What is the Merchant Cash Advance Program?
Our Merchant Cash Advance Program powered by AdvanceMe® provides working capital to business owners. Merchants sell a specified amount of their business' future credit card and debit card receivables (at a discount) in exchange for cash they can use for whatever their business needs.
Once approved, a lump sum of cash is deposited into the merchant's business checking account. the collection process is automatically handled by the business' credit card processor. As each day's credit and debit card transactions are settled, a specified percentage is forwarded and applied to the remaining Merchant Cach Advance balance.
What are the advantages over traditional financing?
Our Merchant Cash Advance is a flexible, responsive alternative to traditional bank financing. There is little documentation, and no personal collateral is required. There are no application fees, hidden charges, or inflexible monthly payments. Best of all, you can find out if you qualify in as little as 10 days - without the hassle of dealing with bank officers or committees.
How do I qualify for funding?
Ideally, you will have owned and operated your store front location for 12 months or more. Your business needs to have predictable card sales activity, be able to provide from 4 to 12 months of processing statements, and have a PCPS merchant account.
How do you decide how much I can get?
The amount of funding available to you is determined primarily by your monthly credit card sales volume. Typically, an eligible customer qualifies for funding that is around the same amount as its monthly credit and debit card sales.
How soon can I get the money?
If you have a merchant account with us and complete all the paperwork promptly, we can usually offer funding in less than 10 business days. Once you are an established customer, you can receive additional funding in as little as 72 hours.
What can I use the money for?
You decide how to spend the money - whatever is best for your business. Previous customers have used this money for purchasing POS systems, funding an expansion, buying additional inventory and other business needs as they arise.
Will a poor personal credit history keep me from getting funding?
Not necessarily. since this funding builds on the strength of your business' card sales, your own personal credit history carries much less weight than it does in traditional financing. Your business can qualify for a Merchant Cash Advance even if you have been rejected for traditional financing options.
Do you take 100% of my credit and debit card sales?
No. We forward only a small predetermined percentage of your business' credit and debit card sales to AdvanceMe, and this percentage does not change during the life of the funding.
How often does payment occur?
PCPS automatically forwards to AdvanceMe a predetermined percentage of daily credit and debit card sales as they are settled. We will continue to forward this percentage automatically as each credit/debit batch is settled until your business forwards the total amount of the credit and debit card receivables that your business sold.
What is the interest rate?
This is not a loan, so there is no principal and no interest rate. Our Merchant Cash Advance is aligned with your business' future credit and debit card receivables. As each day's card sales are settled, a fixed percentage is automatically forwarded by PCPS until your obligation is complete.
For more information, use our contact form, or call us right now at:
(970) 532-4831
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