Presented by: Jamil A. Massengill,
International Business Consultant
Company: JAMAIA Financial Marketing Group, Inc
Email: JAMAIAFinancial@adpost.com
Never Pay Merchant Processing Fee Again
https://cardswift.com/1304
Email: JAMAIAFinancial@adpost.com
Never Pay Merchant Processing Fee Again
https://cardswift.com/1304
By Stephen Bush | Submitted On March 18, 2010
It is frequently
a good idea to get back to basics, and this is particularly appropriate for
small business owners when they are reviewing if they can increase their cash
flow with business cash advances while reducing processing costs. Because many
businesses have experienced both decreased sales and increased difficulty in
obtaining bank financing, this review of basic working capital management
processes should be helpful to most commercial borrowers. The possibility of
reducing a significant business expense is likely to be appealing to even the
most successful small businesses.
While they will
not be discussed here, there are other working capital financing options to
consider for a business which does not accept bank cards from customers as a
payment option. A minimum monthly volume of bank card sales which typically
varies from $5000 to $10000 is needed in most cases to obtain business funding
based upon credit card receivables factoring. A lump sum payment is received
based on projected future credit card processing transactions when merchant
cash advances are obtained by a business. As credit card purchases are
processed, the business financing is repaid automatically and gradually
(typically covering about seven to eight months). Because they do not have
another reliable commercial funding source, this strategy for obtaining working
capital is used by many diverse businesses. The need to consider this option
has also increased because banks are routinely reducing or eliminating business
lines of credit in almost all areas for small businesses.
This might be the
perfect opportunity to review the cost structure currently in place for a
business because this approach to working capital management is tied so
directly to credit card processing activity. Many small business owners chose
their credit card processor based upon a recommendation from a colleague or
banker. It is not unusual to hear that costs or terms were not reviewed
thoroughly before signing a processing agreement.
As indicated,
future credit card processing activity is used to repay a business cash
advance. A portion of each transaction is automatically allocated toward
repayment. In order for this to happen, the processor must agree in advance to
handle it properly. Not all credit card processing providers will agree to help
with the merchant cash advance repayment process. When this occurs, alternative
processors can usually be arranged with minimal impact on daily business
operations. A common occurrence is for a small business to realize significant
cost reductions when replacing one credit card processing provider with another
because costs were often overlooked when the initial agreement was signed.
One of the
primary precautions to observe when a small business owner is considering a
business cash advance is to ensure that the company providing the business
financing does not rush to change credit card processors before determining if
they can complete the desired working capital financing. Attempts to change
processing arrangements immediately are a clear indication of one of the most
serious abuses seen during recent years for companies appearing to offer
merchant cash advances. Take an initial evaluation of whether they can provide
financing and in what amount is a more normal and appropriate approach for the
commercial funding provider to take. Checking with the existing processor to
determine their ability to facilitate repayment of the working capital to be
advanced to the business borrower would then be the next step if the initial
findings were acceptable to the business. Even if their current processor is
willing to work with the business cash advance provider, businesses should
consider asking for a review of cost saving opportunities involving their
credit card processing.
Solution:
Never Pay Merchant
Processing Fees Again Seriously.
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Any questions
please contact
Jamil
A Massengill
International Business Consultant | Facilitator
JAMAIA Financial Marketing Group, LLC
Life, Health and Financial Services
Direct: 704-906-6197
Skype: jamaiafinancial
Email: JAMAIAFinancial@Adpost.com
Website: https://apply4funding.com/1304
Website: http://www.FastCashForContracts.com Website: http://JAMAIAHealth.CareDP.com Blog: http://www.JAMAIAFinancial.Blogspot.com
Tag: Merchant Card Services, Merchant Cash Advance, Cash Advance, Small Business Finance, Small Business Financing, Small Business Funding, Business Funding, Free business Servicess, Capital Funding For business
International Business Consultant | Facilitator
JAMAIA Financial Marketing Group, LLC
Life, Health and Financial Services
Direct: 704-906-6197
Skype: jamaiafinancial
Email: JAMAIAFinancial@Adpost.com
Website: https://apply4funding.com/1304
Website: http://www.FastCashForContracts.com Website: http://JAMAIAHealth.CareDP.com Blog: http://www.JAMAIAFinancial.Blogspot.com
