The vast majority of key merchant cash advance players have come together to make sure that the merchant cash advance product is sold and implemented properly via an agreed-upon set of best practices
New York, NY (PRWEB) April 13, 2010
The North American Merchant Advance Association (NAMAA - http://www.northamericanmaa.org), a 501c non-profit industry association that provides guidance and helps to influence and shape the merchant cash advance industry through leadership, education and the sharing of information, announces today the release of recommended Best Practices for the Merchant Cash Advance industry.
The first collaboration of its kind by the merchant cash advance industry provides clear and concise suggested guidelines to providers offering merchant cash advances. By recommending that all fees and practices employed by the merchant cash advance provider be disclosed as well as taking into account a merchant's cash flow, NAMAA hopes to greatly diminish the damage inflicted upon unsuspecting business owners by inexperienced merchant cash providers. These practices will also help to protect merchant acquirers and the associations that are impacted by this evolving industry.
“As the merchant cash advance industry develops, the members of NAMAA have witnessed an influx of inexperienced providers entering the market who may not have the extensive knowledge required to properly provide a merchant cash advance to a business owner. This includes being intimately familiar with the business' cash flow and ability to repay. NAMAA's best practices white paper outlines what is required to make sure the product is sold and utilized properly,” says Jeremy Brown, founding member and president of NAMAA.
“The vast majority of key merchant cash advance players have come together to make sure that the merchant cash advance product is sold and implemented properly via an agreed-upon set of best practices,” says David Goldin, founding member and board member of NAMAA. “We are very proud of this collaborative effort as it is the first time such an esteemed and established group of provider's have worked together to develop guidelines for the industry.”
Merchants and/or merchant acquirers looking to work with a merchant cash advance provider who has agreed to follow NAMAA's best practices guidelines should look for the NAMAA logo prominently displayed on the provider's website and other marketing materials. An electronic version of NAMMA's Best Practices White Paper can be found at http://www.northamericanmaa.org/bestpracticeswhitepaper-apr2010.pdf
About The North American Merchant Advance Association (NAMAA)
The North American Merchant Advance Association (NAMAA) is a not-for-profit 501c trade association representing organizations that provide working capital advance products based on credit, debit or other card and electronic payment-related revenue streams to small and mid-sized businesses (currently referred to as a "Merchant Cash Advance"). NAMAA provides guidance and helps to influence and shape the merchant cash advance industry through leadership, education and the sharing of information. Current NAMAA members at press time include: AmeriMerchant, Business Financial Services, Capital For Merchants, First Funds, GBR Funding, GRP Funding, Merchant Cash & Capital and Rapid Advance. For more information, visit http://www.northamericanmaa.org.