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Merchant Cash Advance Qualification
How would you know if your business is eligible for a merchant cash advance? If your business has a low credit score, limited business history and little or no collateral, a merchant cash advance could be a perfect funding solution for you.
The qualification criteria for most merchant cash advance lenders has easy eligibility standards. This way they provide small businesses quick access to needed capital.
A merchant cash advance is best suited for businesses whose revenue is based upon credit card payments. If you’re a restaurant business or a retail store, using a merchant cash advance as a short-term financing tool can help you with working capital, technology upgrades, equipment purchases, unforeseen expenses, and much more.
What is a Merchant Cash Advance?
A Merchant Cash Advance (MCA) also known as credit card receivable funding allows borrowers to get cash in exchange for the purchase of a fixed percentage of your future Visa- and MasterCard- receipts. Merchant cash advance is an alternative funding method for small businesses.A Business Can Use MCA for:
- Inventory Purchases
- Marketing & Advertising
- Technology Upgrade
- Equipment Purchases
- Business Renovation
- Business Expansion
- A cash advance up to $500,000
- Get approved on the same day
- Cash in just 24 hours
- Factor Fee 1.15 - 1.20
- No collateral or personal guarantee required
- Automated payments through your merchant account
- No fixed monthly payments
- No upfront costs or hidden fees
- Credit Card Processing Statements
- Bank Statements
- Business Tax Returns
- Driveing License
- Annulled Business Check
- Credit Score
- You have been in your current business at least (6) months.
- Your business accepts Visa and MasterCard.
- You process a minimum of $5,000 per month in Visa and MasterCard receipts.
- You can provide 4 months of credit card statements.
- You can provide 12 months of credit card processing statements (if your business is seasonal).
- You are not a startup merchant.
- Business & Personal
- Driving License
- Business Debt
How do you know a Merchant Cash Advance is right for your business?
A merchant cash advance is right for your business when you need quick working capital, have enough cash flowing daily through your merchant account to pay for the advance, and the loan purpose can prove the high expense of the advance.
This alternative funding solution is best for businesses that do a great deal of monthly credit card transactions but have a low credit score, since the qualification criteria for a merchant cash advance is usually easier than a small business loan.
Merchant Cash Advance Application Process
The approval for a merchant cash advance can vary from lender to lender and can take from an hour to a few days. Once approved, your Business Cash Advance will be deposited into your business checking account, giving you immediate access to needed funds.
The application process of a merchant cash advance is not as complex as of a bank loan, but a business needs to do the following:
- To get started, fill out the loan application online by providing basic business information like your social security number, business tax ID, and other business information.
- After the basic information is provided, you will also have to provide few months of credit card statements or processing statements along with bank statements.
- The approval process for a merchant cash advance could be as quick as 24 hours.
- For a business applying for a cash advance, you might need to change your credit card processor, it being the essential part of the approval process for many MCA lenders.
- Make sure you understand the funding details. If you get approved for $15,000 and required to pay $18,000, your merchant account will be debited 15% daily until the entire $18,000 is reimbursed.
- After you get the approval, the cash advance will be deposited into your small business’s bank account and repayment will be started automatically through your merchant account.
Get Merchant Cash Advance Funding
Smart, Simple & Fast way to Grow your business with Merchant AdvisorsGet Started
- Step 1 Apply
Your eligibility is determined by your avg. Monthly credit card sales and/or overall sales volume.
- Step 2 Get Funded
Receive your cash within 72 hours.
- Step 3 Repay
We deduct a small percentage of your daily credit sales until your balance is paid.
- Step 4 Renew
Even Faster and Easier to get your money.
How Does a Merchant Cash Advance Work?
With a merchant cash advance, you receive upfront cash in exchange for the purchase of a small portion of your future Visa and MasterCard receipts. Rather than making a fixed monthly payment over a set repayment duration, you make daily or weekly payments, plus fees, with a merchant cash advance until the total advance amount is repaid.
At Merchant Advisors, we work with you to understand your needs and propose the best financial solution, even if it’s not with our company. Yes, providing you the best solution is more important than where it’s found. We'll provide the most favorable funding options up front. If you don’t qualify for a loan or don’t have much time to wait, a merchant cash advance might be the perfect solution for you.Apply Now
How Do You Know a Merchant Cash Advance is a Suitable Option?
Understanding your business’s financials is important in order to stay ahead of the curve. Making a loan payment through your daily credit card sales can make your cash flow tighter, but on the other hand you’ll actually pay less in slower seasons—in contrast to a bank loan, where you will have to make fixed monthly payments or pay the late fees.
Eventually, it’s you who has to decide whether a merchant cash advance is suitable for your business or not since you know your financial position. Keep in mind that a merchant cash advance is a high-priced financing option.
At Merchant Advisors, we’re confident we have the most aggressive program in the marketplace for your business cash advance needs. If you’ve been in your current business for at least 1 year and you process a minimum of $5,000 per month in Visa and MasterCard receipts, then you’re already pre-qualified. All you need is to fill an online loan application and provide us with 4 months of credit card statements. You will get the approvals the same day and cash in as little as 24 hours.
The Payback is super easy. We only deduct a small percentage of your future credit card sales every time they’re batched. The best part is that percentage is fixed and will never change; meaning you will pay less in slower seasons and more when your business picks up. Also, there’s never a prepayment penalty! At Merchant Advisors, we help to improve your credit score by reporting your payments to business credit bureaus. We also offer a fixed merchant cash advance rate with a fixed term. Meaning you will know the actual payment amount, and the exact date for full loan repayment.