Canada-based MOCA Payment Systems has joined forces with Mercantile Bank to offer a financing programme for small business owners to strengthen their operations.
The new merchant funding programme will allow small business owners to move their business forward by investing additional working capital.
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The programme is designed for the those merchants who are not eligible for bank loans or may not want to personally guarantee additional lines of credit.
According to MOCA Payment Systems, the financing programme will offer merchant cash advances to the small and medium-sized businesses. Merchants can typically receive the advance within 72 hours.
As per an agreed percentage between the bank and the merchant, deductions will be carried out on a daily basis from all future credit card receipts until the total amount assigned is received.
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By GlobalData
