Merchant Funding Services
Merchant Advance is an alternative to a bank. We fund businesses that cannot get a loan from a bank for a number of reasons – industry banks don’t fund (i.e. restaurants), not perfect credit, extra debt. We finance based on 75-110% of credit and debit card processing volume. It’s not a loan, it is an alternative to a bank.
There is no interest and fixed payments or term. There is a one time factor rate. Example would be — we fund you $10,000, you pay us back $13,000.
We take the money automatically from your daily processing at a retrieval rate of around 11-12%. It’s convenient because there are no fixed payments. We understand your business is not static. One months the sales are good, the other – not so much. So we take our money back based on your flexible daily sales, not a fixed amount. It usually takes 6-8 months to pay off the amount, then you can top up your merchant advance again. There is no limit to what you can use the funds for. Usual uses are for renovation, new equipment, and working capital. Funding decision within 2-3 days, money deposited within 24 hours upon approval and signing.
What to do next:
- Download Application here
- Fill it out, sign and fax it back to 1-888-501-3231
- With application, also fax 6 months of processing statements and 6 months of banking statements