Frequently Asked Questions
Q. How does the Business Cash Advance (Merchant Advance) program work?
Q. What are the basic qualifications for a business cash advance or merchant cash advance?
Q. How much money can I qualify for?
Q. How much will a business cash advance cost?
Q. How quickly will I receive my advance?
Q. What can the Business Cash Advance be used for?
Q. Will I have to change credit card processors?
Q. Is there a penalty for paying back the advance early?
Q. How do I pay the money back?
Q. Will bad/limited credit affect my business cash advance request?
Q. Does Pro Business Capital require a personal guarantee?
Q. Can I receive a business cash advance if I already have a business loan?
Q. Is this a small business loan?
Questions and Answers
Q. How does the Business Cash Advance (Merchant Advance) program work?
A. A business cash advance, also known as a merchant advance is a fast and convenient way for business owners to get the working capital they need to run and grow their businesses. Since this is not a loan there are no fixed monthly payments, no maturity date, no checks to write and none of the excessive paperwork/documentation needed with a traditional business loan. It is cash given up front to businesses when they need it based on their cash flow from monthly credit card sales with repayment based on a small fixed percentage of your future Visa and MasterCard receipts. We get paid when you get paid.
Q. What are the basic qualifications for a business cash advance or merchant cash advance?
A. Qualification is easy:
- Does your business have a physical location?
- Have you been in business for at least 3 months?
- Is your monthly Visa/MasterCard volume at least $4,000?
- Do you have at least one year remaining on your current retail lease, (and are you current on your lease?
- Do you have no open bankruptcies?
If you answered yes to these questions then you should apply: (800) 229-8944
Q. How much money can I qualify for?
A. Your business cash advance amount is based on your recent monthly credit card volume. Business cash advances/merchant cash advances range from $3,000 to $250,000 per location, with the majority of businesses receiving $20,000 to $30,000
Q. How much will a business cash advance cost?
A. There is no application fees, no up-front fees and no out of pocket costs with obtaining a business cash advance at Pro Business Capital. Since every business is different we provide you with a customized quote (usually within 24 hours) based upon your specific needs and situation. There are several factors that influence the amount and cost of your business cash advance, including: processing history, volume, average ticket size, industry, and business size. To find out what you qualify for and the associated costs involved, apply now for your free no obligation quote. (800) 229-8944
Q. How quickly will I receive my advance?
A. Once all requested documents are received, Pro Business Capital will review to determine the cash advance amount in as little as 24 hours. Typically funding takes place within 72 hours after approval.
Q. What can the Business Cash Advance be used for?
A. Your business cash advance can be used for any business purpose; most clients use the money for such business growing needs as purchasing inventory, adding more seats, advertising, purchasing or repairing equipment. Others have been able to utilize the funds for buying out a partner, adding a new location or unforeseen maintenance issues that could have interrupted their business. You are free to spend the money on whatever is best for your business, after all who knows your business needs better than you.
Q. Will I have to change credit card processors?
A. Pro Business Capital has agreements with most of the major processing firms in the nation. In the rare case you are currently using a processor with whom Pro Business Capital does not have an agreement, you may be asked to change to one of our preferred processors. If this does occur our affiliated processors guarantee to meet-or-beat the transaction rate of your current processor.
Q. Is there a penalty for paying back the advance early?
A. This is not a loan; therefore there is no prepayment penalty, no maturity dates, no fixed payment schedule and no minimum monthly payments. At any time, you can choose to settle the advance by paying the remaining balance in full.
Q. How do I pay the money back?
A. We get paid when you get paid. You never have to write a check, our automated system works with your credit card processor to collect a small fixed percentage of your daily Visa and MasterCard receivables until your business cash advance is repaid.
Q. Will bad/limited credit affect my business cash advance request?
A. Pro Business Capital uses a big picture approach to approving your merchant advance and not solely on your credit score. Unlike a traditional bank our decision is based primarily on your recent monthly credit card sales.
Q. Does Pro Business Capital require a personal guarantee?
A. No. Our business cash advance does not require a personal guarantee, or collateral.
Q. Can I receive a business cash advance if I already have a business loan?
A. Our product is a business cash advance, not a business loan. As long as you meet our requirements, we can still provide you with immediate cash, without affecting your other obligations. In addition your business cash advance is not reported to the credit bureaus.
Q. Is this a small business loan?
A. No. It’s a cash advance against your future credit invoices. Our business cash advance program is the best alternative to small business loans.
Q. How do I get started?
A. Simply fill out the easy one page application and one of our experienced financial consultants will contact you to discuss your business, your needs and answer any questions. If you prefer you can also call us toll free (800) 229-8944.