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What is a Merchant Cash Advance?
A Merchant Cash Advance is a form of working capital where the preferred partner purchases a portion of your future credit card sales.
What types of businesses are preferred?Restaurants, medical offices, and most retail locations are highly desired for this program due to the number of smaller dollar amount transactions that are processed on a daily basis.
Who Qualifies?A business who has been in business for at least 3 months under the same ownership and has accepted credit cards for at least 3 months are 2 of the bigger requirements when applying for a Merchant Cash Advance.
What Can I Expect To Do When Applying?The application process is actually quite simple compared to the normal business financing you may be used to. When applying, you will generally submit a 1-page credit application and the most recent 4 months (all pages) of your merchant statements (credit card statements).
How Much Can I Expect To Qualify For?While this number will vary based on your application and merchant statements, a good rule of thumb is about 125% of your average credit card sales over the most recent 4 months.
How Does It Work?Once you submit your application, merchant statements and are pre-approved, you will generally receive an offer letter within about 24 hours, if not the same day. The terms will then be discussed with you, paperwork will be faxed, signed and submitted back to underwriting for final processing. Once the underwriting process is complete, the funds will be wired to your business bank account. The entire process typically takes about 5 to 10 business days.
What Are Some Automatic Disqualifications For This Program? *Being in business for less than 3 months
*Not accepting credit cards from your customers for at least 3 months
*Having a recent bankruptcy or foreclosure (within the past 12 months)
*Currently behind on your mortgage payments
*Having over $175,000 in tax liens
I'm Interested! How Do I Apply?
If you are interested in applying for a
Merchant Cash Advance, Contact Us
or give us a call at 1-888-527-0506.
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