Merchant Cash Advance

Your choice for Equipment and Business Loans across Canada and the United States

Helping you with all your Merchant Cash Advance Needs in The USA, Canada, Pittsburgh and Toronto

Helping you with all your Merchant Cash Advance Needs

A merchant cash advance gives your business access to badly needed capital fast to meet your business needs based on future credit card receivables. The way this business cash advance works is it gives a business access to funds in a fast and simple way in return for a portion of the business’s future revenue receivables at a discounted price. To be approved for an MCA, certain crtieria must be met. An important criteria, among others, is that the business must accept credit card payments or have other receivables.

Merchant Cash Advance Frequently Asked Questions...

What do I need to qualify?

  • Minimum Credit Score: 400
  • Minimum Time in Operation: 5 months
  • Minimum Revenue: $75,000 annually

Interest Rates

Interest Rates on Merchant Cash Advance's can be substantially higher than for other forms of business financing so consider carefully if this option is for you.

Application Process

Relatively quick compared to other forms of financing, an MCA can be acquired in as little as one business day, but most often will take several days. Once the advance is approved, funds can be available in as little as 2 business days.

The application process is significantly different from other types of funding.

Apply for Funding. The application will require at the very least your social security number, business tax ID and the usual identifying and contact information for your business.

Provide Documentation. As stated above, this will include credit and debit card statements and may include bank statements, proof of citizenship and a copy of your business lease, if applicable.

Wait. Your advance may be approved in as little as 24 hours but be prepared for a few days.

Set Up Credit/Debit Card Processing (if applicable). Depending upon who your MCA provider is you may be required to switch to a different card processor. While inconvenient, this is sometimes unavoidable.

Sign the MCA Agreement. This agreement will lay out funding and advance repayment details including the amount you’re approved for, the holdback percentage and the amount of interest and/or fees.

Funding. Your MCA provider will deposit the funds to your business account, usually within 2 business days. Repayment will be handled automatically as you process payments from your customers.

Who is the Merchant Cash Advance For?

While not advisable as a long term strategy for accessing cash, an MCA might be the best option to take advantage of a short term business opportunity such as purchasing inventory at a discount. It might also be used by operations that conduct business almost entirely through credit or debit payments but don’t have a good credit score and so can’t qualify for other types of financing.

What are the benefits of a Merchant cash Advance?

  • Lukewarm credit OK
  • Relatively easy application process
  • Quick access to cash
  • Can be used for a wide variety of purposes
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