Mom & Pop Contract Terms
Mom & Pop Merchant Solutions focuses on providing merchant cash advances, a specialized financial service offering a lump sum to businesses in exchange for a percentage of future credit card sales. This type of financing is customized based on the business’s specific characteristics and is designed for merchants that may not qualify for traditional loans.
In addition, Mom & Pop serves as a reseller of First Data (Fiserv) merchant services. The typical First Data (Fiserv) merchant agreement involves a multi-year term with specified fees, including an early termination fee of $495, a PCI compliance fee of $19.95 monthly, and tiered pricing for transactions. For transactions, merchants processing up to $50,000 monthly are subject to a swiped transaction fee of 2.69% plus $0.19 and a keyed-in rate of 3.69% plus $0.19. Those exceeding $50,000 in monthly transactions receive slightly reduced rates. Additionally, merchants might be subject to long-term equipment leases through First Data Global Leasing.
Mom & Pop has the flexibility to adjust these terms to suit the specific needs of each merchant, offering potentially modified terms based on a business’s size, type, and transaction history.
About Merchant Cash Advances
Merchant cash advances, though not regulated like traditional small business loans, can present significantly high effective interest rates. These financial products can be advantageous under certain conditions, and merchants are encouraged to thoroughly understand the terms and evaluate all available financing options.
Mom & Pop Merchant Account Pricing
While primarily offering merchant cash advances, Mom & Pop Merchant Solutions occasionally sets up merchant accounts, a service less frequently provided. Specific details regarding these accounts are not publicly shared, and no merchant feedback is available to outline the competitiveness of their offering compared to other low-cost merchant accounts. Absence of specific complaints related to their cash advance or merchant account terms allows for an “A” rating in this context, though merchants are advised to conduct comprehensive comparisons with available alternatives.