Factor Rate: a factor rate is a fixed rate, it never changes unlike an interest rate. If we Advance a merchant $10,000 for $14,000, the merchant owes $14000, no matter how long/short the repayment takes.
Purchase price: the amount we fund the merchant for.
Purchased amount: the amount the merchant owes.
Specified percentage: the amount we retrieve daily form the merchant.
Receivables: the amount of money a merchants business takes in.
Escrow/Trust Account: The account the merchants deposits goes into so we can take our retrieval percentage
EFT: electronic funds transfer; the manner in which we transfer the daily deposit minus the daily specified percentage to the merchants business account from the escrow account.