New York, Jan. 10, 2011 -- The North American Merchant Advance Association (NAMAA), a 501c non-profit industry association that provides guidance and helps influence and shape the merchant cash advance industry through leadership, education and the sharing of information, announced today the addition of four new members to its organization as well as the election of new officers.
Recent new members include American Finance Solutions, Business Consulting Options, Merchant Capital Access and Merchant Cash Group. Two of NAMAA's key assets offered to its members are a database of over 7,500 merchants that have defaulted with other merchant cash advance providers. Within the first week of joining, a new member found out through the database that a merchant who wanted funding of $200,000 had defaulted with other merchant cash advance companies, thereby avoiding a costly mistake. The system also prevents two NAMAA merchant cash advance providers from funding the same merchant at the same time.
NAMAA has also appointed David Goldin, President & CEO of AmeriMerchant, to President of the North American Merchant Advance Association and Jeremy Brown, CEO of Rapid Advance, to Vice-President of the North American Merchant Advance Association. NAMMA also appointed the following directors: David Goldin, Jeremy Brown, John Damico, Managing Director of GRP Funding, Stephen Sheinbaum, CEO of Merchant Cash & Capital, and John Snead, President of Merchant Capital Access.
"In just a few years NAMAA has grown from a handful of providers to over 80%+ of the significant merchant cash advance providers in the marketplace, making us the only "true voice" and knowledge center for the merchant cash advance industry”, says David Goldin, President of the North American Merchant Advance Association. “In the coming months, we will be publishing data that will be the first and only source of industry-wide merchant cash advance provider metrics.”
NAMAA also welcomes merchant cash advance providers not currently NAMAA members to join and take advantage of the various member benefits offered, including our risk tools for merchant funding companies. "We welcome the latest members who have joined NAMAA and look forward to expanding our membership base in 2011. The risk tools provided by NAMAA are invaluable to NAMAA members as they have proved time and again to save NAMAA members from entering into a relationship with a merchant that has previously defaulted with another MCA provider", says Jeremy Brown, Vice-President of the North American Merchant Advance Association.
For merchant cash advance providers looking for more information about becoming a member of NAMAA, please visit www.northamericanmaa.org .
About The North American Merchant Advance Association (NAMAA)
The North American Merchant Advance Association (NAMAA) is a not-for-profit 501c trade association representing organizations that provide working capital advance products based on credit, debit or other card and electronic payment-related revenue streams to small and mid-sized businesses (currently referred to as a "Merchant Cash Advance"). NAMAA provides guidance and helps to influence and shape the merchant cash advance industry through leadership, education and the sharing of information. For more information, visit www.northamericanmaa.org .
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Source: Company press release.