| We advance you funds against the merchant’s future credit card receipts. A mutually agreed-upon percentage is taken of the daily merchant’s Visa/MasterCard receipts until full repayment.
Amount of advance varies from $2,000-$150,000 and is based on the average of merchant’s last 4 months Visa/MasterCard statements.
It takes approximately 7 months to payback the advance. The payback period is not fixed because it’s based on the merchant’s actual Visa/MasterCard receipts. Therefore the actual payback will be a little longer or shorter, then the projected 7 months, but we only collect the mutually agreed fixed percentage of your daily Visa/MasterCard receipts until the entire agreed amount is paid back.
In order for us to receive payment though the credit card company, the merchant will have to switch to one of our approved credit card processing networks. The merchant does not have to be concerned because their rates will be matched with their current credit card processor. In addition a majority of the time there is not any extra equipment to purchase but only a reprogramming of your existing equipment.
We are a factor and not a bank, therefore, there is no interest rate. There are also no requirement of collateral, financials, tax returns, etc.
We can fund the merchant within 5- 7 business days.
We will send out monthly statements to the merchants recapping all monies paid in the previous month and also the end of month balance. The merchant can also go online for a daily balances and the month’s activity.
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