Results 1 to 8 of 8
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09-15-2020, 02:47 PM #1
- Join Date
- Feb 2017
- Posts
- 3,395
First Data
Is there anyone out there with a client who is doing a lockbox with First Data / Clover? I have a client who we have an MCA waiting for him and First Data won't send the client's deposits to a lockbox! I need an address or someone to talk to to escalate this to them and convince them to get this this can be done, just like it was done in the past.
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09-15-2020, 02:51 PM #2
- Join Date
- Jun 2015
- Posts
- 3,318
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09-15-2020, 03:27 PM #3
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,924
Hitch hike on Mike's comment - just have the merchant complete a New DDA Form , and send it in.
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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09-15-2020, 03:29 PM #4
- Join Date
- Feb 2017
- Posts
- 3,395
First Data asked him for a bank letter (signed from the banker) after he uploaded the VC.
The bank letter didn't say that he owned the account.
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09-15-2020, 03:38 PM #5
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,924
My experience is whatever Bank is servicing the lock-box provides a Bank Letter to the merchant to include
with the new DDA Form.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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09-15-2020, 10:01 PM #6
- Join Date
- Jan 2014
- Posts
- 1,367
use this First Data headache to your advantage and switch his processing give him the mca and get residuals
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09-16-2020, 07:00 AM #7
- Join Date
- Feb 2017
- Posts
- 3,395
So Sachip24, I thought about that immediately, however the problem is the following: He and his family have invested heavily in Clover (owned by First Data) and they won't let you reprogram it to another processor. They have 14 accounts with their rep. It would be great to get them up and running with someone else, but it's a huge investment of money (that if he's taking a cash advance, it's not so simple that he has the money) to switch.
I did some digging, and the only way to get Clover to work with another processor..... is to literally buy separate terminals and use Clover as the POS and the separate non-integrated processor. We're going to try to use that as leverage to get First Data to make an exception. Or he'll just use another processor until the cash advance is fulfilled and paid back. If he renews, then he can either (a) convince First Data to let him do it right or (b) Find that leaving Clover is worthwhile, and we can eventually get the residuals from all 14 of the businesses. Or he'll get the lockbox done, and we'll find a way to move him out and get him another POS.
I'll post here if I we get it done, and how.
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09-18-2020, 12:35 PM #8
- Join Date
- Jan 2014
- Posts
- 1,367
Clover system is cloud based. They can get new Clover with new processor and just upload everything from current Clover system. put them on the Cash Discount Program so they aren't paying any fees anymore, this seems to be a large account so the savings on processing fees alone will get you the deal. and then you can fund them and make monthly residual. email me I can refer you to credit card processing platform that will do this for you.
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