Merchant cash-advance company AdvanceMe Inc. this week announced it has added data to its statements to enable merchants to compare their monthly card sales from the same month a year earlier and how their sales measure up against a peer group.
Merchants receiving advance funds from Atlanta-based AdvanceMe repay the debt based on a percentage of their credit and debit card receivables. AdvanceMe statements also contain repayment information.
The new peer group data compares the merchant’s card activity with that of similar retailers based on sales volume, region and population size. The additional information helps “small-business owners to be better informed and proactive,” an AdvanceMe spokesperson tells PaymentsSource, noting the additional information also gives merchants a benchmark to help them spot sales trends. AdvanceMe’s parent, Capital Access Network Inc. of New York, is providing the data for the new reports. AdvanceMe says it has funded more than 25,000 businesses since 1998 with more than $1.5 billion.
