HOW THE Merchant Cash Express Limited FUNDING PROGRAMME WORKS:
- MCE provides you with a lump sum of cash to purchase an amount of your future credit and/or debit card receipts.
- A mutually agreed-upon percentage of your future credit card and debit card sales are deducted from your daily Visa/MasterCard receipts until MCE receives the full amount purchased by the advance..
- The collection process is totally automated through the card processor thus eliminating the need for you to write cheques or send money.
- All transactions are handled by your card processor with the same degree of safety and accuracy that you're accustomed to receiving.
The amount of cash you'll receive varies from £3,500-£100,000 and is based on your business' average monthly card takings in the previous year. An applicant will receive a decision within 5-7 working days and, if approved, the money on their account within 7-14 working days.
The payback period is not fixed because it's based on your actual Visa/MasterCard receipts. Therefore, the actual payback may be a little longer, or shorter, than the projected 7 months because we only collect the mutually agreed fixed percentage of your daily Visa/MasterCard receipts until the entire agreed amount is paid back.
In order for MCE to receive payment though the credit card company, you will have to switch to MCE's approved credit card processing company, Lloyds TSB Cardnet, one of the most trusted names in credit card processing in the world.
MCE is a factoring company, not a bank, and therefore, there is no interest rate. We simply agree to purchase a fixed amount of your future card receivables at a discounted rate. This new, revolutionary financial alternative to banks and finance companies provides you with a fast financial solution to your working capital needs. MCE does not require security, financial statements, tax returns, etc. There are no hidden fees.
In most cases, MCE will provide you with the money you need to grow your business within 5- 7 business days of your application being received.
You will receive monthly statements and you can check your balance daily.