The party that deploys the capital in a merchant cash advance and carries the risk of repayment.
Distinct from the broker or ISO, who sources the merchant and earns points without deploying capital. The top twenty funders by volume account for an estimated 50–60% of the market, with a long tail of regional and specialist funders behind them.
ISO
A firm that sources merchants and places their files with funders, earning points on funded volume without deploying its own capital.
Syndication
Multiple parties each funding a portion of the same advance and sharing the returns and the risk proportionally.
Paper grade
An informal classification of merchant quality, from A paper — strong revenue, no positions, long trading history — down to C or D.
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