Tuesday, May 27, 2008

Cover Story On AdvanceMe Merchant Cash Advance Patent Appeal

The cover story of the May 23rd edition of ISO & Agent Weekly titled, "Court Says AdvanceMe Has No Cash-Advance Patent" was an interesting article from all perspectives of this landmark ruling for the merchant cash advance industry.

In addition, in this issue, they feature a story called "Association Formed For Cash Advances" which talks about the newly formed North American Merchant Advance Association which has been receiving praise throughout the industry.

Thursday, May 15, 2008

AdvanceMe Loses Merchant Cash Advance Patent Appeal

I just received word that AdvanceMe has lost their appeal on their patent. I thought the call I got was a joke because the hearing was just last Tuesday, turns out the court realized in two seconds that there was no merit to this appeal. It shows you how little basis AdvanceMe had to even appeal this decision. You can see the court's document by clicking here.

The Electronic Transaction Association (ETA) has already reported on this "lightning fast" ruling as well. Click here for the story.

Wednesday, May 14, 2008

Merchant Pleads Guilty To Merchant Cash Advance Fraud

A Virginia merchant committed fraud on several merchant cash advance providers and is facing up to 20 years in prison, $1 million in fines and had to surrender his house, car and motorcycles. The story can be found here.

This merchant fraudulently took a business cash advance from several MCA providers in his customer's names. One of the missions of the recently announced North American Merchant Advance Association is to prevent fraud like this from occurring.