Payment Processing, Inc. Forms Referral Relationship with AdvanceMe PPI and Its Resellers to Help Merchants Grow Businesses |
atlanta (October 16, 2007) –Payment Processing, Incorporated (PPI), the industry leader for integrated payment processing, today announced a new referral relationship with AdvanceMe, Inc., the nation's foremost provider of Merchant Cash Advances for small and mid-sized businesses. The alliance allows PPI resellers to offer Merchant Cash Advances to merchants based on their future credit and debit card receivables. Merchants can immediately use these funds to improve their businesses. “We believe our Merchant Cash Advance product will strongly enhance PPI's already robust product offerings,” says Glenn Goldman, chief executive officer of Capital Access Network, Inc., the parent company of AdvanceMe, Inc. “Our strategic relationship with PPI solidifies our ability to serve merchants quickly and easily.” AdvanceMe's best-in-class funding product is quickly becoming recognized as one of the most “business-friendly” forms of working capital available today. A Merchant Cash Advance provides working capital to business owners without any personal collateral by purchasing the business' future credit card sales. Once a PPI merchant is approved, a lump sum is deposited into the merchant's business checking account. As each day's credit and debit card transactions are settled, a specified percentage is forwarded by PPI to AdvanceMe and applied to the remaining Merchant Cash Advance balance. “PPI is always looking for ways to provide additional value to our partners and merchants. In this economic environment, securing working capital from traditional financing sources can be difficult and time consuming. The AdvanceMe program helps our resellers with customers who have limited resources, so they can realize new opportunities and build their businesses,” says Chuck Riegel, executive vice president, software products and partnerships at PPI. “We support our partners by managing the entire process from merchant application to payment forwarding. In addition, PPI Advantage Partners who refer qualified merchants also receive an ongoing revenue share.”
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