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Franchise Payments Network Rescues Franchisees In Credit Crunch
Franchise Technology Supplier Introduces New Merchant Cash Advance Program
ORLANDO, FL (Friday, February 01, 2008) -
Franchise Payments Network (FPN), the only comprehensive electronic payments processing company to focus on the franchise industry, has announced the launch of its Merchant Cash Advance Program for franchise owners who are in need of working capital to grow their business. Known in the franchise industry as the leading provider of payments processing services, the new Merchant Cash Advance program offers franchise owners a way to receive working capital by tapping into their future credit card sales volume.
"The Merchant Cash Advance Program creates a viable option for franchise owners who need capital," said Thomas Epstein, president and CEO of Franchise Payments Network. "Whether it's for a store remodel, upgrade, or to open an additional unit, franchisees now have access to an additional line of credit versus dipping into personal savings or tapping into a line of credit at a bank."
The Merchant Cash Advance Program benefits franchisees who are finding it difficult to be approved by a traditional lender. The program would also benefit franchisees who have not been in business for the required length of time most banks look for or those who have less than perfect credit. In addition, the program allows the option for franchisees to receive capital from other lenders while working with FPN, since it is not considered a loan and does not show up on the owner's credit report.
"Our experience in the electronic payment industry, combined with our knowledge of franchising, provides us with a platform to help franchise owners continue to keep a competitive advantage in their industries." added Epstein. "We are thrilled to assist franchisees with acquiring working capital and provide options that make the process easier during this period where traditional lenders are tightening up on who they will fund."
Franchise owners can potentially receive between $5,000 and $200,000 in funding as quickly as five to 10 business days. Currently more than 500 industries and 100 franchise concepts have been funded by FPN's funding partners. In addition to the Merchant Cash Advance Program, FPN's featured services that are "powering" new capabilities for franchisees include credit and debit processing, ATMs, Automated Royalty Transaction (ART), PCI Security Testing, and wireless processing.
About Franchise Payments Network (FPN)
Franchise Payments Network is the only electronic payments processing company that focuses entirely on the franchise industry. By processing with three of the top five processors, FPN gives its franchise clients the flexibility to customize a solution that best suits the needs of the franchise system. Additional services include processing ACH transactions, gift/loyalty cards, and electronic checks. To learn more about becoming a member of the network, please contact Thomas Epstein, CEO, Franchise Payments Network at (866) 420-4613 or visit www.franchisepayments.net
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