location
- New York, NY
- Posts
- 1,780
Yep On Deck keeps a reserve of 4-5x the daily ACH payment
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12-03-2012, 03:43 PM #7
on deck is split funding with integrity payment systems and does lockbox for accounts that normally would have been declined for ACH as I understand it. i dont know how they could get a fixed daily repay going via split funding or lockbox-
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12-03-2012, 05:47 PM #8
What do you think all these ACH deals are? They aint loans, that's for sure! They are split deals where the amount is just evenly distributed into a fixed payment.
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12-03-2012, 10:15 PM #9
sell off their loans? to who? who is their assignee?
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12-04-2012, 12:45 PM #10
- Join Date
- Sep 2012
- Posts
- 199
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12-05-2012, 10:10 AM #11
Retail Capital provides an ACH option.
Jeannette Nearing | Business Development Officer| AmeriFactors
| M (770) 362-2307
jnearing@amerifactors.com |
http://www.amerifactors.com
https://www.linkedin.com/in/jeannettenearing
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12-05-2012, 02:19 PM #12
talk about an out of left field plug
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12-06-2012, 02:40 PM #13
Is anyone coming out with a newco named Proctologist Funding LLC? Would really fit well here.....Grab the K-Y boys n girls,!!!!