|
Business Cash Advance FAQ
What is a BUSINESS CASH ADVANCE?
How long will I have to wait to find out if my account has been approved for a cash advance?
How much can I qualify for?
How do you determine the size of the cash advance I can qualify for?
How do I repay the cash advance?
Can I receive the same low rates as their existing credit card processing account?
What Do I Need To Qualify?
What Kind Of Fees Are There?
What Are The Benefits? What is a BUSINESS CASH ADVANCE?
A Cash Advance provides small business owners with the ability to raise needed capital. We advance cash by purchasing a pre-determined amount of the business's credit card sales volume sold through a credit card merchant account. How long will I have to wait to find out if my account has been approved for a cash advance?
Pre-approval is usually obtained within 24 hours once required documents are sent to underwriting. Funding usually takes 1-3 weeks. How much can I qualify for?
Businesses can qualify for $3,000 to $300,000. How do you determine the size of the cash advance I can qualify for?
The amount of receipts purchased is determined by the average credit card volume over a 180 day period. We encourage submission of any documentation (bank statements, sales tax receipts) that supports total sales volume in order to be approved for the highest amount possible. We will approve your business for the largest amount possible based upon the documentation provided. How do I repay the cash advance?
We collect a small percentage of each credit card transaction through a preferred processing bank. Can I receive the same rates as my existing credit card processing account?
Yes, we will match your current processing rates. What Do I Need ToQualify? - Restaurant or Retail or Service Business
- At least 1-year in business
- Accept MasterCard/Visa credit cards as a form of payment
- Provide processing statements for the previous 6-months of at least $4,000 per month in credit card sales, $2,500 franchises
- Provide 6-months of bank statements with consistent balances for higher approval amounts
- Acceptable personal and business credit
- No open tax liens, judgments or bankruptcies
- In good standing with landlord with at least one year remaining on their lease
- Special funding programs are available for newer businesses and internet businesses
What Kind Of Fees Are There?
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. WhatAreThe Benefits? - The program is simple!
- Funding can occur in as little as 10 days
- Easy payback terms and conditions
- Can include all fees in cost of goods
- Available funding for opportunistic buys
- Tax deductible
- Improves cash flow
- Builds business credit
- Increases open to buy for retailers
- No need to markdown inventory to raise cash for new inventory
- May receive additional funding for other purposes upon request
- No set term
| 