You have questions… we have the answers...
How easy is it to get approved?
The Merchant Capital Groups Business Advances are much easier and faster than obtaining a typical bank loan. We understand the reality and the hardship of owning and operating a small or medium-sized business. Many of our Executive Funding Specialists have owned and operated their own businesses and can relate to the need for quick cash relief.
How does the program work?
Your business can be advanced up to $1,500,000 based on your current credit card sales receipts, or up to 90% of the value of business invoices or receivables. After you receive our funding, a small percentage will be deducted from your future Visa/MasterCard receipts until the advance is paid back.
How much does the Business Advance cost?
Pricing is based on the size of the advance, estimated time of distribution, and various other details of the Business Advance Program. This will be explained by our Funding Specialists during your initial consultation.
Will bad credit affect my Advance request?
It is not necessary for you or your business to have good credit to participate in our programs. A poor credit rating, which could include delinquencies, will not normally influence a Business Advance approval.
How fast can I get a Business Cash Advance?
Fast! You may in some cases receive your money within 72 hours. If relevant documents are missing or are difficult to obtain, you might wait as long as a couple of weeks.
How much of a Business Cash Advance can I receive?
This depends upon the program selected for your business. Business Cash Advances generally range from $5,000 to $1,500,000. Business Receivables or Invoice Factoring programs can fund to as much as 90% of the invoiced or receivable value.
How do I pay back the Business Cash Advance?
Payments are based on a formula calculated on your cash flow projections; we consult with you to determine your optimal payment.
Is this a loan?
No, this is not a loan; it is a purchase of future receivables. This means that your success is very important to us as well! We get paid when you get paid…
When I have repaid my first Business Cash Advance, how easy is it to apply again?
If you have experienced no change in financing status, you will be approved automatically…it’s really that easy!
How complicated is the paperwork?
The paperwork that you will need to fill out will take no more than ten or fifteen minutes to complete. We have funding specialists on hand to help you through the very simple process.
I have high enough overall sales but my Visa/MasterCard volume is low. Is it still possible to receive funding?
Yes. The minimum requirement for qualification of the Business Cash Advance Program is $3,000 of your monthly Visa/MasterCard transactions. However, we also have many programs-including those that factor your business invoices and receivables in the event that you do not process credit cards. We will tailor our product to suit your needs. Just ask how!
Can the advance be renewed?
When the advance balance is down to approximately 50% of the original balance, the borrower can request renewal. The vast majority of our customers opt to renew. Renewals are usually funded in less than 24 hours of the request.
Do I have to switch my current credit card Processor with my Business Advance?
Generally, however this is not always the case. We always try to work with those clientele who are unable to switch processing. When a client is required to switch to our affiliated processors to receive funding, we generally will meet or beat their current credit card processing cost structure. The bottom line is that you're not going to lose money for having to switch. Most likely, you will be saving money.
Do I have to get a new credit card terminal?
Not usually. All you have to do is re-program your terminal, which only takes about 10 minutes and can be done over the phone. Our credit card processor will call you to give step-by-step instructions. We try to make this process as seamless as possible.
How can I speed up my Cash Advance approval?
Please make sure to immediately submit any information you might have omitted from our Application and quickly fax your Visa/MasterCard processing statements and bank statements to your Funding Specialist. Also, provide all documentation explaining any items that may create a questionable credit report and fax it to: 888.500.0184
How can I get started?
Simply click on the apply now button, and fill out the information, or call Toll-Free today at 1.866.960.7888 and a Funding Specialist will walk you through the application process and help to answer all your questions. You may even download the Funding Application and Checklist directly from the website; to get started immediately--click here.
Did we answer your questions? If not, feel free to contact us by clicking here or give us a call at 1.866.960.7888.
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