01 09 2014

01 09 2014

Accept Credit Cards for Fast Business Growth

Small business owners who don’t accept credit cards have many reasons for the practice.  However, continuing to operate a cash-only business, which Entrepreneur magazine calls “the worst mistake for small businesses to continue in 2014,” can cost a business more money than doing so would save it. Increasingly, people simply do not carry cash when they’re out and about. A study MasterCard published in September found U.S. consumers in 2011 completed around 80 percent of their purchases without cash, and determined the country was at that time on its way to becoming nearly cashless. Consumers want to have the option to pay with a method that is readily available to them, and in most cases that’s a credit card.

Many small business owners are reluctant to accept credit cards due to the associated fees. These fees are inevitable when accepting credit cards, as they are charged even by alternative point-of-sale services. However, small business owners should consider whether the fees associated with accepting cards are really enough to discourage them from pursuing the revenue that comes with a growing customer base. Equipping a business to accept credit cards is a good way to draw more traffic. Additionally, without the necessary planning involved in taking out money to shop at a particular small business, consumers may well make more purchases on impulse.

How should you process credit cards?

Merchant credit card processing services vary widely between providers. There are many models and appearances available for point-of-sale solutions, so this is not usually a major factor in a small business owner’s decision. Business owners should consider the rates offered by different providers, as well as their own back-office needs. For example, some point-of-sale systems that allow merchants to accept credit cards will provide many separate statements, one from each credit card company that has processed payments to the business. This can be difficult from a recordkeeping standpoint. There are other functions a point-of-sale system can perform, according to Entrepreneur. Some allow small business owners to track their inventories and will even give an alert when a product needs to be restocked.

Processing credit cards does cost money, but it needn’t be a large expense. Working with a vendor who can offer low fees, a free setup and other necessary features can reduce the expense involved in accepting credit cards, and maximize the benefits instead. Such solutions are available from National Funding.

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Terms & Conditions

General Acceptance

Any applications submitted electronically shall have the same force and effect as if the application bore an inked original signature(s). The above information, together with any accompanying financial statements, schedules, or other materials, is submitted for the purpose of obtaining credit and is warranted to be true, correct, and complete.


US Patriot Act:

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person and business that seeks a business loan. What this means for you: When you apply for a loan, we will ask for your business name, address, and Tax Identification Number. We will also ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.


For Loan/Merchant Services:

The Merchant and Owner(s)/Officer(s) identified in the application (individually, an “Applicant”) each represents, acknowledges and agrees that (1) all information and documents provided to National Funding, Inc. (“NF”) including credit card processor statements are true, accurate and complete, (2) Applicant will immediately notify NF of any change in such information or financial condition, (3) Applicant authorizes NF to disclose all information and documents that NF may obtain including credit reports to other persons or entities (collectively, “Assignees”) that may be involved with or acquire commercial loans having daily repayment features and/or Merchant Cash Advance transactions, including without limitation the application therefor (collectively, “Transactions”) and each Assignee is authorized to use such information and documents, and share such information and documents with other Assignees, in connection with potential Transactions, (4) each Assignee will rely upon the accuracy and completeness of such information and documents, (5) NF, Assignees, and each of their representatives, successors, assigns and designees (collectively, “Recipients”) are authorized to request and receive any investigative reports, credit reports, statements from creditors or financial institutions, verification of information, or any other information that a Recipient deems necessary, (6) Applicant waives and releases any claims against Recipients and any information-providers arising from any act or omission relating to the requesting, receiving or release of information, and (7) each Owner/Officer represents that he or she is authorized to sign this form on behalf of Merchant.(8) I consent to receive direct mail, faxes, text-messages, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (9) this request is for business and not for consumer purposes.


For Equipment Services:

I hereby certify: (1) the information provided is true and correct, (2) you are hereby authorized to investigate all bank, credit, and trade references, and said references are hereby authorized to release any requested information to you or your nominee, (3) such authorization shall extend to obtaining personal credit profile in considering this application and subsequently for the purposes of update, renewal or extension of such credit or additional credit and for reviewing or collecting the resulting account, (4) this information may be transmitted by us to you and by you to underwriter(s) for the purpose of granting me credit, either electronically or manually, and that by submitting this application, I take full responsibility for transmission thereof, (5) I am over 18 years of age, (6) I acknowledge my rights under the Fair Credit Reporting Act, (7) I consent to receive direct mail, faxes, text-messages, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (8) this request is for business and not for consumer purposes.


Text Messaging:

By providing my wireless phone number to National Funding, Inc., I agree and acknowledge that National Funding, Inc. may send text and multimedia messages to my wireless phone number for any purpose. I agree that these text or multimedia messages may be regarding the products and/or services that I have previously purchased and products and/or services that National Funding, Inc. may market to me. I acknowledge that this consent may be removed at my request but that until such consent is revoked, I may receive text or multimedia messages from National Funding, Inc to my wireless phone number.

The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status or age (provided the applicant has the capacity to enter into the binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. If for any reason your application for business credit is denied, you have the right to a written statement of the specific reasons for the denial. To obtain the statement, please write to National Funding Inc., 9820 Towne Centre Drive, San Diego, California 92121. Funding amount and credit approval is subject to a full credit profile review.