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post #2564 of (permalink) Old 03-19-2013, 08:16 PM
country flag Wing Man Frank
Join Date: May 2010
Posts: 3,681
Re: Rising Francesco vol. 18 - Diana says sorry to all her fb friends

Originally Posted by Prodigy. View Post
Wow Ryan that must of been a horrible shift. What job do you do now?
Work in sales for a finance company. We offer a product called a Merchant Cash Advance.

Wiki defines it as: "A Merchant Cash Advance was originally structured as a lump sum payment to a business in exchange for an agreed upon percentage of future credit card and/or debit card sales".

In effect we look at a businesses credit and debit card sales history over either a 6 or 12 month period (12 if it's a seasonal business) and advance a sum of money based on those numbers (normally around 100% of their average montly card volume). We charge a fixed fee and get repayment through a fixed % of their daily transactions, e.g. we advance 10k, repayment is 13k and we get 10% of their daily card transactions until they have repaid the 13k in full.

When I first joined I thought there was no way a company would pay a fee of effectively 30%. Seemed ridiculous to me, yet having advanced millions of pounds into the market I've suddenly realised it's not too bad of a product! It's expensive, but it works for the right person.

Sorry for the long and boring explanation but thought I might as well explain it properly. Hope it makes sense?
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