NewswireTODAY - /newswire/ -
Montréal, Québec, Canada, 2008/07/29 - Advanceit, the largest Canadian Merchant Cash Advance company, has developed data share relationships with Canada's largest debit and credit card payment processors - Advanceit.com.
Advanceit, the first and largest Canadian Merchant Cash Advance company, has signed data share agreements with over 70% of the Canadian debit and credit card processing market including; Moneris, Global Payments, Cardex/ Pivotal Payments, Collective POS, Federated Payments Canada, Monex, POS West and IdTel.
Receiving merchants’ data directly from the processor means that Advanceit merchants do not have to switch bank accounts or processors in order to obtain the business financing they need. Other merchant cash advance companies in Canada have to set up third party trustee accounts in order to provide their merchants with funding, postponing merchants’ settlements by 3 to 6 days.
These partnerships are not only advantageous for the merchants and Advanceit. It allows the electronic payment processors to generate incremental revenue from their existing base, increase retention as merchants with an active cash advance rarely switch processors or bank accounts, and benefit from increased processing volumes as funds are primarily used for business expansion.
“Merchants come to Advanceit to receive fast working capital and to facilitate their cash flow. If a merchant is only receiving their sales every 3 to 6 days it can impair their business,” said Jeff Mitelman, Advanceit CEO. “By developing these relationships, merchants, processors and Advanceit can all enjoy the many benefits that merchant funding entails.”
Founded in 2006, in Montreal, Canada, Advanceit (advanceit.com) is the Canada’s first and largest source of Merchant Cash Advances. Advanceit works with the leading debit and credit card processors to provide a small business loan alternative based on merchant’s future electronic payment sales. Merchants use Advanceit working capital to renovate, purchase or upgrade equipment and supplies, open a new location, purchase inventory to gear up for a busy season, to help get through a slow season or any business needs that might arise.