Merchant Financing Review

Overview:

American Express is well-known in the financial services industry and was founded in 1850. This company began in Buffalo, New York and now has its headquarters in New York City. The company generates $30 billion in worldwide revenues and has 63,000 workers. American Express founded a merchant services provider called Merchant Financing. This merchant account provider provides existing American Express customers with an easy-to-use credit card processing service. To date, this service has helped thousands of U.S. small businesses to grow.
 

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Features:

Merchant Financing from American Express is a flexible and dynamic merchant account and credit card processing service that allows small and medium-sized businesses to effectively process credit card transactions. American Express brings industry-leading knowledge of the market to Merchant Financing to provide an effective and unique service that offers payment processing assistance to businesses.

Essentially, Merchant Financing offers loans to businesses that are based on the amount of debit and credit card charges the company processes. Businesses that accept a large number of debit and credit card payments will receive larger loans and more flexible repayment schedules. The monthly financing option is based on forecasted transactions and removes the need for lines of credit. The annual financing option is based on historical transactions, and with this loan businesses will receive a lump sum at the start of the term.

Service Ideal For:

Merchant Financing is an adaptable service that caters to small & medium-sized businesses. To qualify, businesses must have yearly credit card volume revenues between $100,000 and $10 million. In addition, businesses need to sign a 2 year minimum contract and have an excellent credit history. The flexible payments make this service great for businesses that have cycles of high and low periods, or seasonal businesses.

Sign Up Process:

First, you must meet certain criteria in order to register with Merchant Financing. These criteria include having a minimum of $50,000 in annual card charges, you are required to be an American Express Merchant, and you must have 24 months tenure on a credit card from American Express. As a potential client, you can register online with the Merchant Financing site. During this application process, you need to provide an American Express Merchant Account Number as well as a full tax ID or the last 4 digits of your bank account. When your identity has been confirmed a representative will contact you to gather more information about your business. This process can generally be completed on the same day. Some industries are not eligible for a Merchant Financing account including insurance brokers, charities and airlines.

Pricing:

Pricing at Merchant Financing is flexible and based on the volume of American Express revenue that is generated through the business. Monthly financing repayments begin with a 0.5% interest fee and are based on monthly outstanding balances. The annual financing plan has a 6% fee based on the yearly funding amount. These plans have no early cancellation fees and the lowest rates are dependent on referral sources and processor arrangements.
 

Basic Pricing:

MONTHLY STATEMENT FEEMONTHLY MINIMUMMONTHLY GATEWAY FEESETUP FEES
Varies0.5%Varies$0.00

Credit Card Fees - Retail

AVERAGE DISCOUNT RATERETAIL TRANSACTION FEEEQUIPMENT COST
VariesVariesVaries

Online Account Fees – No Card Present

ONLINE DISCOUNT RATEGATEWAY TRANSACTION FEEADDRESS VERIFICATION FEE
VariesVariesVaries

Ease of Use:

The services offered through Merchant Financing are innovative and designed for small businesses through streamlined credit and lending process. Registration is usually completed in 1 day and the funds are transferred in 3 business days. In addition, Merchant Financing has a loan calculator on its website as well as simple repayments so businesses can keep track and plan all payments. In general, this provider has years of experience and offers low fees and new capital for small businesses.
 

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