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American Express Merchant Financing Review

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American Express Merchant Financing Review

  • 9 comments
  • Updated on:
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Date Established
2011
Location
New York City, NY
Erica Seppala

Erica Seppala

Erica is a writer based in Greenville, South Carolina. She is a graduate of Limestone College. Initially determined to be an accountant, she put away the calculator and picked up a laptop to pursue her dream of being a writer. Erica has spent the past 10 years writing blogs and articles for hundreds of private clients, and she loves sharing her love of research and the written word with everyone around her.



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9 Comments

Responses are not provided or commissioned by the vendor or bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the vendor or bank advertiser. It is not the vendor or bank advertiser's responsibility to ensure all posts and/or questions are answered.

    Bethany Horn

    Organization Name: Friendtown Veterinary Clinic

    DO NOT use American Express Merchant Financing. Other than the financial raping you will endure which you most likely already expect as it is short term financing, they fail to disclose a few VERY important details that will really ruin your day, week or year depending on your future goals. First, they will quickly file a UCC on your state’s Secretary of State website. I did not realize this until I had agreed to the financing. This was not a problem until I needed to close a SBA loan purchasing a property for my business (crucial for me to continue in business). AE would not file as a subordinate to the SBA and bank closing on the property so I was forces to scrape up money somewhere else to pay of this loan which I had for 5 of the 12 months and had PAID ALL THE FINANCING CHARGE UP FRONT. What made this predictiment even worse was that they led me on for 2-3 weeks claiming that someone would look into filing as a subordinate and ‘get back to you this afternoon’. I would wait 2 days then call them back just to start the bullshit all over again. Stay away, you are better off with Kabbage or something similar who does not file a UCC and interest is paid monthly not up front.

    1
    • Organization Name: Friendtown Veterinary Clinic

    This comment refers to an earlier version of this review and may be outdated.

    HASAN ALDEMIR

    Organization Name: ROSWELL COLLISION

    This is false advertising. They are solely going with your personal credit ,instead of business credit and they called it Merchant”s loan. And even if you try to apply for lower loan they would check your credit as 35000 loan minimum. So it ‘s harder to get approved. I asked for $10,000 but according to amex it all falls under same bracket so they considered my application as if it’s for $35000 loan. I really doubt what they do is legal. If i am asking for $10,000 loan why check my credit for $35000.. I figured why they do that because once you are approved for $35000 they’ll try to loan more instead of what you’ve applied for. Amex please stop sending us “Merchant’s loan” invitations.. Since this is not Business or Merchant’s loan .. This is personal loan and of course it’s harder get approved on personal loan.

    1
    • Organization Name: ROSWELL COLLISION

    This comment refers to an earlier version of this review and may be outdated.

    Eddy Logan

    Organization Name: Plumyumi Day Spa

    I would recommend that you do not take a loan out with Amex Merchant Services. They are very helpful when negotiating the loan, but once they have you, they are merciless. They do not care about you or your business. I have told them that I am not able to make payroll and they don’t even care. Please head my advice and stay away!

    1
    • Organization Name: Plumyumi Day Spa

    This comment refers to an earlier version of this review and may be outdated.

    Jim

    I am an attorney. My client sold his business. He had a AMEX Merchants Loan. Because there were other creditors and AMEX had a lien on the personal property of the business, I held in my trust escrow account proceeds of the sale – the money needed to pay the outstanding loan. I wanted to make sure the loan was paid and the lien released. After two calls with AMEX I was told I had to get approval to pay the loan from my trust account. I sent in such a request (an e-mail to the address given me) putting in my letter everything I was told to do. I signed it and had my client sign it. About three weeks having gone by, and not having heard anything, I called AMEX. I ask why I was not called. I was told the address of AMEX I sent the e-mail to only received calls, they did not call back. The lady told me AMEX had received my request. She then gave me the amount needed to pay and the wiring information. I promptly wired the money. The next day my client got a call form AMEX saying they could not take third party funds. Since then wee have been going around and around. A lady of AMEX’s Risk department called me looking for the money. I told them they had it. She said she would check. She never got bak to me. A week later I am again on the phone with the AMEX Risk department. The lady I then spoke with told me my client had to give me a power of attorney. I told her my client had signed the e-mails sent. She told me it had to be notarized. That was the first time I was told notarization was needed. I asked her for the power of attorney form. She told me there was no specific form, that I could write my own, that it just needed to be acknowledged. She also said they were going to send back the money I had wired. Told her not to do that – that I would get his signature notarized. Today my client was in – and we resigned the prior e-mails and I had his signature notarized. Out it went. I then called the Risk department to let them know it was being sent. I was told by Jeremy of that department that the money had already been returned. I do not know if he is accurate on that – but I will check with my bank. He then referred me to customer service so they could tell me what is needed. I spoke with customer service – but by that time I had sent my client home – as he had already verified his identity with the Risk department. That apparently is not enough. Customer service – if I understood Ray accurately – does not have access to the Risk department recordings. Regarding recording phone calls, AMEX records everything. However I was told that if I record they immediately hang up. In other words, only they can record. So . . . for what it is worth, AMEX is impossible to work with. At closing mortgages are routinely paid by Tellers checks and Bank checks and attorney escrow checks or wired funds – all third-party funds. What is wrong with AMEX?

    1

      This comment refers to an earlier version of this review and may be outdated.

      Jason Estes

      I was approved for a $60,000.00 loan which went fairly smooth. The loan officer told me over the phone it would be a 2 day delay in credit card deposits, well needless to say it has been 16 days and still no deposits. They are sitting on over $50,000.00 of my deposits and I keep getting the run around. Stay away from this legal loan shark and horribly run company.

      1

        This comment refers to an earlier version of this review and may be outdated.

        Wade Bell

        I had a loan approved with documents and while I was in the process of providing this company with other documents, they cancelled my approved loan. After doing what a representative ask me to do the results was termination. This company needs to train their representatives to take responsibility for the information they suggest to those seeking to be financed by there company. After speaking to a supervisor, the bottom line was no compromise or suggestions to resolve my approved loan being declined which in the process of getting them what they ask for. Be careful!

        1

          This comment refers to an earlier version of this review and may be outdated.

          Chad Pisaneschi

          Have had my last two loans handled through AMEX MF and have been extremely happy. The first time I had $35k the next day with no paperwork required. The second was $40k which I had to provide tax returns and 6 months of bank statements. It took a few extra days but was quick.They ACH my normal bank account a fixed amount each bank working day (i.e. Monday – Friday except bank holidays)Have never had an issue and recommend it highly.

          5

            This comment refers to an earlier version of this review and may be outdated.

            Linda

            American Express merchant financing is similar and almost better than a hard money loan for real estate. No negotiation and haggling and no points. Money in your bank the very next day. I have used it twice and it was very helpful during our recovery from the 2008 economic challenge. Thankful it was available and wouldn’t hesitate to use it again should the need arise. I wish it was a true amortization loan though.

            5

              This comment refers to an earlier version of this review and may be outdated.

              karen mahoney

              While always polite, and “helpful” these folks are quick to get you set up in a loan.BUT… they will not negotiate the payments for each month and base them on some strange algorithm that is nonsense. No, your payments will not be the same each month, they will be all over the board from silly low to eye-bulging high. If you don’t have enough charges to satisfy the payment, then they will jump to 100% of your charges until satisfied…. just when you are cash poor and need the money most. Bet on it.THEN when you have paid the loan off, no one will call you to terminate the loan and set up the paperwork to return your payments to their regular routing. I had to call them, repeatedly. In fact, the “letter” they sent to verify that my loan was paid off was NOT on letterhead, and had NO signature. Worthless. Escalated to a “supervisor” without satisfaction. A catch-22.Eventually (1 month later) I have a statement that shows my balance paid in full. That means for over 1 month, my card charges continued to be funneled through their pass-through account and take 5 days to reach my account. So they got to have my money for free to make money at the over-night rates.Think through any loan you might want with these folks. They are not flexible, not negotiable, and not professional in how they handle your needs. They work at their convenience, not yours.

              2

                This comment refers to an earlier version of this review and may be outdated.

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