topcreditcardprocessors.com Publishes January 2016 Recommendations of Ten Best Small Business Loans Services

Category: Business Loans
Published: Tuesday, 26 January 2016
Written by Super User

/EINPresswire.com/ -- NAPLES, FL--(Marketwired - January 18, 2016) - The independent authority on merchant services, topcreditcardprocessors.com, has named the top small business loans services in the payment processing industry for the month of January 2016. Various services are put through a rigorous evaluation of their solutions to ensure only the absolute best competing services are highlighted each month. The rankings are produced by the independent research team through meticulous benchmarking and analysis to establish the top services offering these solutions.

The 10 best small business loans services for January 2016 are: 

1- RedFynn

2- eMerchantBroker.com

3- FlashAdvance

4- MerchantService.com

5- Reliant Services Group

6- On Deck

7- Finical Inc.

8- LoanMe

9- Rafter J Funding Services

10- Strategic Merchant Solutions

While many small business loans services are considered for the meticulous evaluation process each month only the best services are showcased in the rankings. The rankings are revised each month in order to account for the latest developments and achievements of competing services in areas most commonly associated with exceptional results. The five areas of evaluation used to determine the best services include security, rates, calculation methods, efficiency, and customer support.

ABOUT topcreditcardprocessors.com

topcreditcardprocessors.com is a well-known independent authority on credit card processors. The primary objective of topcreditcardprocessors.com is to decide and publish those individuals or services offering the top credit card processing solutions all over the world. A specialized team of researchers examine thousands of applicants each month who are seeking to be ranked as a top credit card processing product or service by the independent authority.

Those interested in applying for the rankings can visit:

http://www.topcreditcardprocessors.com/apply-for-ranking

Contact Information
 Marc Stephens
 800-874-2458
 9045 Strada Stell Ct.
 Naples, FL 34109



County to write off three old business loans.

Category: Business Loans
Published: Monday, 25 January 2016
Written by Super User
Perry County Treasurer Mary Jane Craft and staff during her first year in office has spent a lot of time taking care of some financial housekeeping. Some of that work has dealt with tracking old business loans sponsored by the county, some of them dating back to the 1990s. She has found some disciplined loan repayments and others that were not. At the end of the day she has identified three old loans that were not repaid, he businesses are defunct and there is a belief that the borrowers neither exist or else or not acessible to ever collect on those loans. To that end, Craft has made a recommendation to the Perry County Board of Commissioners that three loans be written off altogether and she wanted to advice and consent of the board to do so. Economic development director Jeff Ashauer said the loans are so old that very few even remember what they were about. One was to a short-lived company called Enco, a powder coating company that operated for a short time out of the Pepsi building in Du Quoin. Others were companies called Tooltech, Inc. and Nuwave, LLC. (not New Wave Communications), a personal watercraft fabricator. Writing them off doesnt preclude them from being collected if the opportunity presents itself. Largely, both the cities of Du Quoin and Pinckneyville as well as Perry ounty have a great track record on repayment of business loans. The board was meet at 2 pm on Thursday and approved the following agenda items: The board Ratified the chairmans re-appointment of Paul Pyatt to Perry County Zoning Board of Appeals. The board approved a raffle license for the Pinckneyville Knights of Columbus #2921 (2015-RL-02) The board ratified the chairmans appointments to Perry County 911 board, Jamie Ellermeyer and Alan Morris. The board approved the payment of claims, then adjourned. The next meeting of the board is February 4, 2016 at 6 pm


Small businesses increasingly seeking online lenders

Category: Business Loans
Published: Monday, 25 January 2016
Written by Super User

Lisa Plassio was seeking a loan to buy inventory for her furniture store, but no bank was interested.

"The banks wouldnt even acknowledge me," said Plassio, who owns Home Office Consignment Gallery in South Park. "I had my business plan and they wouldnt even look at me."

It was the height of the Great Recession, a period when credit was tight and banks were especially reluctant to take on the risk of financing a small businesses. But Plassio found an alternative online.

She took out a short-term loan of several thousand dollars through an outfit called Merchant Cash and Capital, now known as Bizfi. Fast and convenient, online lenders became her favorite option for financing her business and, seven years later, Plassio says she has no interest in using traditional banks.

Small businesses increasingly are turning to alternative lenders as banks focus on larger customers. Online lenders provided an estimated $7.9 billion in small-business loans last year, up 68 percent from the year before, according to Morgan Stanley.

Hundreds of alternative lenders have sprung up in an industry led by companies such as OnDeck Capital and Kabbage, giving small businesses easy access to cash advances and loans. With just a few clicks, businesses can get approved for hundreds of thousands of dollars and have the money in their bank accounts within minutes.

The industry has begun to attract the attention of traditional banks, which are starting to partner with and even acquire these venture-backed online lenders.

But the industrys rapid rise has also raised questions about what, if any, rules are needed to rein in their practices to protect borrowers.

Garage banks

Alternative lenders are not regulated like traditional banks and their standards can be loose, often based on little more than a businesses credit score. Small businesses are not guarded by the majority of consumer lending laws that provide clarity on the costs of borrowing.

Lenders, for example, dont have to disclose information like annual percentage rates and have a great deal of flexibility in how they describe their loan products.

That has led business owners to sign up for cash advances, loans or lines of credit without understanding how much they would be paying, said Ami Kassar, CEO of MultiFunding, an Ambler, Pa., company that connects small businesses with lenders.

The effective APR that online lenders charge for some loans can be more than 100 percent, starting many small companies on a path to financial ruin, he said.

"I dont think that the current system is sustainable," Kassar said. "We literally are in a situation in this country where we have 'banks being run out of garages. A lot of times, people dont even know who theyre borrowing money from."

Kassar doesnt dismiss the entire industry. Some companies, such as Lending Club, have tried to be transparent on costs and loan terms. And there is a real need for financing small businesses that traditional banks have ignored, he said.

Easy process

Small business loans from banks are down about 20 percent since the financial crisis as lending standards have tightened and small businesses continue to repair their credit from damage of the recession, according to Harvard Business School senior fellow Karen Gordon Mills. Loans to larger businesses have risen 4 percent in the same period.

The ease and simplicity of applying for online loans has made them appealing, said Ann Marie Wiersch, senior policy analyst at the Federal Reserve Bank of Cleveland. But the lack of industry-wide disclosure standards makes it difficult to compare products.

In a study last summer, Wiersch found that owners of small businesses -- fewer than 20 employees and under $2 million in annual revenue -- struggled to understand the costs of borrowing.

"They had challenges really comparing products," Wiersch said. "Theres different communication strategies that weve seen with these lenders that dont translate to an APR that a borrower may be used to seeing on a mortgage or even credit card."

Debt traps

Plassio said she was "a little confused" when she took out her first loan with Merchant Cash and Capital. Her loan repayments were based on a percentage of her credit card sales and deducted from her bank account daily, she said. The amounts varied widely.

"It would be like $120 on one day, but if I had a really good day, they could take $300 to $400," she said.

A few industry leaders have taken steps toward self regulation by establishing a Small Business Borrowers Bill of Rights, which calls on lenders to be transparent with rates by disclosing APRs, using no hidden fees or penalties, and pledging no "abusive products" that would put borrowers into debt traps.

Lending Club co-created the bill of rights and has pushed other lenders to commit to the standards it lays out. The document may also serve as a template for regulators, said Tom Green, Lending Clubs vice president of small business.

"Were not saying a regulator should come in and say exactly this, but at least were saying what we think would give some guidance to potential future regulatory action," he said.

Last summer, the US Treasury Department sought public input on the industry and how it might be regulated, though so far it has made no formal proposal.

Stricter oversight

Stricter oversight might be coming anyway as alternative lenders merge with traditional banks. In 2014, CIT Bank acquired online lender Direct Capital Corp. Now, as a division of CIT Bank, Direct Capital is federally regulated. The company still operates with the speed and efficiency of an online lender, but discloses fees and APRs on all loans, said Steve Lankler, senior vice president of marketing at Direct Capital.

"Transparency is extremely important," Lankler said. "Small business owners should be able to easily understand exactly what they are committing to."

Nick Vacco, owner of an auto detailing products business in Plum, said hes never been confused about the costs of borrowing from PayPal Working Capital, the small business lending division of the payments company.

He shopped several online lenders and calculated the costs himself before choosing one.

"I just took the amount that I wanted to borrow and looked at what the fee would be and then I determined what that percentage was," he said.

Plassio is a customer of Direct Capital, having switched from Bizfi five years ago because she preferred the payment structure. She uses Direct Capital for cash advances of about $20,000, which she pays back over a nine month period, deducted daily in set amounts from her account.

The process is fast -- she can apply on Monday and have the money in her account by Friday, she said.

Now, Direct Capital is her primary lender. And the traditional banks that once showed no interest from her?

"There is no interest in them from me," she said.

Chris Fleisher is a Tribune-Review staff writer. Reach him at 412-320-7854 or This email address is being protected from spambots. You need JavaScript enabled to view it..



topcreditcardprocessorscom Publishes January 2016 Recommendations of Ten Best Small Business Loans Services

Category: Business Loans
Published: Monday, 25 January 2016
Written by Super User

NAPLES, FL--(Marketwired - January 18, 2016) - The independent authority on merchant services, topcreditcardprocessors.com, has named the top small business loans services in the payment processing industry for the month of January 2016. Various services are put through a rigorous evaluation of their solutions to ensure only the absolute best competing services are highlighted each month. The rankings are produced by the independent research team through meticulous benchmarking and analysis to establish the top services offering these solutions.

The 10 best small business loans services for January 2016 are:

1- RedFynn

2- eMerchantBroker.com


3- FlashAdvance

4- MerchantService.com

5- Reliant Services Group

6- On Deck

7- Finical Inc.

8- LoanMe

9- Rafter J Funding Services

10- Strategic Merchant Solutions

While many small business loans services are considered for the meticulous evaluation process each month only the best services are showcased in the rankings. The rankings are revised each month in order to account for the latest developments and achievements of competing services in areas most commonly associated with exceptional results. The five areas of evaluation used to determine the best services include security, rates, calculation methods, efficiency, and customer support.

ABOUT topcreditcardprocessors.com

topcreditcardprocessors.com is a well-known independent authority on credit card processors. The primary objective of topcreditcardprocessors.com is to decide and publish those individuals or services offering the top credit card processing solutions all over the world. A specialized team of researchers examine thousands of applicants each month who are seeking to be ranked as a top credit card processing product or service by the independent authority.

Those interested in applying for the rankings can visit:

http://www.topcreditcardprocessors.com/apply-for-ranking

Contact Information
Marc Stephens
800-874-2458
9045 Strada Stell Ct.
Naples, FL 34109


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