How is MerchantCreditAdvance able to help my business?
MerchantCreditAdvance has created a business capital system through which you, the business owner, are able to receive a merchant cash advance based on your company's credit card transactions in order to enhance your business's operations.
Who qualifies for a merchant cash advance?
In order to obtain funding, a business should generate a monthly minimum of $5,000 in credit card sales and be no less than 12 months old, among minor additional requirements.
After I have been approved, how quickly will I receive funding?
Typically, after a candidate has been approved, it takes between 10 and 14 days to receive the cash advance.
Are there any restrictions on how the money can be used?
The business capital we provide is meant to improve your company. Thus, you can use the money for a variety of business expenditures, ranging from the renovation of a building to a promotional campaign to the accumulation of inventory. As long as the expenditure(s) benefit your business, you can use the money in any way you see fit.
Will I need to switch my credit card processor(s)?
At MerchantCreditAdvance we work with several credit card processors. If your transactions are not currently processed by one of the processors we work with, you will need to change your credit card processing company. This is not a hard process though, and we handle the paperwork for you. We guarantee our credit card processors will meet or beat your current rates.
Is there a reason why my credit needs to be reviewed?
A Merchant Credit Advance is not a traditional, credit-based loan. However, we do review your personal credit as part of the process using a model that factors in general economic data and business information to assess our risk.
What qualifies as proof of ownership?
If you decide to move forward with the advance, you may be asked to provide proof of ownership of your business. Generally, your articles of incorporation, business tax return, or business license are sufficient.
Is there a discount if I pay my payments earlier?
There is no discount for paying your advance early, but you may do so at anytime. You're your advance is 90% repaid, you may qualify for additional funding!
What does "gross volume" mean?
Gross volume simply means the lump sum of your credit card, debit card, cash, and check receipts.
How often will I receive statements from MerchantCreditAdvance?
You will be sent printed statements each month.
When will MerchantCreditAdvance collect its payments?
We will collect a fixed percentage of your daily Visa and Mastercard transactions when they are settled.
Who will answer questions about my account?
If you have any questions concerning your account, please call 800-503-1146 for assistance.