When Prudential Payment Systems Inc. became Finical Inc. in June 2014, the new name better aligned with its expanding portfolio of financial services targeting small to large U.S. merchants. What didn't change was its three-pillar core philosophy to deliver customer service and cutting edge technology with the highest of ethical standards. To illustrate how committed Finical is to this philosophy, the company’s website states "zero tolerance for misrepresentation."
With over 20 years’ payments industry experience, including leading companies in transition, Finical founder and Chief Executive Officer Aaron Nasseh established the company based on the precept that an aggressive program could help offset the margin compression and merchant attrition many in the field were experiencing.
The first step was to combine the right elements. "Finical's mission is to provide all the core merchant solutions under one roof," Nasseh said. "From setting up the merchant accounts, whether gift cards, loyalty, check services, small business loans, consumer financing, mobile solutions – you name it – and much more."
The next step was to reach out to merchants on a broad scale through channel partners and acquisition. "We’ve acquired a number of portfolios, and we have a pretty vast independent sales agent network throughout the country," Nasseh said. "We have raised a good amount of capital, so we're openly and actively looking to purchase portfolios, as well as ISOs and their businesses, if anyone is interested."
In addition to providing products and services focused on promoting merchant growth, Finical has become known for its alternative financing programs, one being short-term business loans. To qualify, merchants must generate at least $30,000 in monthly revenue to secure up to $2 million in funding. Funds can be used for inventory, advertising, expansion, renovation, payables and other business expenses. Upon approval, Finical funds processing generally takes about a week.
For higher-ticket merchants or service-based businesses, Finical offers consumer financing as well. Ideal candidates for this program include mechanics, auto body shops, furniture stores, plastic surgeons, veterinary clinics and funeral homes.
"With our consumer financing solution, you are able to get your consumers approved for financing within 7 minutes," Finical reported, adding that just like a credit card deposit, merchants receive the full amount of the sale with 48 hours.
Standard Finical offerings include a free equipment program, credit and debit card processing, electronic check processing, gift and loyalty card programs, tablet-based and Europay/MasterCard/Visa chip-enabled POS systems, and virtual gateway services. All are designed to support broadband, wireless and web-based transactions.
Finical prides itself on tailoring programs for its channel partners. "Whether it's a higher upfront bonus they require or they're looking for more of a back-end, high-revenue-share program, we have all of those available," Nasseh said. The company's most popular program is a hybrid of both options. "We have a 70 percent program," he noted. "Seventy percent to the agents, and they also get $400 upfront. It's very generous and a lot of people sign up for that program."
Once merchants are boarded, merchant level salespeople (MLSs) are encouraged to remain in close contact. "We're not just going to come in, sign up your account, give you a toll-free number and then disappear," Nasseh said. "With us it's that personal touch, the local presence where the agent builds a relationship with the merchant."
The goal is to strengthen relationships with merchants. "If the merchant has an issue, the first call they make is to the agent," Nasseh said. "Yes, it's a little bit of extra work for the agent, but it also comes with a lot of referrals, so it definitely pays for itself." He added that for an agent who seeks to build a solid book of business and minimize attrition, this has been a great model, and feedback from MLSs has been extremely positive.
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