Total Merchant Resources After Shark Tank
Total Merchant Resources (TMR) is a company that provides alternative financing for small businesses based on their credit card sales. The company was founded by Jason Reddish and Val Pinkhasov, who appeared on the popular TV show Shark Tank in 2013. They pitched their business to the Sharks and asked for $200,000 in exchange for a 20% stake in their company.
Total Merchant Resources After Shark Tank
However, the Sharks were not impressed by their valuation and their business model. They questioned the legality and ethics of their high-interest loans, which could reach up to 40% APR. They also doubted the scalability and profitability of their business, as they faced a lot of competition from other lenders in the market. The only Shark who showed some interest was Kevin O'Leary, who offered them $200,000 for a 50% stake in their company. Jason and Val accepted his offer, as they needed the capital and the exposure from the show.
What Happened After Shark Tank?
After their appearance on Shark Tank, TMR experienced a huge boost in their business. According to an interview with Kerry Lutz of the Financial Survival Network, Jason Reddish said that their business increased by 500% in the first year after the show. They also expanded their team and their customer base, and secured more funding from other investors. They also improved their technology and their customer service, and developed new products and services for their clients.
Some of the new products and services that TMR offers include:
Franchisee loans: TMR specializes in providing loans to franchisees of well-known brands such as Taco Bell, Burger King, Subway, Midas, KFC, Dunkin Donuts, and more. They offer fast and flexible financing options for franchisees who need to buy equipment, renovate their stores, or expand their operations.
Merchant cash advance: TMR provides cash advances to small businesses that accept credit cards as a form of payment. They deduct a percentage of the daily credit card sales until the advance is paid off. This is a convenient and easy way for small businesses to get access to working capital without having to deal with credit checks or collateral.
Business line of credit: TMR offers a revolving line of credit to small businesses that need more flexibility and control over their finances. They can draw funds as needed and pay interest only on the amount they use. They can also repay and reuse the funds as many times as they want.
Invoice factoring: TMR helps small businesses that have unpaid invoices from their customers. They buy the invoices at a discount and collect the payments from the customers. This way, small businesses can get immediate cash flow without having to wait for their customers to pay.
TMR claims that they have helped thousands of small businesses across various industries with their financing needs. They also claim that they have a high customer satisfaction rate and a low default rate. They say that they are different from other lenders because they care about their clients and they tailor their solutions to fit their specific needs.
Is Total Merchant Resources Still in Business?
Yes, Total Merchant Resources is still in business as of 2023. The company has a website where they showcase their products and services, as well as testimonials from their clients. They also have a Facebook page where they post updates and news about their company and industry. They also have a Twitter account where they interact with their followers and share relevant information.
According to Crunchbase, TMR has raised $4 million in funding from two investors: Kevin O'Leary and Mark Cuban. Kevin O'Leary is still involved with the company as a partner and an advisor. Mark Cuban invested in the company after the show through his venture capital firm Radical Investments. He said that he liked the idea of helping small businesses grow and succeed.
Conclusion
Total Merchant Resources is a company that provides alternative financing for small businesses based on their credit card sales. The company was founded by Jason Reddish and Val Pinkhasov, who appeared on Shark Tank in 2013 and got a deal with Kevin O'Leary. After the show, the company grew significantly and expanded its products and services. The company is still in business as of 2023 and has raised $4 million in funding from Kevin O'Leary and Mark Cuban.
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