Merchant Cash Advance
Immediate Funding for Business Owners
- What is a Merchant Cash Advance?
- How Do They Work?
- What Will a Merchant Cash Advance Cost You?
- What Do I Need to Qualify?
- How Do I Apply?
- What Documents are Needed?
Immediate Funding for Business Owners
|Estimated Business Loan Term||2 to 12 Months|
|Rates||24% to 49%*|
|Time in Business Required||2 Months|
|Min Credit Score Require||500|
|Min Monthly Deposits Required||5|
|Min Monthly Revenues||$8,000|
|Min Business Loan Amount||$8,000|
|Max Business Loan Amount||$250,000|
|Max Number of Negative Days||4 Within a Month|
|*rates depend on duration of funding|
Being a leader in the business financing industry we also feature various business funding options for companies that do not process credit cards. The process is very similar to the above mentioned, however, instead of receiving the payments via the credit card processor we establish a program where a portion of the revenues are deposited. It is very convenient for business owners who receive the bulk of their revenues through different payment methods. We will continue to develop innovative funding solutions to ensure that our clients always have access to working capital.
Many of our clients come to us after having a merchant cash advance out with another company. Some reasons why they have come are: the rates or payments for their merchant cash advance were too high; the funding amount wasn’t enough or they required additional funding; there were just too many add-on fees and they didn’t want to overpay for their next advance; or they were just not happy with the level of service. Shield Funding can pay off your existing advance and get you into a better program that is less expensive, provides more funding, is not inundated with additional fees, and meets your expectations on every level. We are a trusted and respected leader in the financing industry and we offer very competitive rates without all the additional costs that many other firms charge. Give us a call or apply online for a free quote and see how we can make a difference for you with a high quality lending program.
Many clients come to us looking for an alternative to traditional business loans because they have poor credit or they just don’t meet the basic credit requirements from a bank. Our merchant cash advance loan through our bad credit business loan program is great for small business owners with little or no credit because it is based off of credit card revenue and not credit history. If you have been denied a business loan because of bad credit or you fail to meet traditional financing credit requirements our merchant cash advance program can be a great alternative.
Below is a list of the general requirements needed to get approved for our merchant cash advance program. Although in some cases there are many additional factors that may be considered, meeting these three requirements gives you a very high chance of having your application approved.
Merchant cash advance amounts depend on your monthly credit card revenue and overall business bank deposits. Approval amounts for this funding option can range as high as 100% or more of your monthly processing amounts. As an example, if your business currently has monthly gross receipts of $50,000 you can possibly get approved for 50k or more.
Your credit history has very little influence in the approval process. We look at time in business, your business banking information, and your credit card processing receipts to come up with an approval amount. This is another one of the business funding programs that can be available if you have bad credit.
Once you receive the funds via bank deposit you can expect daily debits from the credit card processing account for an agreed upon percentage over the course of the payback period. The daily processing option is calculated on a 5 day business week schedule that does not include holidays.
A merchant cash advance is a great business funding option if you process credit cards and need a short term injection of business capital and you want it fast with very little documentation required. Although a merchant cash advance can be significantly more expensive than a traditional business loan, the ease and speed at which you can receive funding can make it a very attractive, especially if you need to cover immediate expenses for your business.
Merchant cash advances allow small business owners access to immediate capital in a short amount of time regardless of their credit history. Below you will see some examples of how small business owners are utilizing merchant cash advances.