Terms and Conditions
Merchant Cash Advances
One of the financial products offered through BitX Funding is the purchasing of a specified amount of a business’s future credit card and other payment card sales at discounted rates. These purchase transactions are typically called “Merchant Cash Advances” or “MCAs.” MCAs are not loans or extensions of credit but rather “true sales” of a merchant’s unborn card receivables regarding which funding sources bear the risk of loss. In an MCA transaction, MCAs have no set term, maturity date, or fixed or minimum payment amounts (and, therefore, no late fees or penalties). SMB owners are required to guarantee the performance of certain covenants in the MCA agreement, including but not limited to a covenant to use the designated card processor exclusively. However, MCAs include no personal guarantee of “payment,” such as those associated with traditional loan financing. In the MCA agreement, SMB owners do not guarantee they will deliver the purchased receivables nor pledge personal collateral to secure such an obligation.
A small business loan is an amount borrowed by an SMB here after being referred to as a “small business owner” for business or business purposes. A loan has a term and a maturity date. In describing funding sources or loan capabilities and how they serve the needs of SMBs, capital providers, payment processors, and others, the Site refers to such as “lenders,” “lending,” “loans,” “credit,” and other loan-related terminology. BitX Funding LLC defines:
Lenders make funds available to another with the expectation that the funds will be repaid, plus any interest and/or fees. A lender can be an individual or a public or private group. Lenders may provide funds for various reasons, such as small business loans.
Lending is the act of giving money, property, or other material goods to another party in exchange for future repayment of the principal amount along with interest or other finance charges. A loan may be for a specific, one-time amount or can be available as open-ended credit up to a specified ceiling amount.
Loan a borrowed thing, especially a sum of money that is expected to be paid back with interest.
Credit is the ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future.
IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT:
By applying, signing, faxing, or emailing us your application, you certify that (i) you are authorized to apply on behalf of the company whose full legal name appears above under the Company Information portion of the Loan Application for a business loan from us and (ii) all information you provide within the Loan Application and other supporting documents is true and complete and that you will notify us of material changes to such information. You understand & agree that we and our agents, partners, and assignees are authorized to contact 3rd parties to make inquiries in evaluating your Loan Application (including requesting business & personal credit bureau reports from credit reporting agencies and other sources) or for any update, renewal, and extension of credit bureau name and address. You understand and agree that we may provide credit & other information from the Loan Application and on the signing individual(s) & the company with 3rd parties who may use the information for any lawful purpose, including to offer credit and/or other products & services to the signing individual(s) and/or the company. To help the government fight the funding of terrorism and money laundering activities, Federal law requires us to obtain, verify, and record information that identifies each person who cashes checks, wires funds, or engages in other financial services with BitX Funding. We will ask for your name, address, and other information that allows us to identify you. We may also ask to see your driver’s license or other identifying documents.
BitX Funding LLC is a brokerage firm helping small businesses attain short-term capital or funding. You agree to indemnify, defend, and hold harmless BitX Funding LLC, its affiliates, licensors, and partners, including without limitation, BitX Funding LLC service providers and banks—and their respective officers, directors, employees, agents, and representatives—from and against all losses, expenses, damages, and costs. This includes reasonable attorneys’ fees for any claims, causes of actions, procedures or allegations arising out of or relating to any violation of these Terms, your use of the Site, Site Content, or User Content (including but not limited to infringement of third parties’ worldwide intellectual property rights or negligent or wrongful conduct) by you or any other person accessing any site on your behalf. BitX Funding LLC reserves the right, at its own expense, to assume the exclusive defense and control of any matter otherwise subject to defense by you.
BitXfunding.com, THE WEBSITE CONTENT, AND THE USER CONTENT ARE AVAILABLE “AS IS” AND “AS AVAILABLE” WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED. THIS INCLUDES, WITHOUT LIMITATION, IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, ACCURACY, NON-INFRINGEMENT, OR ENJOYMENT. Bitxfunding LLC makes NO GUARANTEE THAT THE SITE CONTENT OR USER CONTENT ON THE SITE IS UP-TO-DATE, ACCURATE, OR COMPLETE. YOU SHOULD NOT RELY ON IT FOR ANY DECISION OR TO TAKE ANY ACTION. WE HEREBY DISCLAIM ANY WARRANTY THAT THE SITE CONTENT OR USER CONTENT ON THE SITE WILL BE FREE OF INTERRUPTION, ERRORS, OR THAT ANY OF THE SITES IS FREE OF VIRUSES, WORMS, TROJAN HORSES, OR OTHER CODE THAT MANIFESTS CONTAMINATING OR DESTRUCTIVE PROPERTIES.
Limitation of Liability:
UNDER NO CIRCUMSTANCES SHALL BitX Funding LLC OR ANY OF ITS AFFILIATES BE LIABLE TO YOU OR ANY OTHER PERSON FOR ANY DIRECT, SPECIAL, EXEMPLARY, INDIRECT, INCIDENTAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES OR COSTS, OR ATTORNEY’S FEES ARISING OUT OF OR RELATING TO THESE TERMS, ACCESS TO, USE OF, OR THE OPERATION OF ANY SITE, ANY OF THE SITE CONTENT, OR USER CONTENT. YOUR SOLE AND EXCLUSIVE REMEDY AND CAN CAPITAL’S SOLE AND EXCLUSIVE LIABILITY TO YOU FOR ANY REASON SHALL BE FOR YOU TO DISCONTINUE YOUR ACCESS TO OR USE OF THE SITE. THE FOREGOING LIMITATION OF LIABILITY SHALL APPLY TO THE FULLEST EXTENT PERMITTED BY LAW IN THE APPLICABLE JURISDICTION.
Limited Time to Bring Your Claim:
You agree that any cause of action arising out of or related to BitX Capital, any Site, or any Site Content or User Content must be commenced within one (1) year after the cause of action accrues. Otherwise, such cause of action is permanently barred.
Governing Law and Forum:
These Terms and the interpretation, performance, and enforcement of your and BitX Funding LLC’s rights and duties, shall be construed in accordance with the laws of the State of Connecticut. By using any Site, you agree to submit any and all disputes arising out of or relating to these Terms to the exclusive jurisdiction of the state of Connecticut to binding arbitration before a single arbitrator pursuant to the American Arbitration Association’s Commercial Dispute Resolution Procedures, with such arbitration to take place in Fairfield County, Connecticut.
If you have any questions or concerns about these Terms or about trademark or copyright matters, or if you wish to inquire about linking to our Site, please contact us at [email protected].