Frequently Asked Questions
How does a business cash advance work?
Based on your historical gross revenues and credit card sales, you are advanced an amount up to 100% of your current monthly credit card sales. A percentage of your daily future credit card batches is then deducted as repayment of your advance.
How does my business qualify?
• You accept credit cards as a form of payment for the goods and services you sell
• You have been in business at least one year
• You have monthly sales of at least $10,000
• You have at least one year remaining on your lease
How fast can I get an advance?
Following final approval, funds can be wired to your bank account in as little as 3 business days. If relevant documents are missing or are difficult to obtain, it may be as long as a week or more. The whole process usually takes 7 to 10 business days.
What’s the difference between a business cash advance and a loan?
A business cash advance is the purchase and sale of future credit card receivables. There is not a fixed payment, maturity date or interest rate associated with a business cash advance.
Does it cost to apply?
No. The application process is free and there is no risk in applying.
Will my personal credit score affect my advance application?
While your personal credit history is an indicator of your future credit worthiness, it is not the primary factor in approving your advance.
What interest rates do you charge for the advance?
Since an advance is not a loan product, there is no corresponding interest rate. Instead, your future receivables are purchased at a discount in exchange for working capital today.
At what point can I get additional funding?
When you have repaid approximately 75% of your original advance balance, you can request a renewal. In fact, more than 85% of our customers renew their advance. Most renewals can be funded in less than 2 business days.
Do I have to get a new credit card terminal?
Not usually. In most cases re-programming your terminal is all that’s required, which takes 10 minutes or less. We will make arrangements with you to have this done quickly and easily over the phone with clear, step-by-step instructions.
How does my business pay back the advance?
It happens automatically. After you have received your funding and re-programmed your credit card terminals, a percentage of your future credit card batches will be sent directly to Express Working Capital as repayment of your advance. There are no bills to pay or invoices to submit. Repayment happens automatically as you operate your business.
What does the term “split funding” mean?
“Split funding” refers to the process in which your merchant services provider “splits out” the holdback amount of your total credit card batch and remits that amount as repayment of your advance.
What does the term “holdback” mean?
“Holdback” is the percentage of your future daily credit card receipts applied to the repayment of your advance. For example, if you batch $1,000 of future credit card transactions and have a 15% holdback rate, at settlement,$150 will sent to repay your advance and $850 will be deposited into your bank account.
Does the holdback percentage ever change?
No. The holdback percentage is fixed for the duration of your advance.
I’ve heard the term Convenience Capital—what does it mean?
Convenience Capital™ from Express Working Capital refers to the total experience in getting you the funding you need and deserve. Our #1 goal is to make your cash advance experience easy, fast, and tailored to meet your specific needs—in other words, we go the extra mile to make the process as convenient as possible in every way.
Are there differences between business cash advance providers?
Absolutely. Companies vary greatly in terms of service, support, fees, and added costs that you may not even be aware of. Make sure you are dealing with a direct funding source, like Express Working Capital, to ensure the highest levels of service with the lowest cost.
How do you use the personal and business information I enter online or in my application?
We value and respect your privacy. Any personal and private information you submit to us, in any form, remains just that—personal and private. We will never sell any of your information to 3rd party telemarketing firms. Our policy can be found here.
Is a business cash advance the best type of financing for me?
The type of financing you use depends on a number of factors relating to your business and specific needs. We provide alternatives to supplement traditional sources of funding with programs designed to help provide solutions for non-bankable business types.
Our Free, No Obligation Quote will get you started, and let you know exactly how our cash advance program will work for you and your business.