In response to the latest US merchant cash advance industry regulatory disclosure requirements, we have added a number of fields in the Deals Detail page to allow our clients to capture the information and use it for their cash advance contracts. Some of these fields are required to satisfy California, Virginia, and Utah state laws.
Below are the new fields added:
|New fields||Description (and formula)|
|Finance Charge||Advance Amount MINUS Payback Amount|
|Annual Percentage Rate (%)||Textbox|
|Est. Term (calendar days)||Textbox|
|Est. Monthly Cost||Dollar value|
|Broker Commission||Dollar value|
|Broker Fees||Dollar value|
|Amount paid to third-party||Dollar value|
|Refinance Amount||Dollar value|
Here’s a link to the latest document merge library, with codes corresponding to the updated fields so you can use them with your contracts and other documents.
Please email us if you have any questions.
MCA Suite adds new fields to support US regulatory disclosure requirements