FAQ
Following are answers to some of the most frequently asked questions.
How is this different from a bank loan?
THIS IS NOT A LOAN!
We purchase future credit card processing receipts. Each night that you batch, we collect a percentage of the credit card sales; we continue the process until the advance is fully paid.
Since this is not a bank loan, there is no interest or fixed term or payment schedule that is typically associated with bank loans or traditional funding.
How much funding can I receive?
That depends upon your monthly credit card volume. Typically, we can provide 100%-150% of your monthly credit card volume.
The best thing is to email one of our highly experienced sales representatives at info@advancemybusinesscash.com for a FREE consultation on how much you qualify for.
When will I receive funding?
Assuming all the necessary documentation will be provided to us on a timely basis, you will receive your funds in 7 business days or less.
My Visa/MasterCard monthly volume doesn’t meet the requirement—but if you add in the other credit cards I accept it does. Can I still qualify?
Yes. We can work with all major credit cards as well as debit and EBT.
Do I need to switch processors?
You will need to switch to a partner credit card processor, and we will match or beat your current rate.
Will taking a merchant cash advance affect my credit?
No. As long as you meet the terms of our contract, this will never be reported.
Can I re-finance another advance?
Yes, we typically offer larger advances and at a lower cost than our competition. If you have an outstanding balance with another provider, we will need to pay the balance of your current merchant cash advance to your current merchant cash provider. We will, then, fund the difference directly to you.
Can I renew?
Yes, after you have paid off a portion of your advance and are in good standing, you can apply for additional funding with us.
Is there a credit check?
Your credit score is NOT a major determining factor to qualify you for an advance. Certain personal items are taken into account such as bankruptcies and tax liens.
We conduct a personal credit check as well as require some basic documentation, including some credit card processing statements, your most recent bank statement and proof of ownership of your business.
Our merchant cash advance is not a loan product and does not appear on your personal credit report like a business loan would.