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Green Light Financing
Merchant Rules
Green
Light Financing facilitates the merchant’s ability to take
payment for products or services through a series of post
dated checks over a 90 day period. In essence this is a
short term financing program where the customer gets the
product upfront and the merchant is paid over 90 days. The
merchant is guaranteed payment if all procedures are
followed properly.
Restricted merchants are: Casinos, Payday loan, Pawnshops,
Car sales, Bankruptcy/Criminal lawyers, Bail Bonds and
Jewelry Stores.
Each
check can be no more than 3 times the amount of any other.
The
checks must be made payable to the merchant for normal
business transactions.
A down
payment check is required and the $35 ARC fee is always
added to the down payment.
The total
purchase price can be no more than ½ of the customer’s
monthly income (Spouse income may be included).
Merchant
must collect a pay stub or bank statement not older than 30
days.
No
business checks, only personal and DBA checks.
The
customer is required to have a valid state drivers license
or ID card. No foreign ID cards or passports accepted.
Customers
must have a working phone number.
The
customer must sign the customer ARC agreement. It’s
pre-printed when the merchant gets online approval.
The
merchant’s account will be credited as the checks become
due.
When a
check bounces the merchant is contacted and must fax
customer documents within 3 business days, not including
weekends. Customer documents include ARC agreement, proof
of income and copies of checks.
Merchants
must contact Global Check ASAP if a customer pays them
directly for a bounced check.
Stop,
counterfeit, unauthorized, stolen and fake checks are not
covered.
Merchant
may lose their guaranteed status if they have over 10%
uncollectable checks.
Merchant
enrollment procedures
Your
faxed application must be complete and legible.
Include a copy of your check so we know where to deposit
your money.
Merchant must be trained with a test transaction. (This
takes 15 minutes by phone)
After the test transaction merchant receives final call to
answer any questions.
At Green Light Financing we do checks and help merchants
say,
“Good news, you’re approved.”
Phone
877-Save101
customerservice@save101.com
© 2010
Green Light Financing
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