Clayton, MO, January 22, 2015 --(PR.com
)-- Clearent, one of the nation’s fastest growing credit card processing companies, announced its new Split Funding service which enables Clearent to automatically make daily payments directly to merchant cash advance providers. The addition of Split Funding enables sales professionals to easily integrate merchant cash advances with Clearent’s payment processing services.
The market for alternative small business lending has experienced dramatic growth in recent years. Many business owners are frustrated with traditional banks due to low approval rates and the lengthy, cumbersome process of obtaining a traditional bank loan. These problems became even worse in the aftermath of the Great Recession of 2008 as banks became more conservative in their lending practices.
Alternative financing such as merchant cash advance has stepped in to address these underserved businesses. Merchant cash advance is an attractive alternative to traditional loans because it offers faster approval decisions and faster access to working capital. In 2013, businesses received $3 billion in merchant cash advances, and experts forecast continued growth in the industry.
Clearent’s Split Funding service enables its customers to take advantage of merchant cash advances to help them grow their business. Whenever Clearent generates an ACH transfer for merchant deposits, Split Funding will transfer the appropriate amount directly to the merchant cash advance provider’s bank account, saving them time and giving them faster access to funds. Merchant cash advance providers prefer split funding over other funds transfer methods such as direct debit and lockbox payments.
Clearent’s Split Funding service stands apart because it’s extremely fast and easy for new merchant cash advance providers and merchants to get set up on Clearent’s proprietary payments platform. Clearent also provides detailed reporting on Split Funding activity through its Compass online reporting system, which saves merchants and providers valuable time. Activity also is clearly displayed on Clearent’s merchant statement, which is known for being the most clear and detailed in the industry.
Moreover, merchant sales professionals who specialize in merchant cash advance can now take advantage of Clearent’s proprietary payments platform. By delivering unique benefits such as flexible merchant pricing options, accurate residuals, and graphical, online reporting tools, Clearent makes it easier for its sales partners to do business and become more profitable.
Moolah, a registered ISO/MSP and Clearent partner, is excited about the addition of Split Funding. “Clearent’s new Split Funding service enables Moolah to target this profitable market that is looking for an alternative to direct debit and lockbox payments,” said Mark Rasmussen, managing partner of Moolah.
“We’ve had a great response to Clearent’s new Spilt Funding capability,” said Dan Geraty, CEO of Clearent. “Our partners who sell merchant cash advance can now obtain the benefits of our proprietary processing platform for these customers along with the rest of their portfolio.”
Clearent is a complete payment processing solution that leverages its proprietary payments platform to make doing business easier and more profitable for its sales partners. Clearent’s commitment to honesty and transparency has made it one of the most trusted companies in the payments industry. Clearent is one of the fastest-growing credit card processing companies, processing $7 billion in annual transaction volume for 23,000 businesses nationwide. To learn more, visit www.clearent.com or call 866.205.4721.