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Wow, what a week, I just came back from helping a hotel to refinance, they are going to borrow £12k which is equivalent to one months card takings. I copied all of the documents for them and filled in the forms, we like to add the personal touch and all of our clients are usually too busy to get around to it.
Anyway what a week helping small businesses to get the cash they need!
This is how it works:
MCE funds merchants based on their average monthly volume of credit/debit card transactions. A
merchant can expect to receive a lump sum roughly equivalent to this monthly average. The
money advanced to the merchant is not a loan, it is purchasing an amount of the merchant’s
future debit and credit card receivables for MCE.
Repayment is then fully automated through the Lloyds TSB Cardnet card processing system. This
is done by a pre-agreed small percentage of the merchant’s daily takings on credit and deb... Read more
