California
Hard Money For All Of Your
Real Estate Needs:
Merchant Credit Advance Program
Receive 80-150% of your monthly Credit Card Sales. Programs up to $1,000,000
| Business Cash Advance FAQ | |||||||||||||||
| Maybe you're unsure of exactly what a business cash advance really is, or maybe you think it sounds too good to be true. Either way, the information should help resolve any uncertainties you may have regarding our BCA program. | |||||||||||||||
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So what is a Business Cash Advance? | ||||||||||||||
| A BCA, or sometimes called Merchant Credit Advance, is an advance (of dollars) to a merchant/borrower based upon the average credit card charges that are collected each month. | |||||||||||||||
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How does it work? | ||||||||||||||
| The merchant is advanced a percentage of their monthly sales (typically between 80% and 250%) and then repays these advanced monies by having a portion of future sales deducted each month. Please note that higher advance percentages are available depending on the ratio of credit card sales to gross sales each month. | |||||||||||||||
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What kinds of business are eligible? | ||||||||||||||
Any business generating a portion of their monthly revenues via credit
card receipts can apply. Take a look at just some of the business
owners we can help:
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How fast can you close the deal? | ||||||||||||||
| Funds can typically be wired within ten (10) business days, though it typically takes less time than this. The key is the timely submission of limited, requested documentation. | |||||||||||||||
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Is there an application fee? | ||||||||||||||
| Absolutely not. We offer a no cost / no obligation quote along with $0 in up-front fees for 'out-of-pocket' expenses such as credit reports, overnight mailings, etc. | |||||||||||||||
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What are the minimum requirements that have to be met? | ||||||||||||||
Business has accepted Credit Cards for at least 12 months |
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Monthly Credit Card volume is 15+ transactions and $5,000+ in
sales |
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All prior bankruptcies (if any) have been resolved for 12+ months |
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At least one (1) year remains on the current retail lease (if
property not owned) |
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Are there usage restrictions on the advance? | ||||||||||||||
| None whatsoever! While this statement is 100% true, we do suggest using the money wisely on such things as: expansion, renovations, partnership buyouts, opening new locations, purchasing inventory, and increasing business marketing, and other revenue generating activities. | |||||||||||||||
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Does the merchant have to change credit card processors? | ||||||||||||||
| Fortunately, yes! We are able to offer the increased the benefit of reduced processing fees to 99% of our merchants, all while providing superior service. The change-over process is a simple one and in 90% of cases the current credit card terminals can simply be reprogrammed in a matter of minutes. | |||||||||||||||
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What documents are needed to close a deal? | ||||||||||||||
The list of docs/stips is relatively minimal and typically inclusive
of:
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What if there is already an existing business advance in place? | ||||||||||||||
| Luckily we're able to offer larger advances than most others and should be able to, as long as the merchant meets certain guidelines and thresholds, payoff the existing advance and/or outlay additional dollars. | |||||||||||||||
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What is the interest rate? | ||||||||||||||
| There is NO interest rate. It's an advance, NOT a loan. You receive an advance based on your Card Card business-and you pay back a small percentage of your Visa/MasterCard transactions, until your total balance is settled. That's it. There are NO Fixed Payments, simply an agreed upon percentage of your Card sales until the total advance has been paid. The good thing is that if you have a slow month of business, you're not penalized. The balance quoted up front never gets higher. | |||||||||||||||
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What about poor credit scores? | ||||||||||||||
| Adverse credit histories typically do not affect the likelihood of receiving an approval. You must remember that this program has no personal guarantees, no liens, & no collateral and therefore one must consider the likelihood of poor personal payment history threatening the future viability of the business. We've seen that ~525 scores and below present the most challenges, though a letter of explanation can go a long way to helping us better understand the situation. | |||||||||||||||
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Is it difficult to renew? | ||||||||||||||
| Not at all, it's even easier the 2nd, 3rd, and subsequent times around. In fact, our customers are so happy with us that 75% of them come back for a 2nd time! Once the remaining balance hits 20% or less we can look to advance additional dollars, typically within 24 hours. | |||||||||||||||
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What if I have more questions? | ||||||||||||||
| Our extremely knowledgeable experts are more than happy to help walk you through any additional questions you may have. Simply call (925) 275-8111 x222 for any further questions you may have. | |||||||||||||||
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I want to start today! How do I do it!?! | ||||||||||||||
| We've made the submission process extremely painless. Simply head to our online submission form and input the requested information. One of our experts will then be in touch shortly with your next steps. | |||||||||||||||