There has been growing demand for ‘cash advance’ by merchants and early reports on quality are mixed.
Generally speaking, a cash advance company will advance up to 110% of a merchants’ monthly processing volume. The potential loan amount is determined by reviewing at least 3 months merchant statements, or more depending on your industry. Funds are disbursed, then a portion of the merchant’s daily processing volume is deducted to repay the advance, usually over 6 months.
The good: quick cash, low cost
The bad: there are some bad apples in the industry already appearing, so it’s important to do some research before you choose a company.
We have carefully selected preferred vendors to recommend for this service.