Merchant Cash Advance Qualification Requirements
- Must Accept Visa, MasterCard or American Express with a minimum monthly charge volume of $8,000 or more.
- Merchant must batch out a minimum of 20 - 25 times a month
- Must have a business checking account with positive balance.
- Business must be actively operating.
- Cannot be more than 2 months behind on your lease or mortgage payments for the business space.
- Business must be open for at least 6 previous months. However, we CAN fund new restaurants.
- Must have a valid, current business license.
- Owner(s) must have credit score of at least 500 or more.
- Must have positive trade references.
- Cannot have sizeable tax liens, judgments, foreclosures, or repossessions.
How do I know how much cash I am qualified for?
We review your most recent credit card processing statements and provide you with a formal pre-qualified proposal that explains how much cash you are qualified to receive, the cost of the money, and the daily pay back percentage.
What are the program limits?
Our cash advances range from $8,000 to $375000 per incorporated location but we will need 4 months of recent credit card processing statements to tell you exactly what you may you qualify for. Fax your statements to 1-800-439-1860.
How do I pay you back?
The greatest value of a cash advance is the flexible repayment terms. No fixed payments and no set time period to repay the cash advance. We take a set percentage daily from your Visa/MasterCard and/or American Express Sales, that way when you take a payment, we get a payment.
Do I have to provide collateral or sign a personal guarantee?
None at all. Absolutely no traditional personal guarantees or collateral of any kind.
Will I have to change my current merchant services to your company?
We have a preferred credit card processor that we partner with to provide merchants with our cash advance product. OUR PROMISE: Once you are fully approved by underwriting for the cash advance, we will match or beat your current rates. You will NEVER pay 1 penny more to process with our processor. Once the money has been paid back, you are free to go back to your old processor if you choose, although we hope you will be happy with our service stay with us as a valued customer.
Our customer service team will also be available 24 hours per day, 7 days per week, and 365 days per year to ensure that your business is smoothly operating.
How fast for approval, and funding?
Generally, funding takes place within 24 hours of final approval. We will then send the funds directly to your business checking account via the ACH process.
I'm interested. How do I start?
To get started, please click on the "APPLY TODAY" tab above and fill out some general questions about your business. Once you have submitted your information, a financial representative will get in touch with you ASAP. To expedite this process, please fax or email you're most recent 4 months of credit card processing statements to either statements@merchantcashadvance.net or fax to 1-800-439-1860.
Does it cost anything to apply?
Absolutely not! You have nothing to lose so apply today to see how much you can be qualified to receive.
Fax Your Statements to
1-800-439-1860
