|
Credit Card Funding
We are affiliated with a company that provides merchant credit card funding. If you don’t have business to business or business to government receivables, but do accept credit card
payments from consumers, obtaining an advance based on your credit card receipts can be an excellent option. Factoring your receivables with Dash Point, and obtaining additional
credit card funding from our affiliate, can be done as well.
A target list of businesses who most often benefit from credit card funding includes:
|
Auto repair shops
|
Jewelry stores
|
|
Barbers
|
Liquor stores
|
|
Chiropractors
|
Medical Clinics
|
|
Clothing stores
|
Motels
|
|
Computer services
|
Nurseries, lawn & garden supplies
|
|
Delicatessens
|
Optometrists
|
|
Dentists
|
Restaurants
|
|
Dry Cleaners
|
Retail stores
|
|
Floor coverings stores
|
Sporting goods stores
|
|
Florists
|
Towing Services
|
|
Hair and nail salons & spas
|
Travel agencies
|
|
Hardware stores
|
Veterinarians
|
|
Hobby & toy stores
|
Almost any brick-and-mortar business with credit card receipts!
|
Restricted merchants include:
- Merchants with extreme seasonality
- Service oriented businesses (e.g. advertising agencies)
- Internet
- Mail Order/Telephone Order
Prohibited merchants include:
- Adult entertainment
- Airlines
- Annual memberships
- Cruise ships
- Direct/Multi-level marketing
- EBay sales
- Firearms
- Gas stations (including those with convenience stores)
- Home based businesses
- Door-to-door
- Import/Export
- Insurance
- Internet prescriptions
- Kiosks
- Property management
- Timeshare sales
- Weight loss centers
Five most frequent uses for credit card cash advances:
- Purchase New Equipment
- Purchase Inventory/Seasonal Merchandise
- Expansion/Remodel
- Pay Off Debt/Taxes
- Emergency Funding
How It Works
Our affiliate company purchases a percentage of your future credit card sales at a discount
and gives you cash upfront. This is not a loan; it is a cash advance against your future credit card sales. A fixed percentage from each Visa/MasterCard sale is collected until your contract obligation is satisfied.
Your average monthly sales in Visa/MC from the last 4 months are reviewed, with projections made on future Visa/MC sales; funds are then advanced based on those
projections.
You will continue your merchant processing with your current merchant processor. When
you batch-out your terminal on a daily basis, a percentage of your Visa/MC total goes toward the repayment of your cash advance. Typically the advance is repaid in 6 or 8 months.
There are NO:
- personal guarantees for repayment
- security interest taken in your home, business, equipment, or inventory
- points or upfront fees
- fixed monthly payments
- coupons or checks to write
- impact on your ability to qualify for other financing
- business use restrictions on the funding
- hassles - quick application & fast funding
Here are the requirements to qualify:
- Have no unresolved bankruptcies
- Have been in business for at least 6 months.
- Have a commercial lease with at least 9 months remaining on the lease (cannot be a home- or web-based business).
- Accept Visa/MasterCard with a monthly minimum volume of $2500, and provide copies
of the last 4 consecutive months of processing statements.
- Submit at least 15 batches per month
- Not be on MATCH list
- Provide a bank reference and a landlord reference.
Once the needed documentation is provided, approval is usually provided in 24-48 hours and your cash advance is received in 7-10 days. Maximum advance is $600,000. You can
later obtain future advances from the same company.
To apply for this program complete the Credit Card Advance Application. Your inquiry will be handled promptly.
Top
|
