Merchant ID Number- the number attached to a processing account (i.e.
Lloyds/Barclays/Worldpay) it is similar to an account number on a bank account.
A factor is the multiplier to determine the price of the advance- for example a factor
of 1.2= £10,000 x 1.2= £12,000. It is a fixed price and does not fluctuate like interest
rates.
The split % is the amount of card sales repaid to Nucleus, i.e. 20%. This means 20% of
the customers daily card transactions will be sent to Nucleus’s bank account for
repayment.
Companies that provide businesses with card processing accounts/card terminals. The main
ones are; Worldpay, Lloyds/Cardnet, FDMS/First Data, Barclaycard, Elavon, HSBC/Global
Payments, AIB.
Sales & Purchase Agreement: states the terms of the agreement and is signed by the
director/sole trader of the business, to confirm that Nucleus will have control of their
card receivables throughout the contract.
This is the contract that the Personal Guarantees sign, which confirms that if the
business does not/cannot pay they will personally guarantee any outstanding repayments.
A mandate form is signed and completed for each MID by the customer to instruct the card
processor (i.e. Worldpay) to divert the card terminal revenue into the Trust Account.
These are monthly breakdowns of the revenue coming through each merchant ID number. For
example, October 2017’s statement may show the business took 20 transactions which
totalled £10,000.
If the business has multiple MIDs, then they can sometimes be grouped together under the
Head MID/HQ. Any MIDs that sit under the HQ/Head MID are called Outlets.
