A.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 two to four times its monthly credit and debit card sales. As an example, if your business processes an average of $20,000 in credit/debit transactions per month, the amount of funding available is typically about $40,000 to $80,000.
A.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.
A.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.
A.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.
A.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.
A.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.
A.Most businesses could qualify for a business loan, provided they have been under the same ownership 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, real estate, mortgage or collections industries.
A.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.