Do I Have to Pay Interest?
There is NO INTEREST on a merchant cash advance. The loan is paid back each month directly from credit card transaction receivables. You will be given different payoff options to decide from.
How Do I Pay You Back?
Payback comes as a small percentage of your daily transactions. This is better than paying back a loan as loan payments are typically fixed whereas this method of repayment allows payments to be less on slow days and months.
How Much Will My Payment Be Exactly?
Payback varies a great deal depending on many factors. There is no charge for a quote and you will be given multiple payback options if you are approved. The majority of those that apply are approved.
Merchant Cash Advance VS. Bank?
Bank loans are harder to get approved for, take much longer to close, appear on your credit report, appear as a lien on your business, and the payments are inflexible. Cash advances offer quick closings, don’t appear as a lien nor are they listed on your credit report, and payments vary with your business revenue.
How do I get Paid?
Payment is directly wired into your bank account.
Do I Have to Change Merchant Processors?
In most cases, but not all. However you will be upgraded to one of the best processors in the country and nothing changes with your rates. We will at least match exactly the rates you are paying now. We always look closely and see if we can even lower your current rates. The process is very simple and takes only minutes over the phone.
What Is the Turnaround Time?
After we receive your completed application and the last 4 months of your merchant account statements, funds are typically wired within a few days.
Do I need any Paperwork?
A 1 page application along with 4 months of merchant processing statements. We also need a voided check from your business account.
What About Processing Rates Will They Change?
Your rates will stay the same or become lower.
If I Pay you Back Early Will There Be a Penalty?
No. You can pay us back as early as you wish without penalty.
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