Frequently Asked Questions
We know you may have questions about our services. Our mission is to provide you with honest and transparent information about the financial services our company offers to small businesses.
A merchant cash advance is a type of financing where a company can purpose urgent cash in exchange for an agreement to allow a deduction from future sales. The repayment is usually done by deducting a fixed percentage from daily credit and debit card sales.
No. MCA (Merchant Cash Advance) is accepted based on the following criteria (i) The merchant must accept credit and debit card payment. (ii) Must have a minimum of $4K per month in credit card sales receipts. (iii) Should be in business for at least 9 months. (iv) Have 6 months of processing statements (provide at least 1-month bank statement) (v) Have a physical location for business with landlord verification in good standing.
It depends upon your total credit and debit card sales. You can get advance for up to 6 months of credit and debit card sales receipts.
There is no fixed time limit to repay the advance. It is done as daily deductions at a fixed percentage of credit and debit card sales receipts to adjust sales fluctuations. It is obvious that when business is good you pay more and if the business is slow you pay less. It’s that simple.
Yes, this is necessary to verify that there are no outstanding bankruptcies, prohibitive judgments or burdens. Approval is based considering your business strength, a credit score is secondary.