North American Bancard Holdings has made the decision to consolidate the best parts of both Rapid Capital Funding and Capital for Merchants, another cash advance brand under North American Bancard Holdings (NAB), under the Rapid Capital Funding umbrella, to create a new merchant cash advance service that will provide an even better, more personalized financial service to small and medium-sized merchants. As you may be aware, both companies are currently owned and operated by NAB, and provide an ideal way for merchants to get an infusion of quick cash into their businesses, whether it’s for new equipment, adding an employee or a new location, or an unexpected expense.
Many small and medium sized business owners turn to merchant cash advances because banks can make it difficult to get a small business loan, and in fact they turn down an average of 80 percent of all small business loan applications. Most small and medium-sized business owners who apply for a merchant cash advance are approved, and the funds are available quickly – a couple of days versus a few weeks with a traditional loan. Repayment terms are often easier as well, coming in the form of a small percentage of daily sales, a regularly-scheduled fixed amount via an ACH debit transaction, or a combination of both.
The merger of Rapid Capital Funding and Capital for Merchants will enable us to handle the entire funding process in-house, which means that we can offer our merchants an exceptional level of customer service that is unparalleled in the industry. Additionally, bringing the two brands together allows us to provide better financial services to small and medium sized business owners, with up to $500,000 in working capital, same day approvals and funding in as little as 24 hours.
There will be more information soon about this exciting merger in the weeks ahead. But we want you to be assured that if you have applied for or have a merchant cash advance with either Rapid Capital Funding or Capital for Merchants, your application will still be processed and your account will be serviced as it always has been as we undergo this transition.