SOURCE: Global eTelecom, Inc.

September 09, 2008 15:18 ET

Global eTelecom, Inc. Teams With Professional Merchant Advance Capital, LLC (ProMAC) to Offer Check-Based Merchant Advance Funding

DESTIN, FL--(Marketwire - September 9, 2008) - Global eTelecom, Inc. (GETI) announced today a new partnership with ProMAC that will aid merchant businesses in their efforts to raise capital for business expansion. ProMAC's innovative new electronic payment advance product enables merchants to use business and consumer check processing receipts as a repayment stream for merchant advance transactions. Most merchant advance programs are only able to advance funds based on the merchants' credit card receivables alone. This unique partnership enables merchants to qualify for advances against check proceeds, expanding the definition of an advance and allowing merchants to qualify for larger advances or lower holdback percentages.

Other advance options only consider Visa, Master Card and other credit card receivables as repayment mechanisms. ProMAC, using its proprietary process, can recapture the advance from electronically converted check volume as well as other forms of electronic payment. With Check 21 Remote Deposit Capture and Electronic Check Conversion (ECC) gaining popularity, merchants will now be able to take advantage of securing an advance and the vital working capital they need to increase cash flow to help grow profits for years to come. Many types of businesses can take advantage of this new funding vehicle, such as medical, dental, property management, service businesses, construction and mail order to name just a few.

For the Merchant Level Salesperson (MLS) and Independent Sales Organization (ISO) this partnership creates a strong new market advantage and new opportunities. Options and versatility are key to long term success in today's sales environment. With check volume based advances, merchants may qualify for larger advances, resulting in higher agent commissions.

"Business owners have a need to secure additional funding and raise capital for business expansion. Providing this unique tool to merchants will give businesses a competitive advantage over the standard lending options available today. Helping businesses to succeed is the bottom line in today's challenging market. This offering is a tremendous opportunity for Merchant Level Salespeople and Independent Sales Organizations as well. Providers that continue to evolve and provide services that are dynamic and functional will continue to earn larger revenues and increase merchant retention for years to come," said Christian Murray, Director of Business Development for Global eTelecom, Inc. "These types of products will make a difference and assist businesses that need cash flow to survive or expand."

About Global eTelecom, Inc. (GETI):

Global eTelecom provides proprietary electronic check processing and Gift & Loyalty services to over 40,000 merchants nationwide. GETI's products are marketed through a sales channel of banks, independent sales offices and credit card processors. Global eTelecom's value added solutions include: Electronic Check Conversion, Traditional Paper Guarantee, ARC Lockbox Conversion, Recurring ACH Debit, Back Office Conversion, Checks-By-Phone, Check 21 remote deposit capture and Gift & Loyalty Card Processing. GETI is part of Sage Software, Inc. For more information, please visit www.CheckTraining.com.

About ProMAC

ProMAC is a premier merchant cash advance company headquartered on Long Island, New York. ProMAC has combined cutting edge technology and premium customer service to offer the first Electronic Payment Advance (EPA). ProMAC's EPA is easier to close, faster to fund and is typically larger due to its proprietary settlement mechanism which takes into account all types of electronic payments intermediated by the a third party including check processing proceeds, ACH, teledebit, EBT, as well as all credit cards. In addition, ProMAC is expanding the definition and target market for merchant cash advance to include bankable businesses that select EPA due to its simplicity. ProMAC offers programs that can effectively compete against traditional types of financing that range from 1-12 months and funds businesses nationwide.

Contact Information

  • Contacts:

    Christian Murray
    Director of Business Development
    Global eTelecom, Inc.
    35008 Emerald Coast Pkwy, 4th fl
    Destin, FL 32541
    Phone: 850-337-9464
    Email Contact

    David Petry
    Director of Sales and Marketing
    ProMAC
    150 Motor Parkway, suite 104
    Hauppauge, NY 11788
    Phone: 631-901-1050 Ext: 305
    Email Contact