What is a Business Cash Advance?
A business cash advance, also known as a merchant cash advance, provides small business owners with access to needed capital. 1st Working Capital Group’s funding sources advance money by purchasing a pre-determined amount of the business sales volume sold through a credit card merchant account.
Who generally qualifies?
We specialize in getting business capital for credit-worthy small to mid-sized businesses. Even if you have been rejected by other financial providers, you may still qualify for a Business Cash Advance. We encourage you to apply now and see just how easy we make it for you to get the business capital you need.
How quickly can I get the money?
This all depends on you. If you are able to provide the requested information promptly, you are usually able to get your business capital within 7-10 business days.
Does my personal credit score matter?
Yes, but this information won’t carry as much weight as it does in traditional financing scenarios. It is important to remember that with a Business Cash Advance, having a damaged personal credit history is not an automatic disqualifier. Many businesses that have trouble with banks and other similar traditional financial institutions can qualify and enjoy continuing success with a Business Cash Advance through 1st Working Capital Group.
How often are payments to 1st Working Capital Group funding sources retrieved?
We collect a small percentage of your daily credit card sales as they are settled or “batched.”
Does the percentage retrieved from my daily credit and debit card sales fluctuate for any reason?
No. Only the agreed upon percentage is forwarded to us, and this percentage remains fixed for the life of the funding.
What will happen to the revenue generated from other payment types during my Business Cash Advance?
Revenue collected from other payment types is not touched. Only the established percentage of your specified credit and debit card receivables is forwarded.
Once my original obligation is satisfied, can I receive additional funding?
Certainly – we encourage you to take advantage of this quick and dependable source of business capital as needed.
How much will I qualify for?
$10,000 to $300,000++ per incorporated location. All we need are 3 months of recent credit card processing statements to tell you exactly what you may qualify for. Apply today, then fax your statements to 1-866-550-2201.
How does 1st Working Capital Group determine the size of the Business Cash Advance?
The amount of receipts purchased is determined by the average credit card volume over a 90-180 day period. We encourage submission of any documentation (bank statements, sales tax receipts) that supports total sales volume in order to be approved for the highest amount possible. We will approve your business for the largest amount possible based upon the documentation provided.
How do I pay the money back?
We take a set percentage daily from your Visa/MasterCard Sales, that way we roll with your business to help with cash flow. (No fixed payments and no set time period). You keep all of your cash business, your checks, American Express, Diners Club, and Discover Card volume.
Do I have to switch my credit card processor?
Yes or no, depending on the funding source we use.
How do I get started?
To get started simply fill out the easy one page application and a financial representative will get in touch with you within the business day.
Does the business receive the same low rates as their existing credit card processing account?
Yes, we will match current processing rates.
The Fee?
The fee can range from 1.18 to 1.48 and is based upon: underwriting guidelines, payback period, length of time in business, length of lease, monthly credit card volume, average monthly sales volume and past business history.
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