We regret to hear of Mr*** dissatisfaction and confusion and we appreciate the opportunity to respond To clarify, Mr***, on behalf of his business, entered into a merchant cash advance with Credibly where Credibly purchased a specified amount of the business's future receivables
Remittances under the agreement are made directly from the business's payment processor where a certain percentage of the daily receivables is sent to Credibly and the remainder is sent to the business's bank account To ensure that all of the business's receivables are accounted for when determining and making the remittances, the terms of the agreement specifically provided that, among other things, Mr*** was not permitted to change or add payment processors during the term of the merchant cash advance If he did, it would be an event of default under the agreement and Credibly would be entitled to make a direct ACH withdrawal from his bank account that equals the amount of the remittances we should have received.We understand Mr*** complaint to state that his payment processor was properly sending the correct percentage of his receivables to Credibly and therefore he does not believe we were entitled to make the direct ACH withdrawal Unfortunately, in the course of monitoring his account we noted a suspicious drop in the amount of his receivables We then investigated and confirmed that Mr*** was using another payment processor at his business This separate payment processor was not set up to send us a percentage of his receivables, which avoided Mr*** obligation to remit a percentage of all his receivables As expressly provided in his agreement, this was an event of default and Credibly exercised its rights to make the direct ACH withdrawal. We hope this explanation is helpful, and we would gladly work with Mr*** to get him back in compliance with the agreement terms and with the remittance amounts that are outstanding He may contact *** *** or *** *** at ###-###-####.Thank you again,Credibly
We regret to hear of Mr*** dissatisfaction and confusion and we appreciate the opportunity to respond To clarify, Mr***, on behalf of his business, entered into a merchant cash advance with Credibly where Credibly purchased a specified amount of the business's future receivables
Remittances under the agreement are made directly from the business's payment processor where a certain percentage of the daily receivables is sent to Credibly and the remainder is sent to the business's bank account To ensure that all of the business's receivables are accounted for when determining and making the remittances, the terms of the agreement specifically provided that, among other things, Mr*** was not permitted to change or add payment processors during the term of the merchant cash advance If he did, it would be an event of default under the agreement and Credibly would be entitled to make a direct ACH withdrawal from his bank account that equals the amount of the remittances we should have received.We understand Mr*** complaint to state that his payment processor was properly sending the correct percentage of his receivables to Credibly and therefore he does not believe we were entitled to make the direct ACH withdrawal Unfortunately, in the course of monitoring his account we noted a suspicious drop in the amount of his receivables We then investigated and confirmed that Mr*** was using another payment processor at his business This separate payment processor was not set up to send us a percentage of his receivables, which avoided Mr*** obligation to remit a percentage of all his receivables As expressly provided in his agreement, this was an event of default and Credibly exercised its rights to make the direct ACH withdrawal. We hope this explanation is helpful, and we would gladly work with Mr*** to get him back in compliance with the agreement terms and with the remittance amounts that are outstanding He may contact *** *** or *** *** at ###-###-####.Thank you again,Credibly