01 14 2014

01 14 2014

Top 5 Reasons You Need To Start Using Credit Cards

Business credit card processing has become an enormously powerful tool. Most small businesses have begun to accept credit cards for customer transactions, and if you haven’t decided to add credit cards to your list of payment options, here are five reasons to change your mind.

1) Credit cards encourage spending

A study by MIT shows customers spend more when they pay with credit cards. The physical limitlessness of a card encourages impulse buying. Credit cards make shoppers feel like they are in control. Additionally, If shoppers see something but don’t have the cash for it, they can put it on their credit card.

2) Customers will appreciate the convenience of credit cards.

Buying with a credit card is easy. Customers don’t have to worry about writing out a check or carrying enough cash. If they think of your business as a convenient place to buy something, then they will go there more frequently. You will thus turn more of a profit and earn more customer loyalty.

3) It’s not as expensive as you think

National Funding offers free installation of the necessary equipment and a competitive rate of 1.75 percent. You won’t have to pay an upfront cost, and you can keep 98.25 percent of revenue from your credit card transactions. Comparable rates can be around2 percent, according to Credit Card Processing Review. Prices lower than that typically have other fees associated with them. You might find that you increase your revenue because customers are going to you because they want to pay with their card instead of with cash.

4) Credit cards are fast and safe

Generally, credit card payments are handled within 24 hours. You won’t have to cash a check at the bank. It will make your life easier. Additionally, the cash will go directly into your bank account. You don’t have to carry money with you or lock it up. You won’t have to worry about bad checks, either. And don’t be alarmed by recent news about Target: the credit card industry has created standards that ensure your credit card transactions are safe.

5) Credit cards will make you seem more legitimate, and they are becoming the most common way to make payments

According to 2013 research by the Federal Reserve. Debit and credit cards accounted for about 80 billion total transactions, while checks accounted for about 20 billion. The opportunity to pay with a credit card is quickly becoming something that customers expect. If they see that you offer credit card payments, clients will take you more seriously. One of the major benefits of offering credit is legitimacy, according to the Houston Chronicle. Customers see that you are running a modern company that knows about current market trends and will treat you with respect.

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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, 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, 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.

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.