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Dear Customer, We have launched AI powered KYC & KYB facility for New customer account opening.
Are you looking to expand, renovate or buy stock for your business or website, and finding it hard to raise the capital required? A Merchant Cash Advance may be the answer.
Flexible Finance When You Need It.
A Merchant Cash Advance is a new source of business funding based on the monthly average card takings from your card payment terminal. The advance plus a fixed fee is paid back using an agreed percentage of daily credit/debit card takings until repayment is made in full.
Mex Money can fund between €2,500 and €250,000 per facility. The amount funded is based on your average card takings over a 12 month period. So if you average €15,000 of card takings per month, we can provide a Cash Advance of €15,000.
A Cash Advance is an innovative new source of funding for your business compared to a traditional bank loan:
Most businesses require additional funding at some stage of their development. The advance can be used in any way you like to grow and improve your business. Common uses are as follows:
Mark has a small pizza restaurant near the city center. His smart repayments adapt every day in line with his daily revenue so that they are aligned to how his business is performing.
You must be in business for at least a year. Your business accepts card payments via a card machine.
If you know your monthly card payment turnover, this will give you an estimate to the size of advance you could receive. Typically, you can get an advance that is equivalent to100% of your monthly card turnover e.g. a monthly card turnover of €10,000 will equal €10,000 advance.
Once your advance has been funded, the repayment process begins automatically. From this point on, whenever one of your customers pays you on card, a small percentage of that sale will go towards paying off your advance.The flat percentage value is agreed before the point of funding and will stay the same regardless of the transaction value.For example, if it’s 5%, it will be 5% of a €10 sale or a €1,000 sale. The repayment value flexes to the size of the transaction. This process will repeat until the advance is fully repaid.
A Cash Advance will typically take an average of 9 months to repay, but this may vary depending on the size of your advance and the frequency & value of card transactions being paid to your business.
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