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Michael Hollis Blog Posts

By First American Merchant

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

The 5 Benefits of Merchant Cash Advances

If you are a small business in need of capital, you may have noticed that your options for securing extra financing are greatly limited. It is generally standard for new small to medium-sized businesses to have great difficulty in finding a bank willing to lend them money.  New businesses simply don’t have the credentials and track record that lenders require to prove their trustworthiness. However, there is one solution that can be worth considering if you have been denied a business loan, and that is a merchant cash advance. A merchant cash advance (MCA) is a cash advance based on […]

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The Ins and Outs of Merchant Cash Advances

MCAs offer SMEs a quick business financing alternative, something different than what veteran banking institutions offer. With cash advances, a funding company gives a retailer an amount, which they utilize for their business needs and settle with a predetermined percentage of their per-day sales. This new-age product is appropriate for micro-businesses that; Take credit card payments, cash, and check payments. It is NOT suitable for retailers who use invoices. Record high sales Are seeking instant financing Won’t be verified for bank funding How it Works MCAs offer finances to microbusinesses in trade for a portion (%) of the company’s daily […]

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Tips to Start Taking Credit Card Payments in Your Business

Credit card payment, also known as plastic payment, is still one on the staple ways to pay for items online. According to statistics, last year alone four million new users begun paying with credit cards. The same year almost 65 percent of houses in the United States used plastic payments. These and more statistics explain the increasing need to start collecting credit card payments. Customers are moving towards a cashless economy with more preferring cards than cash. So being able to process credit card transactions opens a new opportunity to a business and offers shoppers a favorite payment method. The […]

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Can’t Get a Business Loan? Here Are Your Options

According to Q2 2019 Private Capital Access Index (PCA Index) from Dun & Bradstreet and Pepperdine Graziadio Business School, there is a growing number of small business owners that are seeking to gain more access to capital than in the first quarter of this year. However, they are struggling to secure bank loans. In the survey, 36% of businesses tried to raise funding in the second quarter, with an increase from 28% in the first quarter. Only 32% were able to secure financing from a bank loan in Q2 2019. This figure is down from 44% in the first quarter […]

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Is a Merchant Cash Advance a Good Resource For Your Business?

When you are just starting out in business, it is inevitable that some considerable investment will be required for your profits to really take flight.  Or it may happen that you simply need a short term solution for some quick capital. A Merchant Cash Advance or (MCA) could be an alternative to consider, depending on your business. An MCA, however, is not a loan, it is defined as a cash advance that is based on the credit card sales of a business. One advantage of applying for an MCA is that the process is remarkably quick. You can have your […]

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The Pros and Cons of a Cashless Business

If you’ve considered operating as a cashless business, you wouldn’t be too far in left field from consumer trends. In fact, according to the Pew Research Center, 29% of Americans aren’t using cash for their weekly purchases and the trend is only growing. With the availability and ease-of-use of digital payment methods, more and more Americans use cashless frequently. But does that mean that going 100% cashless is right for your business? Here are some pros and cons of cash vs. cashless to help you make an informed decision. The Benefits of Going Cashless Save time and money on cash […]

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Understanding the History of Fraud and How To Prevent It

The avenues of fraud are ever-changing. Fraudsters are continuously finding new ways to bypass security and take advantage of its flaws, keeping prevention specialists on their toes. In fact, according to a study conducted at the beginning of 2018 by the Center for Strategic and International Studies (CSIS) and in partnership with McAfee, internet fraud cost the global economy as much as $600 billion. That number is up from the study in 2014 that estimated global losses at $445 million, and it is only continuing to rise. Understanding the history of fraud can illuminate where we have been and where […]

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Credit and Debit Cards Gaining Up On Cash for Small Purchases

In July 2019, Creditcards.com commissioned an online survey with 2,544 adult participants about their use of cash, credit, and debit cards.  What they discovered is that, overall, consumers prefer to use cash for purchases worth less than $10. It turns out that 49% of American adults are more likely to pay with cash. Debit cards come in second at 35%, and 16% with credit cards. For those who owned reward credit cards, 43 percent still preferred to pay with cash, 31 percent preferred debit and 26 percent credit. This was a drop from last year’s results, where 45% of adults […]

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Western Union Plans Layoffs In A Growing Digital Market

Western Union, is known as a global leader in cross-currency, cross-border money movement.  Through its “omnichannel” platform, it enables customers and businesses to send, receive money, and make payments easily and efficiently. As of June 30, 2019, its network included 550,000 retail agent locations. There they offered Western Union, Vigo, or Orlandi Valuta services in 200 countries and territories with the ability to send money to billions of accounts. Their website, westernunion.com, was their fastest-growing channel in 2018, available in more than 70 countries to facilitate moving money around the world. It reported a revenue increase by 18%. Despite its […]

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Good Time To Take Out a Restaurant Loan

If you’re in the restaurant business or food and accommodation services, now might be the best time to take out a loan. According to an August 2019 study, lenders are approving loans 51% of the time for restaurateurs. These are some of the highest approval rates for small businesses in any industry, making it a fantastic time to jump on the opportunity of restaurant growth. This is especially exciting news, given the high costs and various pitfalls that are part and parcel of owning a restaurant, including replacing broken equipment, resolving customer issues, and high employee turnover rates. Why Has […]

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