Merchant funding accelerated through new relationships of Advanceit

Data share relationships were established by Advanceit, the largest Canadian Merchant Cash Advance company with Canada's largest debit and credit card payment processors including Moneris, Global Payments, Cardex/ Pivotal Payments, Collective POS, Federated Payments Canada, Monex, POS West and IdTel.

Owing to the possibility to receive merchants’ data directly from the processor Advanceit, merchants do not have to change bank accounts or processors in order to find the business financing they need. A number of merchant cash advance companies in Canada have to set up third party trustee accounts in order to provide their merchants with funding, postponing merchants’ settlements by 3 to 6 days which is very adverse for their business.

Another advantage of these relationships is that electronic payment processors are enabled to generate incremental revenue from their existing base, increase retention as merchants with an active cash advance rarely switch processors or bank accounts, and benefit from increased processing volumes as funds are primarily used for business expansion.