ACHWorks announces its collaboration with funding management solution provider Onyx IQ led to a new strategic partnership to empower Simply Funding’s Merchant Cash Advance (MCA) services operations.
Our parent company Commercial Bank of California (CBC) does not have exposure to risks like Silicon Valley Bank and Signature Bank because they have chosen to do business differently. Neither VCI nor Commercial Bank of California are publicly traded companies. Because of their private status, they don’t have investor pressures like most institutions have.
On June 9, California’s Office of Administrative Law approved commercial financing disclosure regulations which require consumer-like disclosures for certain commercial financing products such as small business loans and merchant cash advances. Utah and Virginia passed similar laws earlier this year, and more states are following suit.
With ACH transactions growing the last few years at over 10% annually (according to NACHA – the regulators of the ACH system) many payment processors and resellers are looking to cash in on that growth and capture additional revenue.
To build ACH yourself might seem simple, easy and risk-free. How hard can it be to simply credit one bank account and fund another?
Now that we’re part of this banking and financial technology powerhouse of companies, we are entering a profit and growth trajectory because of the vast offerings and solutions for our current client base and future ISO and ISV partners. With VCI’s ACH payments power, and CBC’s banking and bank card solutions, we can now holistically support our ISO partners more than ever.
The month of March 2022 is significant for ACHWorks, Florida and those in Commercial Funding. Read more on our attendance and experience at Funders Forum and deBanked Connect Miami