Listen to a quick audio clip that explains the Merchant Cash Advance in simple terms:
A Merchant Cash Advance is the purchase of future credit card receivables from the business owner; it is not a loan and has no fixed term or fixed repayment schedule. Payment is deducted from daily credit card receipts.
The process for applying for a Merchant Cash Advance is much simpler than a bank loan or credit line and the funds are available in 3 to 7 business days. We understand that many small businesses struggle with cash flow and sometimes opportunities are missed due to of lack of funds. This program helps small and mid-sized businesses expand their company, purchase equipment, add additional inventory, or invest in the future growth of their company.
Here’s how Merchant Cash Advance works:
Your average monthly volume is reviewed to establish your maximum allowable advance. You review and sign the paperwork and the cash is sent to you within 3 to 7 business days via a direct deposit!
Benefits of Merchant Cash Advance:
- Merchant can receive up to $500,000
- Payback based on timing of Visa / MC / Discover / Amex receipts
- No fees or penalty for extended payback period
- A/B credit not required
- Financials / tax returns not required
- Requirements in order to be eligible for the advance:
- Merchant must be in business for at least 3 months with 3 months of ownership
- Your merchant account must be with us. If it isn’t already, we will charge nothing for you to switch and will meet or beat your current costs
- You must provide the previous 4 months of processing statements, 2 months of bank statements, and a copy of a state or federally issued photo ID
- Trade references are required