MERCHANT FUNDING
How do I qualify for funding?
- Ideally, you will have owned and operated your business location for one year or more. Your business needs to have predictable card sales activity, and be able to provide processing statements. We do not currently help businesses that are 100% Internet-based (no physical location).
How do you decide how much I can get?
- The amount of funding available to you is determined primarily by your monthly sales volume. Typically, an eligible customer qualifies for an advance that is around double its monthly credit and debit card sales. As an example, if your business processes an average of $20,000 in credit/debit transactions every month, the amount of funding available is typically about $40,000.
How soon can I get the money?
- This depends on you. If you complete all the paperwork promptly, we can usually offer funding in less than a week. Once you are an established customer, you can receive additional funding in as little as 24 hours.
What can I use the money for?
- You decide how to spend the money—whatever is best for your business. Previous customers have used this money for renovations/remodeling, marketing and advertising plans, paying taxes, buying additional inventory, handling payroll, expansion and other business needs as they arise.
Will a poor personal credit history keep me from getting funded?
- Not necessarily. Since this funding builds on the strength of your business' card sales, your own personal credit history carries much less weight than it does in traditional financing. Your business can qualify for funding even if you have been rejected for traditional financing options.
Do you take 100% of my credit and debit card sales?
- No. We forward only the predetermined percentage of your business' credit and debit card sales, and this percentage does not change during the life of the funding.
How often does forwarding occur?
- We automatically forward a predetermined percentage of daily credit and debit card sales as they are settled. We will continue to forward this percentage automatically as each credit/debit batch is settled until your business forwards the total amount of credit and debit card receivables that your business sold.
What is the interest rate?
- This is not a loan, so there is no principal and no interest rate. Our funding program involves a sale of your business' future credit and debit card receivables at a discount. Then, as each day's card sales are settled, a fixed percentage is automatically forwarded until your obligation is complete.
Do I have to change my processing?
- Not necessarily. Many of our merchants can qualify without switching processing.
BUSINESS LOANS
Which businesses qualify for a business loan?
- Most businesses could qualify for a business loan, provided they have been under the same ownership at the same location for at least two years and meet other general qualifications. There are specific industries that will not qualify to receive a business loan, including (but not limited to) borrowers in the adult entertainment, gambling, real estate mortgage or collections industries.
How much can my business get with a business loan?
- A qualified business could receive up to $250,000 per location.
How long does the approval process take?
- The entire process is typically completed in less than one week.
Will you review the owner's credit history?
- Yes. As with any loan, the guarantor's credit history will be reviewed as part of the borrower's qualification process. It is important to note however, that unlike traditional loans, an owner's damaged credit history is not an automatic disqualifier for the business.
Does the business owner need to pledge personal collateral for a business loan?
- No, the business owner does not need to pledge personal collateral for a business loan.
Can I get a start-up loan?
- No. Business loans are for businesses that have been operating under the same ownership for a minimum of two years.
Do I need to process credit cards to get a business loan?
- No, credit card processing is not a prerequisite of qualification for business loans.