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2017 April Blog Posts

By First American Merchant

Feel free to give us a call for more info 1-800-210-5649

Merchant Account Services for the Penny Auction Business

Penny auctions (also known as bidding fee auctions) are a type of all-pay auction, meaning all participants are required to pay a non-refundable fee to place each, small incremental bid. In order for these penny auctions to take place, these businesses must have electronic payment processing. The ability to accept and process credit and debit cards requires a merchant account – something that is not easy for a penny auction business to secure. Penny auctions are considered to be high risk. In fact, their reputation are so tarnished by scam websites and businesses that take advantage of consumers that they […]

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Automotive Payment Processing Solutions

More and more entrepreneurs are turning to alternative lenders like First American Merchant for their payment processing needs. Why? Industries like automotive are considered to be high risk by banks and other traditional providers. At first glance, running an auto shop seems to be straightforward. However, the day-to-day operations of an auto shop are incredibly diverse. Large average ticket sizes for repairs and parts are typical for this industry. Unfortunately, this also leads to fund holds or overwhelming chargeback rates. As a result, banks consider these businesses too risky and turn them away. Without a merchant account, businesses are unable […]

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Medical Marijuana Funding Options for the Entrepreneur

A report by researchers at The ArcView Group revealed that legal cannabis is currently the fastest growing industry in the U.S. In addition, according to Medical Marijuana Inc., more than 1.2 million people use medical marijuana for a variety of medical problems. Despite the rapid expansion of this market, entrepreneurs are faced with no easy task when it comes to securing the services they need to operate efficiently. A merchant account enables businesses to accept and process credit and debit card transactions. From the very beginning, this has been a huge obstacle for medical marijuana businesses. Many had to resort […]

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How Merchant Funding can Rescue Your Business

Are you curious as to why small businesses are increasingly turning to a merchant cash advance for help? How does the merchant cash advance compare to traditional financing? Are the costs involved worth it? If you’d like some answers to your questions, consider the following example of how this alternative financing option can save the small business. Why choose merchant funding? Many business owners believe they’ve secured the appropriate amount of financing for their new business to succeed, only to discover their rapidly running low on working capital. First, they turn to the bank for a solution. On top of […]

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Section 179 | A Guide for the Small Business Owner

The tax season is one of the most, if not the most, stressful times of the year for the business owner. Every entrepreneur hopes to maximize their deductions to minimize their taxes. One of the ways to do this is using the information contained in Section 179 of the tax code. What is Section 179? Designed to help businesses, Section 179 allows business owners to deduct the purchase price of equipment (up to certain limits). While it does not increase the overall deduction the business owner can take, it does allow them to take it more quickly. Section 179 is […]

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Merchant Cash Advance or Small Business Loan | Which Option is Right for You?

At some point, every business will experience a period where their cash reserves dwindle. Without sufficient capital, a business will be unable to grow, expand or take advantage of opportunities. Even after assessing cash flow and managing payables and receivables, it may still be necessary to look outside the business for solutions. This decision quickly leads to the next dilemma: which business funding solution is right for your business and its current situation? Some business owners seek the traditional small business loan, while others seek alternative options like a merchant cash advance. If you’re unsure which option would be right […]

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How the Small Business Owner Can Solve Bad Credit Issues

Trying to start a business with a bad credit history can feel next to impossible. Traditional lenders are unwilling to work with an entrepreneur with a less than stellar credit score. So, when the business finds itself in need of extra working capital for growth or expansion, the entrepreneur will struggle to secure a business loan. Unwilling to deal with the potential risks, banks will likely turn you away. Some entrepreneurs have a bad credit score from a failed, past business venture. Other reasons may include payment history, outstanding debts, industry risk, public records (e.g. bankruptcies and liens), etc. Whatever […]

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Boost Your Small Business Customer Base with ACH and ECheck Payments

In the modern world we live in, it’s easy to forget that some customers don’t have or do not wish to use credit cards as a payment option. For merchant’s, this means a missed revenue opportunity. It also leads merchants to a question of security. How can my business accept other payment options both efficiently and safely? ACH and eCheck Payments If you want to increase your customer base, it’s important that you provide customers with multiple payment alternatives at the point of checkout. This includes in-store and online transactions. You want to make sure your business is prepared to […]

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6 Alternative Business Funding Options for the Small Business Owner

According to Sean O’Malley, president and co-founder of SmartBiz, “Although small businesses make up a vital part of the economy, access to small-business loans has been restricted since 2008.” Even though small business lending options are improving, there are still many entrepreneurs that are still ineligible for traditional lending options. For one reason or another, these businesses are considered to be too risky and are turned away. Banks refuse to offer business financing of any kind. Thankfully, the number of alternative options for small businesses and startups continues to increase. If you’re business is currently in need of a little […]

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Benefits of a Startup Cash Advance for the Minority Business

For the minority-owned business, it can be incredibly difficult to secure a traditional loan for various reasons. For example, discrimination against the owner’s credit score or the business’ location. If the business is part of an industry considered to be “high risk” by traditional lenders, it will even more difficult to secure the working capital needed. Just like any other business, without sufficient cash flow the minority-owned business will be unable to cover expenses, purchase inventory/equipment or fund growth and expansion. For this reason, many businesses turn to alternative lenders like First American Merchant. An alternative lender typically specializes in […]

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