FUNDING FAQs
 What is a CASH ADVANCE?A Cash Advance is money given to small business owners who need to raise immediate capital. We advance this cash by purchasing a pre-determined amount of your business sales volume from your Visa/MasterCard merchant account.
Is this something new?
No. Cash Advances or Receivables Financing as it is called in the banking industry has been around since the 1950's. It wasn't until a few years ago, however, that restaurant owners, service businesses and various retailers could take advantage of this method of funding.
How do I qualify?
If you are a restaurant, a retail establishment or other small company with at least 1 year in business and with at least $5,000 per month in VISA/MasterCard sales for the previous 6 months, you are almost there!
If you have no open tax liens, judgments or bankruptcies, have reasonably acceptable personal and business credit and are in good standing with your property leasor with at least one year remaining on your lease you are eligible.
Now kindly fill out our short application form and we will promptly contact you to let you know how much you can qualify to receive.
Will my existing credit card processing rate be the same?
Yes. We will match your current processing rate. In some cases, we might even be able to reduce them.
Will I have to wait long for approval of my cash advance?
No. Pre-approval is usually obtained within 48 hours. Funding usually takes from 1-3 weeks depending on the amount of the advance and the processing of the necessary documents.
How much can I actually qualify for?
Your average Visa/MC sales volume qualifies you for an advance of from $5,000 to $50,000. Higher volume businesses can qualify for even a larger limit.The sales volume is calculated over a 120-180 day period.
How do I apply for a cash advance?
There are several ways to apply for an immediate cash advance. The easiest way is to fill out online our Quick Cash Approval Application or call 877-300-7145 for a fax back application.
Also, our customer service department is always available to answer questions and assist with your problems.
How fast can I receive the funds?
7 to 10 business days on average after approval.
How do I repay my cash advance?
A small percentage of each Visa/MasterCard transaction is collected through our processing bank. There is a minimum payback term of 30 days but, if you need a longer term, you can make monthly payments for 6 months.
Can I use my existing credit card processing account?
Yes. If your Credit Card Services are one of our 5 Major Compatible Services. If not, we require that you use our approved processor who is certified to administer our program.
Will you pay for the switching of my POS system and my 800 number?
Yes. We will gladly pay any invoiced POS or toll-free phone service charges.
Is there a penalty if I close down for repairs or remodeling?
No.There is no time limit on your payback, no interest and no early pay-off penalties. This is not a Loan! The amount remains the same.
What if I need more money at a later time?
You can re-up your application for new funds in typically 4 to 5 months if necessary.
What if I had a bankruptcy in the past?
The bankruptcy must be at least one year old.
How do I handle questions or problems?
Our Customer Service Department is always available to answer questions and assist with your problems.
|
