Merchant ID Number- the number attached to a processing account (i.e. Lloyds/Barclays/Worldpay) it is similar to an account number on a bank account.
A factor is the multiplier to determine the price of the advance- for example a factor of 1.2= £10,000 x 1.2= £12,000. It is a fixed price and does not fluctuate like interest rates.
The split % is the amount of card sales repaid to Nucleus, i.e. 20%. This means 20% of the customers daily card transactions will be sent to Nucleus’s bank account for repayment.
Companies that provide businesses with card processing accounts/card terminals. The main ones are; Worldpay, Lloyds/Cardnet, FDMS/First Data, Barclaycard, Elavon, HSBC/Global Payments, AIB.
Sales & Purchase Agreement: states the terms of the agreement and is signed by the director/sole trader of the business, to confirm that Nucleus will have control of their card receivables throughout the contract.
This is the contract that the Personal Guarantees sign, which confirms that if the business does not/cannot pay they will personally guarantee any outstanding repayments.
A mandate form is signed and completed for each MID by the customer to instruct the card processor (i.e. Worldpay) to divert the card terminal revenue into the Trust Account.
These are monthly breakdowns of the revenue coming through each merchant ID number. For example, October 2017’s statement may show the business took 20 transactions which totalled £10,000.
If the business has multiple MIDs, then they can sometimes be grouped together under the Head MID/HQ. Any MIDs that sit under the HQ/Head MID are called Outlets.
“Thanks to Nucleus we’ve been able to employ more people, take on more work and are now turning over £400,000 a month. We are profitable once again and this is crucial to the company....
“Thanks to Nucleus, I have the funding I need to expand my business and offer a better service to my customers. Paul and his team were very easy to work with."...
We are pleased to partner with Nucleus and very excited about their new product range: being able to work so closely with our lender, allows our clients to benefit from seamless funding solutions....
"a supportive lender that understood the urgency.” ...
“Nucleus has been fantastic to work with: the team is very flexible and proactive, and takes the time to fully understand our business needs - ultimately Nucleus ensures we get paid on time.” ...
“We’d heard that Nucleus were flexible and reliable, and we needed a lender who would be able to provide a variety of different finance types – so we set up a meeting”...
I couldn’t believe it when Nucleus said they could do it in 7 days! Their competitive pricing and level and speed of service beats our bank hands down....
Importantly Nucleus were very supportive and personal. They regularly reviewed what we needed and helped with any restrictions....
Nucleus demonstrated a detailed understanding of our industry, and how to fund contractual debt....
Nucleus offered a flexible solution that allows us to have other sources of funding where appropriate....
I would recommend working with them to other business owners, the team is great....
What we see with Nucleus is stability and an organisation that wants to work with us long term....
“Thanks to Nucleus we’ve been able to employ more people, take on more work and are now turning over £400,000 a month. We are profitable once again and this is crucial to the company....
“Thanks to Nucleus, I have the funding I need to expand my business and offer a better service to my customers. Paul and his team were very easy to work with."...
We are pleased to partner with Nucleus and very excited about their new product range: being able to work so closely with our lender, allows our clients to benefit from seamless funding solutions....
"a supportive lender that understood the urgency.” ...
“Nucleus has been fantastic to work with: the team is very flexible and proactive, and takes the time to fully understand our business needs - ultimately Nucleus ensures we get paid on time.” ...
“We’d heard that Nucleus were flexible and reliable, and we needed a lender who would be able to provide a variety of different finance types – so we set up a meeting”...
I couldn’t believe it when Nucleus said they could do it in 7 days! Their competitive pricing and level and speed of service beats our bank hands down....
Importantly Nucleus were very supportive and personal. They regularly reviewed what we needed and helped with any restrictions....
Nucleus demonstrated a detailed understanding of our industry, and how to fund contractual debt....
Nucleus offered a flexible solution that allows us to have other sources of funding where appropriate....
I would recommend working with them to other business owners, the team is great....
What we see with Nucleus is stability and an organisation that wants to work with us long term....
