I-tech Xperience Nets $400,000 Merchant Cash Advance Deal
October 29, 2010 | Business Loans, Merchant Cash Advance
I-tech Xperience, a small business specializing in a variety of electronic products, has received over $400,000 from Paramount Merchant Funding over the past 8 months. With the money, the company has been able to expand to 15 domestic and international airports around the U.S. “It’s amazing, because my business has been expanding like crazy, and we are showing major profits. We open at least one or two airport locations every quarter, and yet I am still declined for bank loans,” said CEO David Scheiss. Paramount Merchant Funding has been able to provide me with capital I need quickly so that we can expand locations and purchase inventory.”
Merchant Cash Advance
Many small businesses have suffered in this past economic recession and have been unable to obtain business loans from their local banks to increase inventory, consolidate debt, or expand their businesses. Paramount Merchant Funding, recently named “Platinum Merchant Cash Advance Provider” specializes in unsecured forms of lending for small to medium size businesses. “A lot of people just don’t know about our form of financing,” says Paramount Merchant Funding CEO Jared Feldman. “It’s fast and easy, and many companies use our product to expand and get them through difficult times.” The company tripled in size this past year as more businesses have resorted to alternative methods of financing.
A merchant cash advance is actually not considered a true loan, but a purchase and sales agreement. The small business owner sells their future credit card receivables at a discounted rate. The merchant cash advance provider will receive a percentage of the merchant’s credit card receivables until the advance is paid back in full. Unlike a bank loan that requires a fixed amount every month; merchant funding providers take a percentage of sales. âThis is the most appealing aspect of merchant funding to our customers. When their business has a slow month, they pay us less. When sales increase, they pay more to bring down their balance.â
While merchant cash advances are typically more expensive than traditional bank loans, they are also an unsecured form of funding, thus creating risk for the provider. Jared added, “We’ve seen a lot of merchant cash advance providers go under this past recession due to bad investments. It’s risky on our end because we are dealing with businesses like restaurants that traditionally have high failure rates. There is no collateral attached to the advance, so if the business fails, our investment is at risk. With merchant funding, there is no personal guarantee or collateral attached to the advance which also allows the transaction to be completed within a 5-7 days as opposed to bank which can take several weeks or even months. âSmall business owners that do qualify for bank loans are still sometimes skeptical. They know if they default, the bank will come after their house, car, or anything else of value. This is a major selling point for our product.â
While merchant funding is not the answer for all small businesses, it is an option that more and more are trying out. Many small business owners are hesitant to try this type of financing when they have never heard of it before. âI-tech is a perfect example. They were not sure if this product was the right choice for their business, so they started with a small amount. Once they realized how it helped their cash flow, they came back for additional funding three months later and then again four months after that.â
CONTACT:
Address:
261 W. 35th Street, Suite 400
New York, New York 10001
Toll Free: 888-221-6031
Fax: 888-715-3737
Website: www.ParamountMerchantFunding.com
Token: HTRRQDNKC42T
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