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Credit Card Receivable Financing (CCRF)

CCRF is a short-term working capital "Loan" for Visa/MC merchants. The loan amount is based on the merchant's previous average monthly sales volume on Visa/MC. Typical loan amount is 70% - 150% of the monthly average. Typical term is 6 to 12 months.

Loan is amortized by an automatic daily payment based on the merchant's Visa/MC sales. Daily payment percentage is determined as a function of the loan amount, average monthly sales, and the term.

Cost-of-Capital / Finance Charge

Since CCRF is a Loan being amortized by irregular daily payments, no one can forecast the exact amount of the interest to be paid over the life of the loan. We can only project what the interest amount would be based on certain assumptions:

1. As a rule of thumb, the shorter the term, the lower the interest amount would be.
2. Monthly VS/MC sales stay the same as the projection throughout the life of the loan.
3. Daily VS/MC sales are same everyday adding up to the monthly VS/MC sales.

CCRF is not available for businesses located in the following states: CT and FL.

Payment Procedures

CCRF is paid back automatically. An Automatic Clearing House (ACH) debit to the merchant's business checking account is based on the amount of Visa/MC sales and the agreed-upon daily payment percentage. It means that the 100% of the merchant's settlement is deposited to the merchant's bank account, and the merchant's account is debited for the daily payment (usually on the same day as the settlement deposit).

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