IMM Merchant Cash Advances: Up to $1 million in 72 hours. Funds can be used for any business purpose. No set term for repayment and no set payment amount.
If you are looking for a Small Business Loan for Your company, a Merchant Card Advance may be your best option. This is not merely a Credit Card Advance, this is an Advance on Credit Card Sales.
The main requirement for this Merchant Account Card Advance Program is to have a historical track record of Credit Card Sales. There are no personal guarantees required and you will not need to be concerned about having a lien on your home or business either.
The payments come out of your Credit Card Sales as a percentage of your sales, so if you have a slow month, your payment is lower, if you have a really good month, you will reduce the principle more. If your Business could use a quick Business Loan, fill out the form below and we will be in touch with you right away.
Merchant Card Advance Questions and Answers
- What is a Credit Card Receivables Factoring or Merchant Cash Advance?
- How much time is needed to process a Merchant Cash Advance application?
- How is the size of the Merchant Card Advance determined?
- How would my Company repay the Merchant Cash Advance?
- What are the requirements for a business to qualify?
- What are the other benefits?
- How can I use the fund I receive from my Merchant Cash Advance?
- Will this Credit Card Sales Advance delay my money from being deposited to my account?
- Is this type of Business Financing considered a Business Loan?
- Are there many Advantages to using a Merchant Cash Advance as opposed to a Traditional Small Business Bank Loan?
1. What is a Credit Card Receivables Factoring or Merchant Cash Advance?
The Merchant Cash Advance or Business Cash Advance is an alternative type of Business Loan that is available only to Companies that accept Credit Card Processing. It is a type of Accounts Receivable Factoring whereby Businesses can receive an advance of $5,000 up to $500,000 per location.
You can receive a cash advance when you need it and the loan is based on the volume of Credit Card Receipts as well as total Business Sales. The monthly servicing of the advanced is not like a Traditional Bank Loan either. The installments are made by small predetermined debits taken from batched credit card sales automatically.
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2. How much time is needed to process a Merchant Cash Advance application?
Processing time of a Credit Card Factoring Loan is generally under 3 days from the time the full application has been submitted to underwriting.
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3. How is the size of the Merchant Card Advance determined?
There is a formula that is used to determine the amount of Credit Card Factoring you can be approved for. It is based on your typical Credit Card Sales volume over the preceding 120 days. It is best to submit all documents which can support the sales amount so that we can approve you for the highest amount possible.
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4. How would my Company repay the Merchant Cash Advance?
Each month a small percentage of your Credit Card Sales will be deducted from your Credit Card Sales to repay the advance.
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5. What are the requirements for a business to qualify?
You must be a Restaurant, Retail Store or a Professional Service that accepts Credit Card Payments. A minimum sales volume of at least $5,000 must be demonstrated for the previous 4 months
The application must include supporting documentation such as bank statements, sale tax remittances as well as any other forms of information you have available to demonstrate what your monthly sales are
We do require reasonably acceptable personal and business credit to show there are no tax liens, open judgments and the like.
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6. What are the other benefits?
Merchant Cash Advances are a very uncomplicated, safe, and quick option to conventional Small Business Loan. This series of Small Business Loan was created circumvent the typical shortcomings and inconveniences that come along with a Traditional Business Bank Loan.
The Merchant Cash Advance or Credit Card Receipt Factoring Loan is a blessing for many Small Business Owners that would rather not be forced to navigate through the Traditional Banking obstacles or do not meet the Traditional Bank Qualification Guidelines for their Small Business Loan.
A few of the pluses of this type of Small Business Loan are:
- Quick funding (Normally under a week)
- Simplified application process
- Simple repayment process
- Improved Cash Flow
- Builds business credit
- Additional fundings are available before the Advance is paid back
- No set terms or monthly payment obligation
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7. How can I use the fund I receive from my Merchant Cash Advance?
You may use the funds for any business purpose you wish. We are interested in your business succeeding so anything that helps your continued success is an acceptable use of funds.
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8. Will this Credit Card Sales Advance delay my money from being deposited to my account?
Absolutely not. Your receipt of funds to your account will not change at all and will be the same as you are accustomed to already. This type of Small Business Loan will not affect any aspect of your deposits including the timing (aside from the small allocation towards repayment of your advance).
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9. Is this type of Business Financing considered a Business Loan?
Technically no. This is a Merchant Cash Advance or Credit Receivables Factoring and is not a Traditional Small Business Loan. In reality a Merchant Cash Advance is only the acquisition of your Credit Card Receivables that are yet to come at a rate that has Discounted or Factored.
To repay Merchant Card Advance will happen as a predetermine percentage of your Credit Card Sales. There will be no predetermined dollar amount. This is a huge benefit as if your sales are a little slower one day you simply pay a little less on that particular day and make a little higher payment when sales are better.
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10. Are there many Advantages to using a Merchant Cash Advance as opposed to a Traditional Small Business Bank Loan?
There are many significant pluses to using a Merchant Cash Advance as opposed to a Small Business Loan. Primarily, a Small Business Cash Advance will be much simpler and have more relaxed stipulations for approval as opposed to the Traditional Small Business Loan which means the approval rate is much higher and quicker.
This translates into you having access to the Business Capital you seek faster and more efficiently with an affordable rate of Factoring. If a Small Business needs a quick Cash Injection into its Working Capital, swiftness is often of the essence.
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About Wade Henderson
Wade Henderson: Domestic and International Business Finance since 1995 specializing in challenge situations. "We prefer to find a way to get your loan done as opposed to finding a reason to turn it down.” Connect with me on Google+
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