Frequently Asked Questions:
1. How can a business advance help me?
Most of our clients use our business loan alternatives for a variety of purposes such as payroll, inventory, equipment upgrades, expansions, and much more. Since we don’t place any restrictions on your funds, it is completely up to you how you wish to use your funds.
2. How does a business advance work?
Merchant Cash Group purchases a portion of your future receivables and provides you with upfront cash in return. The amount of funding we can provide is based on your average gross sales per month.
3. How do I apply for a business advance?
Applying is easy! Simply submit your information into the "Funding Estimate" box at the top of the page or call 1-866-610-6569 to apply by phone, and provide us with the recent bank statements and credit card processing statements, if applicable. We will do the rest!
4. Will you check my personal credit report prior to approval?
In some cases, we may review your personal credit if we feel that it will help us to approve you for a higher funding amount. Unlike most banks, however, we do not require you to have an outstanding credit score to qualify for funding. We can provide funding to any business that meets our minimum requirements.
5. How long does it take to get approved for a business advance?
Generally, we are able to pre-approve your application within a couple of business hours, and in most cases, you can expect to receive your funds in as little as 48 hours. The total time depends whether our underwriting department needs any additional documents and how quickly you are able to provide them.
6. How much funding can I expect to receive?
We give advances for as little as $1,000 all the way up to $150,000. The final amount we can provide is determined based on your average gross sales per month.
7. How soon is the funding sent to me and by what method?
Once you're application is finalized and necessary documents are received, you will receive the funds as early as the next business day. The funds are directly deposited into your business checking account via ACH.
8. If I'm approved for a business advance, can I continue to use my current credit card processor?
Depending on which funding product you choose, you can continue using your current processor. There are situations where you may need to switch to one of our preferred processors, but our processors will match or sometimes beat your current processing rates. We have relationships with over 50 different merchant processors.
9. How often does Merchant Cash Group collect their payments?
Depending on which funding product you choose, we will either collect our portion from each credit card batch you process or by debiting your business checking account each business day.
10. Can I apply for additional funds if I'm already a client?
Yes, additional funds may be advanced to you based on your repayment history and remaining balance on your current business advance. Contact us by phone or email to find out if you qualify.
11. How much time am I given to repay my business advance?
We offer various funding programs with expected repayment times that range from 1 month to 12 months.