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RAPIDADVANCE PARTNERS WITH HUMBOLDT MERCHANT SERVICES TO BRING FINANCIAL SOLUTIONS TO SMALL BUSINESSES
BETHESDA, MD, JULY 25, 2008 - RapidAdvance, LLC, founded by Ernst & Young Entrepreneur of the Year Lee Jundanian, has partnered with Humboldt Merchant Services to provide its customers with a merchant cash advance solution. RapidAdvance, a leading provider of merchant cash advances in the U.S., Canada and the U.K., will work with Humboldt, one of North America's largest payment processors, to provide small to mid-sized business customers the working capital they need to expand their businesses, purchase new inventory, purchase new POS systems, leverage a seasonal opportunity or reduce other financial obligations.
"This new relationship between RapidAdvance and Humboldt Merchant Services will give more small business owners access to the best possible financial solution for their business needs," said Jeremy Brown, President and COO of RapidAdvance. "We are confident that this partnership will assist many business owners in providing for the long-term success of their business."
"We look forward to a very rewarding partnership with RapidAdvance," said Xavier Ayala, VP Director of National Sales of Humboldt Merchant Services. "We believe RapidAdvance's merchant cash advance offering will be the answer to many of our customers' working capital needs."
Different than a traditional business loan, RapidAdvance's merchant cash advance is a simple solution that purchases a fixed portion of the business owner's future credit card receivables at a discount. The business owner receives a fixed dollar amount now for a small fixed percentage of their future credit card transactions.
Repayment of the merchant cash advance is simple. RapidAdvance gets repaid through a small percent of the merchant's future credit card sales. When a credit card sale is completed, an agreed upon percentage is automatically transferred to RapidAdvance until the contract obligation has been satisfied. By tying the repayments directly to a small portion of the merchant's future credit card receivables, the repayment is directly linked to the merchant's success: RapidAdvance gets paid when the merchant gets paid. Unlike a loan, merchant cash advances are unsecured, and have no business-use restrictions. Typically, 80% of applicants are approved, and once approved; funds generally reach the business owner's bank account within seven to ten business days.
About RapidAdvance
RapidAdvance, based in Bethesda, Maryland, is a leading provider of merchant cash advances to small and mid-sized business owners looking to obtain additional working capital. Business merchants use RapidAdvance's service to fund expansion, purchase equipment and inventory, pay off debt or leverage a seasonal opportunity. Funding is quick and easy and does not require the traditional guarantees, liens or collateral associated with bank loans. For more information about RapidAdvance's business funding solutions, please call 877.467.2743 or visit www.RapidAdvance.com.
About Humboldt Merchant Services
Since 1993, Humboldt Merchant Services provides businesses throughout the United States with the highest quality, competitively-priced credit card processing. enabling merchants to accept Visa, MasterCard, American Express, Diner's Club, Discover, JCB and debit cards via their ISO/MLS sales force. For more information about HMS's ISO/MLS Program, please contact Xavier Ayala at 877.635.3570 or xayala@hbms.com, or visit us on the web at www.hbms.com.
