Heartland Payment Systems has announced that it will be the first processor to distribute American Express Merchant Financing - providing small businesses with access to highly price-competitive alternative financing solutions and be able to obtain loans based on their annual card processing volume.
The core of our business is to deliver solutions that empower our clients to be competitive and profitable,” noted Bob Carr, chairman and CEO of Heartland. “For nearly five years, small business owners have played defense trying to survive through the recession and now are beginning to feel optimistic about infusing new capital into their operations. With American Express’ Merchant Financing, small businesses will be able to obtain crucial financing to grow and compete with larger operations.”
American Express’ Merchant Financing is designed to provide immediate capital to finance short-term investments and be paid back over a 12-month period, thus avoiding long-term debt commitments. In contrast to traditional commercial lending vehicles, Merchant Financing provides convenient access to capital up to $750,000—enabling even more small business owners to finance their growth needs, stay competitive and enhance their businesses. Additionally, Heartland clients will have the flexibility to renew their loans one year after the initial disbursement, which allows them to account for economic conditions and business performance before making additional capital investments.