WHY DO I NEED A CREDIT CARD PROCESSOR?
WHAT IS A MERCHANT CASH ADVANCE (MCA)?
A Merchant Cash Advance (MCA) allows a business owner, who currently accepts credit cards, to obtain an advance of the funds that the business regularly receives. An MCA is not a loan! It's an advance on future revenues as the business is effectively selling a small portion of future credit card sales to acquire capital immediately. The application process is quick and easy and business owners can receive cash within a couple of days.
How Does It Work?
Merchant cash advance companies provide funds to businesses in exchange for a percentage of the business’s daily credit card income. Payments come directly from the processor that takes care of settling your daily transactions. The percentage is taken every day until the advance has been repaid, plus the fee. Because only a percentage of your daily sales are taken as payment for the advance, this helps business owners manage their income, especially during slow seasons. MCA can be used to add a patio to your restaurant, or get that new front door sign!
The application process is quick and easy and businesses can receive cash in their account within 24-48 hours.
STEP 1 - Business owners apply to receive MCA funds by filling out the application and including relevant documentation (eg. two months of bank statements/credit card processing statements).
STEP 2 - Once approved, the funds will be direct deposited into the business account on the application. The merchant is free to use these funds as needed.
STEP 3 - The MCA lender will then debit a small percentage of the business owner's daily transactions in order to repay the advance.
Why Get A Merchant Cash Advance?
Merchant cash advance is a great option for those who do not qualify for a conventional loan. MCA providers typically give more weight to the underlying performance of a business, rather than the owner’s personal credit score.
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