Merchant Cash Advance FAQs
The following FAQ will explain, in detail, how our Merchant Cash Advance program works, including how it works, how to apply, and much more. Just click the questions you want answered below.
- How does the process work?
- How do I qualify?
- How much cash can I get?
- What can I use the money for?
- How quickly can I get the cash?
- How do I apply?
- Do I need to be secured with collateral, have a personal guarantor, pay upfront fees, pay an application fee, pay any extra fees at all, or complete complicated paperwork?
- Do I have to make set monthly payments to repay the money?
- Is there a fixed repayment deadline?
- What if my business performs better than anticipated?
- Do I have to change credit card processors?
- What credit cards may I accept and can I accept debit cards or check cashing cards?
HOW DOES THE PROCESS WORK?
Once you receive your merchant cash advance, as you process your credit card transactions, a portion of those transactions are deducted until your merchant cash advance is paid in full. That means we collect a percentage of your daily credit card sales. You don't need to do a thing. It's that simple.
HOW DO I QUALIFY?
First, you must pre-qualify by:
- Credit Score of over 500
- Doing at least 30 credit card transactions per month
- $5,000 per month average credit card volume for the last 6 months.
- Positive Landlord Reference
HOW MUCH CASH CAN I GET?
We offer our customers between $3,000 and $5,000 per location. Our decision is based on how much cash you are qualified to receive. Once we review your recent merchant account statements, we will forecast how you will do in the immediate future. Then, we will let you know how much you can receive, how much it will cost and what percentage you will be required to pay each day.
WHAT CAN I USE THE MONEY FOR?
The simple answer is anything you want, from supplies or inventory, rent or mortgage payments, taxes, payroll, cash for operation, to virtually any kind of capital requirements.
HOW QUICKLY CAN I GET THE CASH?
After you are approved, funding normally takes place 24 hours later and funds will be direct deposited into your business checking account.
HOW DO I APPLY?
To apply for a merchant cash advance, you need to fill out a simple one-page online application and fax us your last 6 months of credit card processing statements to 1-800-439-1860. A financial representative will be in touch with you shortly.
DO I NEED TO BE SECURED WITH COLLATERAL, HAVE A TRADITIONAL PERSONAL GUARANTEE, PAY UPFRONT FEES, PAY AN APPLICATION FEE, PAY CLOSING COSTS, PAY ANY EXTRA FEES AT ALL, OR COMPLETE COMPLICATED PAPERWORK?
The answer to all these questions is NO! This type of funding is unsecured because we are not a lending institution, so you don't need collateral or a personal guarantor. We charge no additional fees of any type at all. And you only need to fill out a simple online application and fax us your last 6 months of credit card processing statements to 1-800-439-1860.
DO I HAVE TO MAKE SET MONTHLY PAYMENTS TO REPAY THE MONEY?
No, there are no fixed monthly payments because we are collecting a percentage of your daily credit card sales, which normally vary every day.
IS THERE A FIXED REPAYMENT DEADLINE?
No, your repayment schedule is flexible, based on your business's credit card transactions. Every time you process a credit card payment we collect our repayment.
WHAT IF MY BUSINESS PERFORMS BETTER THAN ANTICIPATED?
Then, you will reward you by making available additional funding.
DO I HAVE TO CHANGE CREDIT CARD PROCESSORS?
You will need to switch to our credit card processing. The processing is simple and easy, we will guide you through the process, give you free credit card processing equipment and meet or beat your current credit card processing rates.
WHAT CREDIT CARDS MAY I ACCEPT AND CAN I ACCEPT DEBIT CARDS?
You can accept all major credit cards, including MasterCard, Visa, American Express and debit cards, corporate or government purchasing cards, stored value cards and check cashing cards.
