How does Merchant Cash Advance work?
Merchant Cash Advance has formed a business capital system through which, as a business owner, you are able to receive a merchant cash advance based on your business's credit card transactions. In this process we pre-purchase a specified amount of your future credit card sales.
How much cash can I qualify for?
You can qualify for any amount between $5,000 and $150,000, depending on your business's credit card sales (you must have a minimum of $5,000 in credit card sales per month) and the period since you started your business (your business must have been in operation for a minimum of 12 months).
When will you collect your payments?
We will collect a fixed amount of your daily Visa and MasterCard transactions when they are settled.
Do I qualify for a discount if I pay earlier?
The financial assistance we provide isn't like a loan. We do not offer any discount. You can repay at any time if you are financially secure and ready to do so. If you repay 90% of your advance, you may qualify for additional funding!
Do I have to change credit card processors?
Merchant Cash Advance works with various financial processors to give you the best rates. There is a chance that your transactions are not currently being processed by one of the processors we work with. If this is the case, you'll need to change your credit card processing company. This is not a hard process, and we'll handle the paperwork for you.
How quickly can I get my cash?
Typically funding takes place within 10 to 14 business days after approval. The funds are directly deposited into your business checking account.
Do you have any restrictions on how the cash advance is used?
Our merchant cash advance is meant for the enhancement of your business. You can use the cash for any kind of business expenditure, including renovation of your office building, setting up new inventory, business development/promotion activities, and anything else that benefits your business.
How do I get started?
To get started simply complete our one-page application form and a financial representative will get in touch with you as soon as possible.
Why does my credit need to be reviewed?
Merchant Cash Advance does not offer a traditional, credit-based loan. However, we do need to review your credit in order to use a system that considers general economic data and business information to assess our risk.
What papers do I need to submit as proof of ownership?
To make sure you qualify for the cash advance, we'll require proof of your business and its ownership. Documents like your articles of incorporation, business license, and tax return papers would suffice as examples of ownership.
What is meant by "gross volume"?
"Gross volume" means the total of your credit card, debit card, cash, and check receipts.
Will I receive statements from Merchant Cash Advance?
Yes, you will receive printed statements each month.
I still have questions. Is there a phone number I can call?
If you still have questions or require assistance, please call Merchant Cash Advance at 888-221-4545.
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