How does my business qualify for funding? How do you decide how much I can get? How soon can I get the money? What can I use the money for? Will my poor personal credit history keep my business from getting funded? Do you take 100% of my credit and debit card sales? How often does forwarding/retrieval occur? What is the interest rate? How does my business qualify for funding?
Ideally, you will have owned and operated your business at the same location for 12 months or more. Your business needs to provide from 4 to 12 months of processing statements. Certain types of businesses, including adult entertainment and sexually oriented businesses, are ineligible. We make sure you have no outstanding bankruptcies or large tax liens, and we do not currently provide funding to businesses that are 100% Internet-based (no physical location).
How do you decide how much I can get?
The amount of funding available to your business is determined primarily by its monthly sales volume. Typically, an eligible customer qualifies for a Merchant Cash Advance that is around the same amount as 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 $20,000.
How soon can I get the money?
If you complete all the paperwork promptly, we can usually offer funding in less than 10 business days. Once your business is an established customer, you can receive additional funding in as little as 72 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 my poor personal credit history keep my business 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 business loan decisions. Your business can qualify for a Merchant Cash Advance even if you have been rejected for bank loans or other financing.
Do you take 100% of my credit and debit card sales?
No. Your processor forwards only the predetermined percentage of your business’ credit and debit card sales, and this percentage does not change.
How often does forwarding/retrieval occur?
Your processor automatically forwards a predetermined percentage of daily credit and debit card sales as they are settled. Your processor will continue to forward this percentage automatically as each credit/debit batch is settled until AdvanceMe retrieves 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. A Merchant Cash Advance involves a sale of your business’ future credit and debit card receivables at a discount.