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The banks across this nation of ours made it very clear that it was alright to have the American public bail them out of their financial mess. It was very clear that the CEO’s of those banks were happy to accept our checks and NOT return the favor to the American people in need. They were only too happy to sock it to the homeowner’s and foreclose after depleting their sanity, their happiness and their savings. The graciously compounded their efforts with exuberate late fees and stocking charges; otherwise known as ‘processing fees’.

Well, some of the people heard the American’s cries. It took a bit to get it up and going, but those that could come up with solutions…. Did.

How to find money

There are merchant servicers out there that will loan money without tapping into your credit account. They want to help. Some of you may think it’s just legalized loan sharking, but if you look at the way it’s done, it really is just a helping hand.

You might pay more than a bank would charge, but the hoops you jump through are a lot less painful and actually, the servicers are taking quite a risk.

With your merchant account

After you are operating with your merchant account, if you can wait until after your trial period is over, you will have two things.

One: Your lump sum amount back into your hands and in your account, but will be in a high risk business loan area.

Two: You can ask for a loan from the servicer.

Here’s how this works

• As you get paid with your debit and credit cards, a percentage is taken each day as repayment for your loan.

• If you have a bad day of sales, then the payment is reduced to help with your loss for the day.

• Don’t panic. It is daily, but they don’t take a high percentage. Most are 1%-9%. Any more than that, and you don’t have a reputable merchant account servicer. So, if you brought in $500 for the day, and your percentage for repayment was 5%, then your payment for the day would be $25.00. If you did an average of that most days, and your loan was for $5,000, you would have your loan paid off in 200 days or 6 months.

•They do have traditional options as well. Ask them about their monthly payment options and how they work that.

They aren’t animals

They heard the public uproar from all the bad press from the banks and one can’t blame them for the issues that they caused. Their bad practices crashed the whole infrastructure of the American’s. That can’t be a good thing, that our whole system is tied to Homeownership and Mortgages.

So, the next time you are looking for some extra capital, visit your merchant servicer. They have options that you were never aware of and can’t wait to hear from you and yours. Don’t despair, they also have customer service representatives that will answer the phone or do a live chat with you. What more could you ask for?

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