Overview

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FAQ

Eligibility

Frequently Asked Questions

 

What is a Merchant Cash Advance?

A Cash Advance provides small business owners with the opportunity to raise needed capital.

We advance your business a lump sum of cash and collect on the remaining balance automatically through each batch report.

 

Why haven't I heard of this before?

Cash Advances or receivables financing as it is referred to in the banking industry has been around since the 1950's. It wasn't until a few years ago that retailers, restaurant owners and service businesses could take advantage of this type of funding.

 

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 24-48 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 $150,000 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 size 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.

 

How do I repay my cash advance?
We collect a small percentage of each Visa/MasterCard transaction through the credit card processor. There is a minimum payback term of 30 days but you can structure repayment for up to 12 months if you need a longer term. (must be in business one year for extended term eligibility)

 

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.

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 Quick Cash Approval Application. You can also call our toll free number 800-503-1972 and speak with a Funding Advisor.