How does a merchant cash advance work?

Understanding the Merchant Cash Advance

The merchant cash advance was designed to work especially for you and your retail/service-oriented business. The five main parts of the merchant cash advance work together to create a business funding system that is easy and convenient.

Application

Completing our two-page application only takes about three minutes. After you have completed the application, gather your last four months of merchant statements, a copy of your business lease, a voided check and a copy of your driver's license and submit them via fax, mail or e-mail.

Review

Your funding specialist and our underwriters will review your documents and determine if you are eligible to receive a merchant cash advance and if so, how much you are eligible to receive. 48 hours after you submit your application your personal funding specialist will contact you, letting you know if your application has been approved. He/she will provide you with all of the numbers, thoroughly explain the entire program to you and answer any questions you may have about the merchant cash advance.

Funding

Once your application has been approved, we will wire your funds into the account of your choice in about 7 to 10 business days. In some cases, we can have your account funded in as little as 5 business days.

Repayment

We will automatically deduct a small percentage of your business's daily credit card sales, in order to repay your merchant cash advance. When your sales are low, your merchant cash advance repayment is also low. This hassle-free repayment method allows you to continue running your business without ever having to worry about making a fixed monthly payment.

Renewal

When you've had your advance for about three or four months and 60% of your repayment has been completed, you become eligible to renew your merchant cash advance. At this point, you will not need to complete an additional application or submit any additional merchant statements. When you choose to renew your advance, we will wire the funds into your account in as little as 48 hours.