Business Cash Advance FAQ
What kind of paperwork will I need for my merchant cash advance?
Contrary to popular belief, our merchant cash advance application merchant credit card factoring process doesn`t actually require any paperwork. Our business cash advance requirements are simple: Six months of your business credit card processing statements, and proof of business ownership.
Our merchant cash advance process is virtually paperwork free. All we need is the last 6 months of your Visa/MasterCard credit card processing statements, and a simple two page merchant cash advance application complete online.
How long is the Merchant Cash Advance (credit card factoring) application process?
Upon completion of your application, your business cash advance approval typical takes only 24 hours.
What will the amount of my merchant cash advance be?
The amount of your merchant cash advance credit card factoring program is determined by your monthly credit card processing volume.
Typically, we take into account your previous six months of credit card processing as well for your merchant cash advance... many of our clients end up receiving 2 times the amount of their monthly gross visa and mastercard volume for their merchant cash advance.
What is the merchants cash advance interest rate?
Merchant Cash Advances are not interest based business loans or typical small business loans. The amount of revenue that your business brings in via credit card processing determines what kind of credit card factoring merchant cash advance you will receive.
When will I get my merchant cash advance after I am approved?
As soon as your merchant cash advance application is approved, we wire the specified merchants cash advance amount to your account within 24 to 48 hours with credit card factoring.
What if I want to pay off my merchants cash advance early?
Unlike most small business loans, you are entitled to repay the remainder of your merchant cash advance at any time, we place no restrictions on our merchant cash advances.
Will I need to put down collateral for the merchant cash advance?
Unlike business loans, a merchant cash advance is 100% unsecured, much like a bad credit business loan. We decide the amount of merchant cash in advance you will receive entirely off of your proven business credit card processing by credit card factoring- that`s it.
Is there a charge or fee for setting up my merchant cash advance?
Absolutely not. Merchant Cash Advances are unsecured, and require no setup charges, many small business loans have large setup charges from banks.
Do Business Cash Advances show up on my credit report?
Merchant Cash Advances do not show on your credit report, which is why merchant cash advances are preferred by most businesses as opposed to business loans and small business loans. This gives you the ability to apply for other financing and your merchant cash advance would have no effect on this.
Can I renew or change the merchant cash advance?
Of course. Our merchant cash advance system gives you the freedom renewing or changing your merchant cash advance every two to three months to obtain more merchant cash advances for your credit card processing. This is very common, as about 90% of our merchants will request additional merchant cash advance services. Credit card factoring merchant cash advances are helping business survive our current economic hardship.