Merchant Cash Advance Program
A merchant cash advance, also sometimes called factoring, works by allowing you to borrow against future receivables rather than a real asset or some other collateral. In this case, we base the advance off of your monthly Visa and Master Card credit card processing sales.
The process for applying for this type of advance is much simpler than a bank loan or credit line and the funds are available almost immediately. We understand that many small businesses struggle with cash flow and sometimes opportunities are missed because of lack of funds. Our goal in offering this program to our customers with merchant accounts, is to help small and mid-sized businesses expand their company, purchase equipment, add additional inventory or invest in the future growth of their company.
Here is how it works:
Your average monthly volume will be reviewed to establish your maximum allowable advance. You can let us know how much you would like, and then you review and sign the paperwork and the cash is sent to you within days!
Merchant can receive up to $150,000
No personal guarantee required
Payback based on timing of Visa / MC 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 2 years
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 six months of processing statements
Trade references are required