How much is the interest on this? This is not an interest based loan, we are not a bank. We provide a cash advance to you based on your past credit card receivables. It's a cash advance and carries NO INTEREST RATE. The advance is repaid through a small percentage of each Credit Card transactions which accumulate to repay the funds that were advanced to you. All the numbers will be provided to you to the penny ahead of time, how much we can advance you, what your total payback is, and the percentage that we will take daily towards the loan. Once we give you all the numbers then you can decide to move forward with the funding.
How does the payback work? Our payback is very unique and all the merchants favor our program because we never send you a bill for this advance, in comparison to a bank, which sends you an invoice for a fix payment every month regardless of how your business performed that month. The pay back is accomplished with no undo pressure on you by taking a small percentage of your future visa / master card sales daily and applying it towards the payback amount. So the business will pay more towards the advance on its good days and less on its bad days. This way there is no pressure on you and you don't really feel the payback.
Give me an idea of the payback? We cannot provide you any realistic numbers without analyzing your last four months of merchant statements. Every industry is different and every merchant is unique. Once we receive your statements, it will take less than one hour for us to give you real numbers.
Bank vs. Credit Cash Advance: If you are in the minority to qualify for a bank loan, you will be personally responsible for the loan. Let's say you have your house as collateral. What if your business slows down because of unforeseen circumstances like equipment problem, flood, and earthquake and so on? The bank is still going to want their payment at the end of the month from you or they will put a lien on your house, but with unsecured cash advance, if your business slows down for any reason, your payments to us slows down accordingly, therefore there will be no pressure on you.
How does the money get to me? It is directly wired to your bank account of choice.
Do I have to change processors? In most cases, but not all. However you will be upgraded to one of the best processors in the country and nothing changes with your rates. We will match exactly the rates you are paying now. We do always look close and see if we can even lower your current rates. The process is very simple and takes only minutes and is done right over the phone.
How long does the whole process take? From the time we get your completed application and the last 4 months of your merchant account statements, only a few days thereafter for you to receive the funds.
What paper work would you need? Just a 1 page application and your last 4 months of your merchant account statements, a copy of your driver's license and a voided check of the account you want the funds to be wired into. That's all!
I am paying a very low rate for processing; will my rates stay the same? Absolutely nothing changes with your rates. We will match it exactly and/or lower it anywhere we can.
Can I pay the loan back early? Yes. At any time you may pay off the remainder of the note that you signed for.
Tell me about your processor? We work with IPS (Integrity Payment Systems) and Pinnacle payment systems which are two of the best processors in the country. They are consistently ranked in the top 5 in North America. One of the many advantages with them is that all your credit card transactions are fund into your checking account within 1 day as opposed to your current processor or others who may take up to 5 days to get your money into your account.