Need cash desperately for a small business transaction. Apply for a merchant cash advanceat Pay Point USA and the money can be yours in as little as 48 hours.
With so many small businesses facing foreclosures and bankruptcy today, it's hard to get established banks and lending institutions to offer small business people a merchant cash advance. Even if you have been banking with an institution for a year or two, today's credit climate has made it difficult for small businesses to get the financing they so desperately need. So what is a small business to do?
Well, fortunately, there is a solution for small entrepreneurs to apply and receive a merchant cash advance . And it's extremely easy to qualify too. The source is called Alternate financing, since they are fast becoming an alternate to big banks and large lending institutions.
A merchant cash advance through an alternate financier works on a simple principle: They purchase a percentage of your average monthly credit card sales transactions for the future, and lend you the money in the form of a merchant cash advance today. It's a simple and straight forward concept.
To qualify for the alternately financed merchant cash advance you obviously need to be processing credit card transactions from your customers, since that's the medium that will be used to assess your qualification for the advance. But you don't need to have been in business for 3 or 5 years like the banks would like to see. Alternate financing works if you have been around for at least 9 months or more.
Once you meet these basic criteria, you can qualify for a merchant cash advance without an extensive application process. The alternate financer does not require you to go through credit score verifications, asset appraisal reviews or a lengthy application processes that most banks or established lenders normally put you through. You do however need to provide your credit card statements for the past 3 to 4 months so that they can establish your average monthly credit card sales.
Alternate financing institutions can pre-approve you for a merchant cash advance within 1 hour of your application and necessary documentation being submitted. And the funds can usually be in your hands in less than 3 days. There are no restrictions on how you use the money either.
The amount of funding that you are eligible for depends on the average value of credit card transactions you processed over the past 3 to 4 months. The minimum value is approximately $4,000 per month, on average. Depending on the value of your average transactions, you could qualify for advances to the maximum of $300,000.
Your merchant cash advance will automatically be repaid as a percent of each subsequent credit card transaction that's processed against your account. Your credit card processor will automatically deduct the amount on your behalf. You will have full visibility of every deduction through secure online tools.
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