LM Customer Support FAQ
Silicon Valley Bank (SVB)
General
- How has LogicMonitor been affected by the SVB collapse?
Answer: Overall, our liquidity risk is unaffected by SVB’s situation. LogicMonitor has limited exposure as the majority of our cash assets are held with Wells Fargo and other well-insured international banks. We’ve had an operational relationship with SVB as our invoice payment processing partner.
LogicMonitor is well-funded and backed by Vista Equity Partner with $96B assets under management.
Billing Topics
- What is the billing guidance?
Answer: Effective immediately, we request all global customers to update their payment remittance information to:
Bank Name: Wells Fargo Bank, N.A.
Bank Address: 420 Montgomery, San Francisco, CA 94104
Check Remittance Address: PO Box 840249, Los Angeles, CA. 90084-0249
Account #: 4033816331
ABA/Routing #: 121000248
Swift/BIC Code: WFBIUS6S
- What happens next with the remittance?
Answer: For those customers who have already remitted payment to SVB, be assured that LogicMonitor will record the payment and credit your account accordingly.
- Will the billing or payment cycle be affected by updating the banking payment details?
Answer: As we navigate through the bank migration, there may be a slight delay in recording payments within our systems, but you will not be penalized for any late payments. All billings will remain on our normal schedule.
- If an organization pays via credit card, is there an impact or action that is needed?
Answer: We have contacted our credit card payment processor, Worldpay (formerly Vantiv) to have all funds redirected to the new Wells Fargo bank account (noted above). No action is needed by our customer.
- Which forms of credit card payment are accepted?
Answer: We accept all forms of credit card payment.
- A payment was submitted to SVB the day they were shutting down operations, will this payment still be processed?
Answer: Yes. There is a small window in which our account with SVB will remain open. We will record all payments and credit your account accordingly.
- Some organizations cannot accept email as an acceptable communications source for banking updates, is there an official letter on LM letterhead and/or from Wells Fargo Bank?
Answer: Yes. We can provide an official Merchant Services Bank Letter from Wells Fargo available upon request.
- There are vendors like LogicMonitor who update their banking details themselves via systems like bill.com or coupa. Who should we communicate with to ensure action is taken by LogicMonitor to update these details?
Answer: Please email [email protected] to notify us that your procurement system needs to be updated.
- How will customers receive any confirmation or notification once their banking payment details have been updated?
Answer: Once bank account details are updated in your procurement system, the payment will either go through successfully or be rejected. If your payment does not go through, please reach out to [email protected] or call 512.500.0420 to verify you have the correct account numbers.
- Is there a deadline for updating the banking payment details?
Answer: Please update immediately.
- An email was received from LogicMonitor stating customers needed to update their banking details, can you confirm this is not a phishing attempt?
Answer: This is not a phishing attempt. We have a Merchant Services Bank Letter from Wells Fargo that we can provide upon request.
- What happens if a payment is past due?
Answer: If your payment is past due, please reach out to either your Customer Success Manager, Account Executive, or [email protected] to discuss. We will not penalize late payments if you have been affected. Payment plans can be made on a case-by-case basis.
Contact Details
- What is the contact information?
Answer: Should you have any questions regarding billing, please reach out to: [email protected] or call 512.500.0420
Answer: Should you have any non-billing related questions, please reach out to your Customer Success Manager or on community.logicmonitor.com.
We recognize that the closure of SVB may have impacted our customers, and this is potentially a time of great uncertainty and stress for many. Please know that we are here to assist in any way we can.
Additional resources
FDIC FAQ