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.
We needed a fresh approach and a lender thatunderstood our business. We put the business out to anumber of people and it became very obvious to usquickly that Nucleus was a really good fit for ourbusi...
“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’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”...
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....
Nucleus demonstrated a detailed understanding of our industry, and how to fund contractual debt....
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....
“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.” ...
"a supportive lender that understood the urgency.” ...
Importantly Nucleus were very supportive and personal. They regularly reviewed what we needed and helped with any restrictions....
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....
As a lender Nucleus are very good. What they offered, I'd definitely do it again it's helped my business move forward....
David Grosse | Managing Director, Number Eight Business Finance
A Business Cash Advance from Nucleus has allowed us to improve our business, generating more first-time customers and increasing the number of customers who return time and time again....
The customer is really happy; I’m very happy; we are all very happy. The whole process was all very simple and once the offer was out, it was completed within a couple of weeks. ...
Our experience with Nucleus was excellent. Jo was really helpful, really fast and I was actually surprised at the speed of it all....
It is evident we are able to support SMEs with their funding needs and we hope to help many other businesses just like this one in the future too....
I always recommend Nucleus for other businessesbecause we had a really good result for what weneeded. BCA makes it easy how we pay back, andwe don't have to worry about a big amount in theend of the m...
We are pleased to support this company in delivering on its growth ambitions. ...
We needed a fresh approach and a lender thatunderstood our business. We put the business out to anumber of people and it became very obvious to usquickly that Nucleus was a really good fit for ourbusi...
“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’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”...
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....
Nucleus demonstrated a detailed understanding of our industry, and how to fund contractual debt....
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....
“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.” ...
"a supportive lender that understood the urgency.” ...
Importantly Nucleus were very supportive and personal. They regularly reviewed what we needed and helped with any restrictions....
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....
As a lender Nucleus are very good. What they offered, I'd definitely do it again it's helped my business move forward....
David Grosse | Managing Director, Number Eight Business FinanceA Business Cash Advance from Nucleus has allowed us to improve our business, generating more first-time customers and increasing the number of customers who return time and time again....
The customer is really happy; I’m very happy; we are all very happy. The whole process was all very simple and once the offer was out, it was completed within a couple of weeks. ...
Our experience with Nucleus was excellent. Jo was really helpful, really fast and I was actually surprised at the speed of it all....
It is evident we are able to support SMEs with their funding needs and we hope to help many other businesses just like this one in the future too....
I always recommend Nucleus for other businessesbecause we had a really good result for what weneeded. BCA makes it easy how we pay back, andwe don't have to worry about a big amount in theend of the m...
We are pleased to support this company in delivering on its growth ambitions. ...