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Merchant Cash Advance: Part 4

Part 4 – Merchant Cash Advance How to Find Reputable Companies and Avoid Pitfalls

In parts one and two and three, I talked about what a merchant cash advance is, what the qualifications are, and  how it works.     In this segment, I will cover how to find a reputable cash advance company, and what pitfalls to avoid.

If you want to find a reputable merchant cash advance company there are several ways to do it.   I highly suggest that you get multiple quotes.  There are several reasons for this. The two most important reasons are you want to find a provider ...


Merchant Cash Advance: Part 3

Part 3 – Merchant Cash Advance How It Works

In parts one and two, I talked about what a merchant cash advance is and the qualifications.   In this segment, I will cover the cash advance payback, the payback period, the factor, the factor fee, and the daily retrieval rate.

So, your business has been approved for a cash advance.  In most cases, you will receive up to 100% of your monthly credit card processing volume or your monthly sales volume.  The total amount will vary from provider to provider.  The standard is 100% of your monthly credit card processing volume. So ...


Merchant Cash Advance: Part 2

Part 2 – Merchant Cash Advance Qualifications 

In part one, I talked about what a merchant cash advance is.  In this segment, I will cover the merchant cash advance qualifications.

A cash advance provider will look at your monthly sales volume and your monthly credit card processing volume to determine maximum advance amount.  Typically, the advance amount is equal to your monthly credit card volume and sometimes your monthly sales volume.  The providers use your credit card volume as proof of sales.  You can submit bank statements if you want to go the ACH route or if you want a bigger ...


Merchant Cash Advance: Part 1

Part 1:  What is a merchant cash advance?

This is Dana Barrett  with Blindbid.com, where we help small merchants get a better deal.  Today, I’m going to discuss Merchant Cash Advance:  Is it right for your business?    This is the first part of a four part series. 

More and more businesses are turning to alternative forms of credit, because banks are not lending.   A recent study by Pepperdine University revealed that 60% of small business bank loans were denied in 2011.   To pick up the slack, private capital providers have stepped into the market.   

Cash advances are not ...


Lead Management Series: Drip Marketing Automation

Lead Management Series:  Drip Marketing Automation

Today’s topic is Drip Marketing Automation and Sales Intelligence: Increase your sales by 200% or more.

 

How this article webinar came about is through our effort to increase our client’s close ratio of leads.  What we’ve seen over the past two years is a big disparity in close ratios among our clients.   No matter how much we verified, qualified, nurtured and optimized a lead before sending it out, ultimately, high close ratios came down to the sales organization’s lead management. 

 A big reason for this disparity is that the nature of sales has changed over the ...


Should your business accept a merchant cash advance? Part 4

Part four - Merchant Funds Advance The way to find Respectable Firms and keep away from pitfalls

In parts one particular and two and a couple of, I talked about what a merchant dollars progress is, what the qualifications are, and how it operates. During this segment, I will address tips on how to uncover a reliable income advance company, and what pitfalls to avoid.

In order for you to get a reliable merchant money progress enterprise there are many tips on how to do it. I really recommend you get several quotes. There are many causes for this. The 2 ...


Should your business accept a merchant cash advance? Part 3

Part  3 - Merchant Cash Advance: How it Works

In sections two and three, I talked about what a merchant money advance is and also the qualifications. Within this section, I'll cover the hard cash progress payback, the payback period of time, the aspect, the issue price, as well as the daily retrieval fee.

So, your online business is authorized for the money advance. Usually, you are going to receive approximately 100% within your regular monthly credit score card processing volume or your regular monthly profits volume. The whole amount will range from supplier to provider. The regular is 100 ...


Should your business accept a merchant cash advance? Part 2

Part two - Merchant Funds Advance Qualifications

In part one particular, I talked about what a merchant money progress is. With this segment, I'll cover the merchant dollars advance qualifications.

A hard cash advance provider will take a look at your per month profits quantity along with your month-to-month credit rating card processing volume to determine highest possible progress amount. Commonly, the advance number is equal in your regular monthly credit score card quantity and sometimes your per month income quantity. The companies use your credit card quantity as evidence of sales and profits. You may submit lender statements if ...


Should your business accept a merchant cash advance?

Part one: What exactly is a merchant hard cash advance

I’m heading to discuss Merchant Money Advance: Could it be ideal to your business? This really is the 1st portion of a four piece collection.

A lot more plus much more corporations are turning to substitute types of credit score, for the reason that banking institutions usually are not lending. A latest research by Pepperdine University unveiled that 60% of small business bank financial loans ended up denied in 2011. To select up the slack, personal funds providers have stepped in the market.

Funds advances are usually not thought ...


How Does the Durbin Amendment Affect my Small Business? Part 2

Part 2

In the initial part, I discussed what the Durbin Amendment is and how it affects your organization. In this segment, I will go over why merchants aren’t saving beneath Durbin and what action it is possible to take to ensure your small business realizes the Durbin savings.

Why aren’t merchants receiving the Durbin Amendment savings? The very simple answer is the fact that it is truly up to your processor to pass along those savings. If they have not passed those saving along to you, then they've kept them for themselves. That is what we ...

How Does the Durbin Amendment Affect my Small Business?

Part One

What exactly is the Durbin Amendment? Senator Richard Durbin from Illinois introduced the amendment in to the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was passed by Congress in 2010. The amendment gave the federal government the power to set interchange rates for debit card transactions. The amendment went into effect in October of 2011 and considerably lowered the debit interchange rates by almost 95%. 
You could possibly be thinking, my organization does not take debit cards. I do not have a pin pad or give cash back. The truth is that more than 50% of ...

Merchant Money Advance: Is it ideal for your convenience store?

What exactly is a merchant cash advance? A merchant cash advance is operating capital offered by a private provider to a enterprise based upon its future sales. Advances differ from bank loans in quite a few ways. 

An advance is technically a sale of your future sales. Advances are not regulated, and, in most instances, the amounts are restricted for your monthly sales revenue. The payments are not fixed and also the funds are unsecured. 
A loan is actually a kind of debt. Since the loan amounts are higher, bank loans are highly regulated. The payments are at a fixed ...

Merchant Money Advance: Is it proper for the little business?

What is a merchant cash advance? A merchant cash advance is working capital given by a private provider to a business based upon its future sales. Advances differ from bank loans in various methods.

An advance is technically a sale of the future sales. Advances are not regulated, and, in most situations, the amounts are restricted to your monthly sales revenue. The payments aren't fixed as well as the funds are unsecured.

A loan is actually a form of debt. Since the loan amounts are greater, bank loans are very regulated. The payments are at a fixed rate of ...


Merchant Cash Advance: Is it suitable for your florists shop?

 What's a merchant money advance? A merchant cash advance is working capital given by a private provider to a company based upon its future sales. Advances differ from bank loans in a number of approaches.

An advance is technically a sale of the future sales. Advances aren't regulated, and, in most situations, the amounts are limited for your monthly sales revenue. The payments will not be fixed plus the funds are unsecured.

A loan is usually a type of debt. Since the loan amounts are greater, bank loans are highly regulated. The payments are at a fixed interest ...


Merchant Money Advance: Is it right for your dentists office?

What exactly is a merchant cash advance? A merchant money advance is operating capital offered by a private provider to a organization based upon its future sales. Advances differ from bank loans in various ways.

An advance is technically a sale of your future sales. Advances are not regulated, and, in most cases, the amounts are limited to your monthly sales revenue. The payments are not fixed and the funds are unsecured.

A loan is often a kind of debt. Since the loan amounts are higher, bank loans are highly regulated. The payments are at a fixed rate of interest ...


Merchant Cash Advance: Is it suitable for your hotel and motels?

What exactly is a merchant money advance? A merchant cash advance is operating capital offered by a private provider to a company based upon its future sales. Advances differ from bank loans in numerous ways.

An advance is technically a sale of one's future sales. Advances will not be regulated, and, in most cases, the amounts are restricted for your monthly sales income. The payments aren't fixed along with the funds are unsecured.

A loan is a kind of debt. Since the loan amounts are greater, bank loans are very regulated. The payments are at a fixed rate ...


Merchant Money Advance: Is it appropriate for your bar or nightclub?

What exactly is a merchant money advance? A merchant cash advance is working capital offered by a private provider to a small business based upon its future sales. Advances differ from bank loans in quite a few methods.

An advance is technically a sale of the future sales. Advances are not regulated, and, in most instances, the amounts are restricted to your monthly sales revenue. The payments aren't fixed along with the funds are unsecured.

A loan can be a type of debt. Since the loan amounts are higher, bank loans are extremely regulated. The payments are at a ...


Merchant Cash Advance: Is it right for your dry cleaners?

What exactly is a merchant money advance? A merchant money advance is working capital offered by a private provider to a enterprise based upon its future sales. Advances differ from bank loans in many methods.

An advance is technically a sale of your future sales. Advances will not be regulated, and, in most instances, the amounts are limited for your monthly sales revenue. The payments will not be fixed and also the funds are unsecured.

A loan is often a type of debt. Since the loan amounts are greater, bank loans are extremely regulated. The payments are at a fixed ...


Merchant Cash Advance: Is it appropriate for your auto repair shop?

What is a merchant money advance? A merchant money advance is working capital given by a private provider to a business enterprise based upon its future sales. Advances differ from bank loans in a number of ways.

An advance is technically a sale of one's future sales. Advances usually are not regulated, and, in most instances, the amounts are limited to your monthly sales income. The payments aren't fixed plus the funds are unsecured.

A loan is often a form of debt. Because the loan amounts are higher, bank loans are highly regulated. The payments are at a ...


Merchant Cash Advance: Is it proper for your organization?

What is a merchant money advance? A merchant cash advance is operating capital offered by a private provider to a company based upon its future sales. Advances differ from bank loans in many approaches.

An advance is technically a sale of your future sales. Advances usually are not regulated, and, in most circumstances, the amounts are limited to your monthly sales revenue. The payments usually are not fixed along with the funds are unsecured.

A loan is usually a type of debt. Since the loan amounts are greater, bank loans are highly regulated. The payments are at a fixed interest ...


Merchant Cash Advance: Is it right for your retail store?

What is a merchant cash advance? A merchant money advance is operating capital given by a private provider to an organization based upon its future sales. Advances differ from bank loans in several methods.

An advance is technically a sale of the future sales. Advances will not be regulated, and, in most circumstances, the amounts are limited to your monthly sales income. The payments are not fixed as well as the funds are unsecured.

A loan is usually a type of debt. Since the loan amounts are higher, bank loans are highly regulated. The payments are at a fixed interest ...


Merchant Cash Advance: Is it right for your small business?

Merchant Cash Advance:  Is it Right for your small business?

 What is a merchant cash advance?  A merchant cash advance is working capital given by a private provider to a business based upon its future sales.  Advances differ from bank loans in several ways.

An advance is technically a sale of your future sales.    Advances are not regulated, and, in most cases, the amounts are limited to your monthly sales revenue.  The payments are not fixed and the funds are unsecured. 

A loan is a form of debt.   Because the loan amounts are higher, bank loans are highly regulated.  The ...


Best Practice Guide to Closing Leads

Your company can increase its sales significantly by simply implementing a lead generation strategy outlined in this guide.  Independent research shows that 99 percent of sales reps will abandon a lead if they fail after three attempts to get the sales negotiations going.   Additional research shows that this is way too early give up on these leads which leave good sales and money on the table.

Our company did an audit of 50 leads sold to one of our vendors.  The results showed that after three months, only five of the leads had been sold.   Eight merchants responded that they ...


Credit Card Processing Checklist: Part 2

Processing Checklist

1.     If your processor raises your rates during the contract term, this action nullifies the early termination penalty for 30 days in most cases.  Please check with your processor first.

2.     Make sure your account is settling properly.  Check your device with your bank.

3.     Check your statements each month to make sure you being charged what you were expecting. Again, understand what downgrade charges are before you complain about your bill.

4.     Keep your credit card terminal is a safe place away from liquid and heat as best as possible.

5.     Check your customer's IDs and ...


Credit Card Processing Checklist: Part 1

Credit Card Processing Checklist: Part 1

Follow these steps for smooth set up and processing of your account:

Set Up Checklist:

1.     Shop around and get multiple bids.  At www.blindbid.com, we offer bids from the top processors. 

2.     Get completely setup at least two weeks before you need to process your first card.

3.     Get new processing equipment that fits your business needs and is PCI compliant. 

4.     Accept American Express One Rate plan – this gives you the lowest American Express rate and consolidates your billing.

5.     Opt out of paper statements to save on your monthly statement fee.  Use the online account instead ...


Economic Forecast 2012 for Small Business

The last three years have been extremely difficult for small businesses.  In 2009 alone, there were nearly two hundred thousand small business closures than business openings.   

The good news is that the economy will not be getting worse.  The bad news is that we are in a stagnate economy.  The growth projections for the next four quarters will not be more than 2.0%.   We need at least 4% quarterly growth to get us out of our economic funk.    With the economic uncertainty going into the election year and no real boom industry on the horizon, 4% will be difficult ...


Trends in Credit Card Processing for Small Business

The biggest trend continues to be the Durbin Amendment. Small businesses received the biggest reduction in their credit card processing charges in the history of the electronic payment industry.  Most small businesses will not realize these savings unless they take action. 

As part of the Dodd – Frank Wall Street Reform and Consumer Protection Act of 2010 passed by Congress in 2010, the Durbin Amendment was written to give the Federal Government the power to set interchange rates for debit card usage.  Essentially, this amendment significantly lowered the rates beginning October 1, 2011.

In the past, debit card processing rates, or ...


1099 Reporting for Small Business

1099 Reporting.  If any payments to vendors over $600,  you must issue a 1099.  Failure to do so can result in a fine per violation.  This reporting is going to cause a lot of headaches and wasted hours filing reports.  These are the requirements from the IRS website.

IRS FORM 1099 REPORTING REQUIREMENTS

The Internal Revenue Service (IRS) requires businesses (including not-for-profit organizations) to issue a Form 1099 to any individual or unincorporated business paid in excess of $600 per calendar year for services rendered. This is required whether these payments are spread out over the course of the year ...


Trends in Merchant Cash Advance

The great news is that the factor rate of merchant cash advances continues to come down.  A merchant cash advance is like a loan, but based on your businesses future sales.  The industry is unregulated so the advances are made much quicker without all the paperwork, and financials.  The advances are unsecured.  Those are the advantages. 

The disadvantage is that the factor rate is higher than a bank loan interest rate.  Only a few years ago, the factor rate was around 1.35.   Now, the factor rates have come down through market competition.  It is possible to get a 3 ...


How small business can exploit Groupon

The Groupon phenomenon has grown like wildfire.  If implemented correctly, a Groupon campaign or a living social campaign can significantly transform your business and increase your bottom line.   Let’s be honest, a successful Groupon campaign is not cheap.  Groupon wants you to give at least 50% off to its members.  Then Groupon splits the upfront money.  So you are giving away 75% of your product and service.   If you have a 50% margin, then the campaign will cost you 25% of the wholesale price minus the percentage of no shows which is usually around 10%.  

For a Groupon campaign ...


Top 10 Keys to Lower your Credit Card Processing Costs

Top 10 Keys to Lower your Credit Card Processing Costs

1.     Switch to Interchange Plus Pricing

2.     Know your Business Type

3.     Get set up under the correct Visa/MasterCard Program

4.     Know your card mix and average transaction

5.     Use Latest Processing Technology

6.     Review your statements (at least every 6 months)

7.     Accept All Card Types and transaction methods

8.     Be in Contact with your account executive

9.     Get multiple bids for card processing service 

10. Buy value – not price

Introduction

Blindbid is conducting a series of whitepapers to empower small business merchants to save on their processing ...


Advantages of wireless processing

Credit card payment has become commonplace nowadays, which is why most retailers are now using credit card processing services in order to provide this payment option for their customers. Some even went beyond that and turned to wireless credit card processing. How exactly does wireless or online credit card processing work, and how will this benefit your company? This article discusses all the information you will need to know about this payment option.

How does wireless credit card processing work?

Wireless credit card processing works essentially the same way as ordinary credit card processing, in that a customer can use ...


Credit Card Processing for small business

The retail and business industry today continues to challenge itself by providing merchants with technology that can help them, no matter if they are considered to be small business, to run with the bigger corporations and companies.

One such technology that these businesses can use are credit cards. However the problem with credit cards is that it would require people to get the necessary affiliation before they can accept credit card payments on the fly. This is why there are a lot of new businesses that are called credit card processing for small business or better known as merchant services ...


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