Credit Card Factoring Processing. . .
Once you qualify for the financing of your credit card charges, the process is as follows:
- American Express, Visa, Discover, and MasterCard are notified that payments due to your company for their credit card receipts will be forwarded to an account using your name but controlled by Belcorp.
- At the end of each business day (or first thing the next morning) the batch report that you generate from your credit cards is faxed to us. Within two hours you may pick up a check or receive a wire transfer of the net funds available to you based on the financing terms.
- A reserve (a percentage of the value of the credit card batch presented for purchase) is held at the time of the purchase (usually 10%). This reserve is returned to you at the time Belcorp receives the credit card payment from American Express, Visa, Discover, or MasterCard.
- This form of financing should only be utilized when cash flow is at a minimum, as you are still required to pay the credit card companies their fees as well as the fee for factoring under your factoring terms.
Belcorp Financial Services, Inc. • 120 E Ogden Ave., Suite 124 • Hinsdale, IL 60521
Telephone: (630) 789-3300 • Fax: (630) 789-3316