1
00:00:00.000 --> 00:00:03.840
Johny Fernandez: Is what is what
is a payoff letter?

2
00:00:03.840 --> 00:00:07.820
Sean Murray: A payoff letter is
a letter that a merchant gets

3
00:00:07.903 --> 00:00:13.044
from its funder or lender that
details the outstanding balance

4
00:00:13.127 --> 00:00:18.103
and the amount that would need
to be paid to be paid off. So

5
00:00:18.186 --> 00:00:22.830
the payoff letter is how much is
required to pay it off.