Merchant Cash Advance Letter to Credit Card Processor | USA
Notify a credit card transaction processor of a cash advance made to a merchant against its credit card receivables with this template Merchant Cash Advance Letter to Credit Card Processor.
- The letter should also be sent to the credit card issuer.
- The letter sets out the details of the merchant's agreement with the cash advance lender, and instructs the processor to pay a percentage of the credit card receipts to the lender until further written notice is given by the lender and the merchant. All amounts in excess of that percentage will continue to be paid to the merchant.
- The lender's rights under the merchant cash advance agreement are subject to the rights of the credit card processor and the bank.
- The lender and the merchant indemnify and hold harmless the bank and the credit card processor against any claims, losses or liability whatsoever arising from any action taken by the bank or the processor under the terms of the letter.
- This USA Merchant Cash Advance Letter to Credit Card Processor is a downloadable and fully editable Microsoft Word template.
Last Updated: 13-January-2021