Saturday, March 1, 2008

AdvanceMe Takes A $565,000 Hit

The Atlanta Journal-Constitution is reporting that merchant cash advance provider AdvanceMe has taken a $565,000 hit from an Atlanta Restaurant Group.

This is a perfect example how many times sales agents / ISOs and even merchant cash advance providers believe before a deal gets funded that it's a "good deal" because it's a large established restaurant group. Unfortunately the bigger they are, the harder they fall.

1 comment:

Anonymous said...

AMI isnt the only one who took a hit. Try Rewards Network, ARF and I believe a few others gave money to this restaurant group. This is what happens when everyone layers and puts a merchant into a position where they can't payback. Hopefully, this teaches all of them a lesson!