| Frequently Asked Questions |
1. What is a business cash advance/merchant cash advance and how does a business cash advance work?
2. How does business cash advance/merchant cash advance effect my current credit card merchant account?
3. How long is the approval process for a business cash advance or merchant cash advance?
4. How much money can I qualify for?
5. I have a low credit score; can I still get a business cash advance or merchant cash advance?
6. What are the basic qualifications for a business cash advance or merchant cash advance?
7. Are there any up-front fees associated with applying for a business cash advance or merchant cash advance?
8. What is the difference between a business cash advance/merchant cash advance and a small business loan?
9. How do I repay the money from the small business cash advance or merchant cash advance?
10. Does it cost to apply for a business cash advance or merchant cash advance? |
1. What is a business cash advance, also referred to as merchant cash advance, and how does business cash advance work?
A business cash advance, also referred to as merchant cash advance is a convenient alternative to a traditional small business loan. It is cash given upfront to businesses when they need it, and is based upon the cash flow from monthly credit card sales charges and checking deposits. Monthly payments don’t need to be made like small business loans; instead small debits are automatically taken from batched credit card sales or checking account.
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2. How does business cash advance, also known as merchant cash advance effect my current credit card merchant account?
Business Cash Advance Guru.com has agreements with most of the processing firms in the nation. In the rare cases of businesses using a processor with whom Business Cash Advance Guru.com does not have an agreement, you may be asked to change to one of Business Cash Advance Guru.com preferred processors.
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3. How long is the approval process for a business cash advance/merchant cash advance?
Once all documents are received, Business Cash Advance.com will review to determine the cash advance amount in as little as 24 hours.
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4. How much money can I qualify for?
The total business cash advance or merchant cash advance amount is based on your recent business history. Business cash advances/merchant cash advances range from $5,000 to $500,000 with the majority of businesses receiving $25,000 to $40,000.
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5. I have a low credit score; can I still get a business cash advance or merchant cash advance?
Yes. While a personal credit check is part of the Business Cash Advance Guru.com approval process, it does not weigh heavily in the final determination. Unlike a small business loan, business cash advances mainly base approval on your overall business health.
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6. What are the basic qualifications for a business cash advance or merchant cash advance?
Business Cash Advance Guru.com works with small businesses that accept credit cards and process at least $5,000 in Visa and/or MC sales per month.
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7. Are there any application fees associated with applying for a business cash advance or merchant cash advance?
There are no application fees or out-of-pocket costs associated with business cash advances or merchant cash advances with Business Cash Advance Guru.com.
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8. What is the difference between a business cash advance/merchant cash advance and a small business loan?
Business cash advances and business loans are very in different in several ways. The approval process is fast with a merchant cash advance whereas a business loan in today’s market can take up to 3-9 months. Merchant cash advances are do not rely heavy on your credit score unlike a bank.
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9. How do I repay the money from the small business cash advance or merchant cash advance?
Cash Advances and business loans are very in different in several ways. Often prepayment can come from a pre-determined amount or percentage of daily sales from your credit card processing or business checking account. Repayment is automatic each time.
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10. Does it cost to apply for a business cash advance or merchant cash advance?
No. You can always see what you qualify for at zero cost. No application fees. We have private placements offerings, which may have upfront costs.
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