Would I still receive the same low rates as my existing credit card processing account?

What is a Merchant Cash Advance?

A Cash Advance provides small business owners with access to needed capital. We advance your business a lump sum of cash and collect on the remaining balance automatically through each batch report.

How do I apply for a cash advance?
There are several ways you can apply for a cash advance. The easiest way is to fill out our Online Application. You can also call our toll free number 800-503-1972 and speak with a Funding Advisor.

How long will I have to wait to find out if I have been approved for my cash advance?
With all the paperwork submitted properly, approval can usually be obtained within 24 hours. Funding can happen in as little as 72 hours, typically taking between 10-14 business days from the start of the process.

How much can I qualify for?
You may qualify for up to $300,000 per location.  You can typically expect to qualify for an advance that is around the same amount as your monthly credit card sales. So if you process an average of $20,000 in V/MC sales every month, the amount of funding available to you is typically about $20,000.

How do you determine the amount of the cash advance I qualify for?
The amount of receipts purchased is determined by your average Visa/MasterCard volume over a six month period.  As a rule of thumb, the advance can be up to 129% of your average monthly MasterCard / Visa volume or 40% of your gross monthly sales if business is mainly cash sales

How long do I have to pay back the advance?

There is no fixed term or time limit.  The goal is for you to use the money to grow your business. As your customers pay for sales with their Visa or MasterCard, a fixed percentage of those sales is set aside to repay the advance.

How do you determine how much the percentage of sales will be ?
After reviewing the prior merchant and checking statements, we evaluate how you run your business through your cash flow. A unique software model calculates the largest amount of a cash advance your business can obtain and based upon your income history (credit cards, checks and cash) it calculates how much of a percentage of the credit card sales can be set aside for repayment of the advance.  The goal is to advance as amount that does impact dramatically on your existing cash flow.  The preference is to limit the monthly repayment to between 5-10% of your total (credit cards, checks and cash) monthly sales.

What if my sales are not what we expected them to be?

The advance is repaid as your sales occur.  If you have a slow day day or a slow week, so do we. For example, if your business is in the northeast and there is a large snowstorm, your sales may be off for a few days or even a week.  We understand this. That is why the advance is based on future sales, collecting only when those sales occur.  There is no regular payment due ever!

How much does it cost?  How much interest do we pay?

A set fee is charged for the advance. 

The fee can range from 1.25 to 1.45 and is based upon: underwriting guidelines, length of time in business, length of lease, monthly credit card volume, average monthly sales volume and past business history.

There are no upfront fees or costs associated  with this analysis.

Can I use my existing credit card processing account?
The Funding program requires that you use our merchant processor.  Our processor will "split-fund" your daily batches, so that you will continue to receive daily funding .

Would I still receive the same low rates as my existing credit card processing account?
Yes. we will match your current processing rate. In some cases after evaluating your current statements we may be able to reduce them.

Later, we will request the following documents by fax: Visa/MasterCard processing statements and bank checking account statements for the past four months Copy of Articles of Incorporation or Business License Fax copy of owner's drivers license Fax copy of voided check from the bank checking account