1)How can I qualify?
You have been in business at least 6 months You have at least one year remaining on your property lease Your business accepts Visa® and MasterCard® as a form of payment Your business processes a minimum of $2,000 in Visa and MasterCard sales a month
2) How can I use the cash advance?
You can use your cash advance to fulfill almost any of your business needs. Expand or remodel your business Purchase inventory Replace existing equipment Promote or advertise your business The best part is that the decision is yours!
3) How do I apply?
It’s easy – simply fill out our online application or call a Funding Merchant Source representative at 866.396.6292
4)How does the program work?
Funding Merchant Source offers products and services that are specifically designed to provide small to mid-sized business owners with flexible and unsecured access to capital. Your business will receive cash in exchange for the purchase of a small portion of your future Visa and MasterCard receipts. The cash advance will be deposited into your business checking account allowing these funds to be accessible immediately. This is not a loan, it will not require a complicated application process, personal guarantees, collateral, or unnecessary fees.
5) How soon can I get the advance?
Once the required documentation is provided in full with the application, money can be received quickly through an electronic transfer.
6) How do I pay back the cash advance??
A small percentage of your daily Visa and MasterCard receipts are deducted until the balance is collected.
7) Can I stay with my current credit card processor?
It is possible if Funding Merchant Source has an agreement in place with your processor we can offer a “Lock Box” solution for repayment. A Lock Box is a form of escrow account where a merchant instructs their current payment processor to direct their daily batch deposits to a bank account owned by the Cash Advance provider and held for the Merchant “In Trust”. Once the funds enter the account, the Cash Advance provider then ‘sweeps the account’ or withdraws their daily portion of the funds. The remaining funds are then forwarded to the Merchant’s commercial account (typically at another bank). Otherwise, we will arrange a Funding Merchant Source partner processor who will match or lower your current processing fees.
9)Do you have to review my personal credit history?
At Funding Merchant Source we base our approval decisions on a credit scoring model that considers both a personal credit score as well as a business score. A very high percent of applicants qualify.
10)Can the cash advance be renewed?
Yes, when the advance balance is down to approximately 50% of the original balance, your business can request another advance
