MCLEAN, VA--(Marketwire - February 3, 2011) - During last week's State of the Union Address, President Obama said, "The first step in winning the future is encouraging American innovation." Businesses need working capital in order to grow and develop new innovations. Sage Payment Solutions, the payments division for Sage North America, today announced they have partnered with independent cash advance companies to offer Sage Advanced Funding, a service through which the partner companies will provide qualified Sage Payment Solutions merchants with a lump sum cash advance of up to $150,000 within five business days.
Funding amounts are based on future credit card sales, and are provided with no fixed payments, no fixed pay-off date, and no manual processes; the system is completely automatic. In most cases, no business plan or business/personal financial information is required to apply for funding.
"We understand that inadequate funds, during difficult times or in the event of unexpected expenses, can quickly lead to business failure," said Greg Hammermaster, president of Sage Payment Solutions. "Likewise, not having access to working capital can keep a small business from taking advantage of growth opportunities. Sage Advanced Funding is a simple solution that turns a small business' future credit card sales into the working capital necessary to explore new opportunities, manage expenses, and grow their business. Similar to a banking line of credit, but without a bank's fixed repayment amount, the service offers easily accessible and affordable cash for business building."
Sage Payment Solutions is working with a variety of merchant cash advance companies to offer Sage Advanced Funding; Sage Payment Solutions is not a lender; however, Sage Payment Solutions ensures that the percentage of credit card sales is forwarded to the merchant cash advance company, in order to provide an automated service to its merchants.
How Sage Advanced Funding Works
1. The business owner sells a fixed dollar amount of his future credit card sales to one of the Sage Advanced Funding partner organizations, at a discount.
2. The business owner receives a lump sum of immediate cash, which can be used to expand their business facility, increase their product line, meet unexpected expenses, or advertise their business.
3. A small percentage from each settled credit card sale is collected until the repayment amount is reached.
4. Each month, the business owner receives a statement detailing the status of his account.
5. Once the initial repayment amount has been collected, the qualified business owner is eligible to receive another lump sum of cash for his next business project.
Sage Advanced Funding is available now. For more information, please call 800-261-0240.
About Sage Payment Solutions
Sage Payment Solutions, the payments division for Sage North America, has delivered enterprise-level payments best practices to the SMB market for more than 20 years and now serves more than 155,000 merchants with its Payment Card Industry (PCI) compliant solutions. A full-service payment solution provider bundling a merchant account with payment applications and services, the company serves customers in the physical, Web, and mobile environments as it enables them to securely and compliantly process all forms and all methods of payments. Sage Payment Solutions provides a wide range of secure standalone and integrated electronic payment processing solutions. Sage Exchange, its PA-DSS certified payments platform, integrates with many Sage software products to maximize the value of customers' business systems with automatically updated credit and debit card transaction information. Future Sage Exchange releases will offer additional integrated payment capabilities, including advanced point-of-sale (POS) device integration, payment origination solutions, and cash management applications. For more information about Sage Payment Solutions, please call 800-261-0240, or visit www.sagepayments.com.
About Sage North America
Sage North America is part of The Sage Group plc, a leading global supplier of business management software and services. Sage North America employs 4,000 people and supports 3.2 million small and midsize business customers. The Sage Group plc, formed in 1981, was floated on the London Stock Exchange in 1989 and now employs 13,400 people and supports 6.3 million customers worldwide. For more information, please visit the website at www.sagenorthamerica.com.
Contact Information:
Press Contact:
Cynthia Sutton
Sage North America
(703) 793-2700 x 3032
cynthia.sutton@sage.com