Business services provider Finical Inc. offers comprehensive payment processing solutions and capital financing for merchants, as well as portfolio purchasing for ISOs. Aaron Nasseh, the company's founder and Chief Executive Officer, said Finical offers a one-stop shop with the latest and best technological solutions and the means for merchants to eliminate 100 percent of processing fees. Providing exceptional customer service is a hallmark of Finical's personalized approach, which treats all of its customers like valued partners and never makes them feel like a number, he added.
The alternative business loans Finical offers to merchant customers range from $20,000 to $2.5 million. The program is designed for the 92 percent of merchants in the market who can't qualify for traditional bank loans due to credit issues. Instead of relying on a merchant's credit score the way banks typically do, Finical reviews the merchant's overall revenue and ability to repay the loan, based on minimum gross revenue of $30,000 a month.
In addition, Finical enables merchants to provide instant credit financing to their customers. If a patron has a valid checking account and no history of bad checks, the individual is a good candidate for approval. Loans can be repaid over a 12-month period.
If an ISO wants to sell a portfolio, Finical has the capital and expertise to make the acquisition. To apply, an ISO only needs to provide residual reports of the last 12 months, along with its agent agreement, for a quick approval decision. If an ISO wants to purchase the portfolio back at any time, the ISO can do this at an agreed upon multiple.
Finical noted that it provides powerful retail POS solutions to support both single-store and multiple-location enterprises. In addition to transaction processing, solutions include inventory tracking, ordering, scheduling, and employee time tracking, among others. Merchants also have multiple payment-acceptance options such as gift and loyalty cards, ecommerce and mobile solutions, and traditional debit and credit cards.
"Determining the best POS solution is a very personalized experience and dependent on a business's particular needs," Nasseh said. "We have countless POS solutions available, our sales professionals analyze each customer's particular needs to determine the best and most affordable solution for them. The pricing of equipment may vary significantly; it could be as low as a few hundred dollars to several thousand dollars. Finical also provides a free equipment program for qualified customers, and we don't have any surprise fees. Our mission is to be the only processing provider our customers will need and, as such, it is important to us that our customers feel that they are receiving a great value for the services we are providing."
The cash discount program lets merchants offset 100 percent of their processing fees by charging all customers the same retail price for items, but then adding a small service fee for people who do not pay with cash. People who pay with cash are not charged a fee. Service fees offset merchants' processing fees, enabling them to keep their overhead low and, in turn, keep their prices competitively low, Nasseh noted.
Finical offers compliance solutions to help merchants meet Payment Card Industry (PCI) Data Security Standard (DSS) requirements. "We recognize the importance of security when it comes to electronic transactions," Nasseh said. "Our sales partners explain the importance of being PCI compliant to their customers and generally assist them with the certification process. We communicate with merchants directly and provide them with instructions to quickly and easily become compliant using our online portal. If a merchant does not have online access or requires additional assistance, they may call our dedicated PCI team for assistance in completing their certification."
Based in Southern California, with independent offices throughout the country, Finical is registered with Visa and Mastercard, and is sponsored by Wells Fargo Bank.
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