KJM Card Services - Built Around You
Business Cash Advance FAQ
Q: What is Business Cash Advance?
A: It is a means of releasing the equivalent of your monthly takings in cash. A set amount is taken and a set amount is repaid. After you have released this cash sum, a percentage of each card payment taken over the card terminal is used to repay the loan. This is can be anywhere from 10p in the pound to 40p in the pound, depending on your business model.
Q: How do I qualify for a business cash advance?
A: If you have you been trading with a card machine for 4 months or more and if you take more than £2500 per month in card takings then you qualify for Business Cash Advance.
Q: How much can I borrow?
A: First time is usually between 100-120% or your average monthly takings. Further advances can increase to 240% of your average monthly takings.
Q: How quick can I get the funding?
A: Within 5 working days.
Q: What are the interest repayment?
A: There is no interest or APR. A set amount is borrowed and a set amount is repaid.
Q: How quick do I pay it back?
A: Depending on the business model, usually within 3-6 months. It depends on your business model. In quiet times you pay less, during busier times the loan is repaid quicker.
Q: Are there any late payment penalty fees?
A: No. It is paid back whenever your customer uses the card machine. The lender takes their split, eg 15p, 20p, 40p in the £1 depending on how much borrowed and the split agreed. So if you have a quiet month you pay back less and if you have a busy month you pay it back quicker.
Card terminals FAQ
Q: What is the best card terminal for me?
A: It depends on how much you anticipate transacting via the card machine. If it is less than £3000 per month, then there are more cost-effective options for this level of income. However, if you see your business transacting more than £3000 per month, then you need to look at standard card terminals and more cost-effective pricing structure otherwise the charging structure could be expensive.
Q: Can I change supplier while still in contract?
A: Yes, you can, speak to us to discuss these options.
Q: How long does the process take?
A: Once the paperwork is complete, usually a maximum of 2 weeks.
Q: What card terminals do you supply?
A: Various types such as Ingenico, Pax and Spire. They can be used ether as a Desktop, Portable or Mobile option with various types of connection such as via the telephone line, wifi or GPRS. We also supply upmarket EPOS Systems and Virtual Terminals and Ecommerce platforms too. All with the latest intelligent technology. We will discuss your options with you and tailor the terminal to your business model.
Q: How is it billed?
A: There is one monthly bill comprising your terminal rental, PCI Compliance, and analytics and there is a separate bill for your credit and debit card processing charges. Ask us to provide real examples of these charges.
Q: What is PCI Compliance?
A: PCI Compliance is Payment Card Industry Compliance required by the card acquiring bank. Every business owner must demonstrate compliance and it is a compulsory requirement. (We help you with this free of charge and continue to do so every year). What is PCI Compliance for? It protects your business and your device from fraud and hacking.
Text Marketing FAQ
Q: What does Text Marketing entail?
A: KJM use a bulk text marketing system which is designed to maintain your business profile and increase sales. Texts go out to customers who have opted-in to your scheme. We work together to decide the content of these texts which can be anything from simple ‘thank yous’ to carefully crafted incentives which are designed to get your customers attention and bring them back to you much more frequently
Q: How do you get the customer's to opt in?
Q: How much does it cost?
A: We look at your merchant statement to assess customer footfall. KJm Card Services charge between £99 per month to £199 per month depending on footfall – which determines the level of texts sent out.
Energy Switching FAQ
Q: How can I be sure I am getting the best energy rates?
A: KJM Card Services work with the largest energy brokerage in the UK. They are a whole of market brokerage therefore have no ties to any one supplier.
Q: What if I am still in contract?
A: You need to mitigate future price rises by buying in today’s rates at today’s prices thereby ensuring that you do not get hit by a massive price rise when your contract ends.
KJM Card Services has retained the services of Inspired Energy who are the largest energy broker in the UK and are also a whole of market company providing impartial solutions to business owners all over the UK.
Energy rates have risen by over 60% in the last two years. KJM Card Services objectives are to help mitigate these future rises for all business owners. You can still be in contract and forward plan these savings.
Merchant Cash Advance
Business Cash Advance: If you have a card terminal this is a way of releasing cash. You have quiet times and busy times. The way that this is repaid means that it fits in with your business model exactly.
From Pax, Ingenico, Spire, Epos Now, E-Commerce and Virtual Terminals, KJM Card Services provide every option available to ensure you have the correct option for your business.
KJM send texts to your customers who have opted to receive them and together we will find ways of ensuring that they return much more frequently. Your sales should increase year on year.
Electricity and Gas supply price increases have been devastating to business owners. KJM can buy today’s rates at today’s prices and lock them in. This means that when your existing contract ends you won’t get hit with a massive price rise. We can forward contract you up to twelve months ahead and give you peace of mind that you are in safe hands when your contracts expire.
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Please contact us for the latest information, and a free no obligation quote.