January 10, 2014 (Melville, NY) US Bankcard Center, a premier merchant services provider, announced the launch of its Alternative Funding Division. This newly created division will be led by Marvin Kanofsky, a financial services veteran who has spent the past 30 years in key management positions within the investment banking, insurance and merchant services arena.
Jon Levitt, USBC’s Chief Executive Officer, states “Alternative funding sources, particularly working capital cash advances, have remained one of the key services that we have offered over the years. However, with the steady increase of merchants seeking quick alternative cash sources to grow their business, it made sense to create a division comprised of financing professionals specifically dedicated to meet this ever growing demand.”
From $5,000 to $150,000 per location, U.S. BankCard specializes in placing short-term alternative funding to help merchants grow their business. USBC fills the void between traditional bank financing and less attractive avenues of financing, such as taking on partners. With alternative funding such as a working capital cash advance, the merchant receives a set percentage of their credit card receipts that is automatically applied the balance so they only make a payment when they make a sale.
Gregory Slote, VP of Marketing explains “Many merchants come to USBC because our application and approval process is simple and we deliver their cash fast. Typically an approval decision on an application will be provided within 48-hours, and, once approved, merchants typically receive their cash in as a little as two business days later. With no set time to pay back and no impact on their personal credit, alternative funding offers merchants an attractive opportunity to get cash fast to make renovations, purchase additional inventory, meet payroll; basically use the money for whatever needs have currently have.”