[Scott Williams]

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?

[MCNetwork]

I don't know any other lender that offers that. All the other lockbox deals are based on percentage holdback from credit cards.

[Chambo]

On Deck's way to go through & secure by credit cards, but still classify it as a loan

[miked]

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.

[Scott Williams]

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.

[MCNetwork]

Yep On Deck keeps a reserve of 4-5x the daily ACH payment

[MCAVeteran]

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-

[Chambo]

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.

[MCAVeteran]

sell off their loans? to who? who is their assignee?

[Finance1]

I forget but it was my understanding that they are just a technology company/ software lending platform, not the actual lender. A third party is taking on all the liabilty.

I think you are thinking of Bank of the Internet. Can't remember who it was before that. They are just there for compliance in certain states. OnDeck is leveraged with venture cap. They are lending borrowed money and servicing their loans.

[@jeannette]

Retail Capital provides an ACH option.

[Chambo]

talk about an out of left field plug

[MCAVeteran]

Is anyone coming out with a newco named Proctologist Funding LLC? Would really fit well here.....Grab the K-Y boys n girls,!!!!