 |
How I can qualify?
• You accept credit cards as payment.
• You process a minimum of $10,000 per month.
• You have been in business at least 1 year. |
|
|
Is it going to cost me to apply?
No -- the application is free and there are no up-front fees charged to our customers. The sooner you get your application in, the quicker we can get back to you on the amount of monies we will be able to advance you. |
|
How easy is it to get approved?
It is a lot easier and faster than a typical bank loan. We understand the reality and the hardship of owning and operating a small to medium sized business. |
|
|
When I have repaid my first cash advance, How easy is it to apply again?
If you have experienced no change in financial status, you will be approved automatically. |
|
How does the program work?
You are advanced an amount up to 130% of your current sales receipts. A small percentage is then deducted from your ongoing credit card receipts. There are no fixed payments and no fixed term time frame. |
|
|
How complicated is the paperwork?
The paperwork that you will need to fill out is quite simple and takes no more than ten or fifteen minutes to complete. We have Funding Coordinators on hand to help you through this process. |
|
Can the advance be renewed?
When the advance balance is down to approximately 25% of the original balance, the borrower can request it. As a matter of fact, most of our customers opt to do just that. The owner of the business can request a renewal by phone, fax, or e-mail. Renewals are usually funded in less than 24 hours of being requested. |
|
|
Do I have to switch my current credit card processor?
Yes. You must switch to our affiliated processors to receive funding. Our affiliated credit card processing companies will meet or beat your current credit card processing cost structure, in most cases. The bottom line is that you're not going to lose money for having to switch. Most likely, you will be saving money by switching. |
|
How much will a cash advance cost?
Pricing is based on the size of cash advance, the estimated time of distribution, and various other integral details of the cash advance program. |
|
|
Do I have to get a new credit card terminal?
Not usually. All you have to do is re-program your terminal, which takes only 10 minutes and it can be done over the phone. Our credit card processor will call you to give step-by-step instructions. |
|
Is there a fee for providing a cash advance?
No, there are no administration fees. |
|
|
Is this a loan?
No. This is not a loan. It is the sale and purchase of future receivables. |
|
Will bad credit affect my cash advance request?
It is not necessary for you to have good credit to receive a cash advance. A poor credit rating, including delinquencies, will not normally influence a cash advance. |
|
|
How will I pay back the cash advance?
On a formula calculated based on your cash flow projections, we partner with you to determine your optimal payment. |
|
How fast can I get a cash advance?
As fast as 3 business days after approval. If relevant documents are missing or are difficult to obtain, as long as a week or more. |
|
|
How much of a cash advance can I receive?
It totally depends on how much you process. |
