North American Merchant Advance Association Formed

NAMAA's members will have the opportunity to share industry education and professional development, ethical standards and best practices guidelines, the development of industry relevant products and services, and the engagement in regulatory and legislative advocacy.

"Many organizations within the merchant cash advance market have been working together to create a strong, innovative and ethical industry, offering the best possible services to our customers," said Jeremy Brown, President and COO of RapidAdvance and current president of NAMAA. "NAMAA will allow us to work closer together to provide guidance to the industry through leadership, education and the sharing of information for the mutual benefit of all its members."

"The merchant cash advance industry has been rapidly growing in recent years, and NAMAA will help members use their joint expertise and common experiences to deliver the highest standard of services for their customers," said David Goldin, CEO of AmeriMerchant and a founding member of NAMAA. "Through the partnership of top industry leaders, customers will benefit from a continuously improved financing option."

An important focus of NAMAA is the creation and maintenance of a database of merchants that have engaged in unethical or fraudulent practices in securing past cash advances. Similar to the credit card industry's "MATCH" list, the goal is to protect the members from merchant fraud and also extend that protection to the Merchant Acquiring industry.

The merchant cash advance industry provides working capital to small and mid-sized businesses in need of financing for reasons such as the purchase of new equipment or inventory, expansion or remodeling, payoff of debt or taxes, or emergency funding.

Merchant cash advances are typically unsecured, and not personally guaranteed except in cases of fraud. The cash advance transaction is structured as a purchase of a future receivable at a discount, and is not a loan or a secured transaction.

NAMAA is a not-for-profit trade association representing organizations in the United States and Canada that are in the business of providing working capital advance products based on credit, debit or other card and electronic payment-related revenue streams to small and mid-sized businesses. For more information on NAMAA or on how to become a member, log onto http://www.northamericanmaa.org or call Erin Bozeman, c/o RapidAdvance at 240-514-3195.