What providers do you use?
We are a merchant brokerage and agnostic to the process of selecting a finance partner for your business. We determine the most appropriate for your specific situation.
Every finance company has a different process, terms and aspects of working with acquirers. Our job is to help you navigate this.
How am I pay the finance back?
Acting as your broker, we will work with you to agree and determine a (%) of card sales to be taken from each card payment. Maximum is 20% of card value.
For example, If you processed £1,000 in Visa and Mastercard sales with a 10% repayment, this means you will be funded £900 and the financer receives £100 in capitol and interest.
Our job is to work with you and negotiate with the bank to find a balance. Lowest can be 3% of card sales but will take longer to pay off.
Repayments are reduced in slow sales periods and increased in higher sales months
How much am I charged?
Merchant finance providers will charge clients what is known as a ‘factor rate’. Typically, this is between 1.1 and 1.27.
If you agree a factor rate of 1.15, and borrow £10,000, you’ll need to pay back £11,500.
This is fixed so if you experience a longer than usual downturn in sales, there is no additional interest to pay.
How do I apply?
The first step is to speak with an account manager to determine finance required. We can then broker a deal for you.
Minimum requirement is 3 months merchant statements to see the average card turnover to base the loan on.
Once you are happy with the quote, we will require for underwriting;
- 3 months bank statements (1 month for finance under £15k)
- Premise lease or proof of mortgage
- Management accounts (for finance above £30k)