Read the article on MSNBC here
DESTIN, FL - 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.
