Your Business Can Grow with Merchant Funding
Benefits of a Merchant Cash Advance:
- Remittance based on business’s revenue
- No set terms
- Early payoff discounts
- No restrictions on use
- No collateral required
- Free, no obligation quote
- Working capital from $5K – $500K
Choose How to Utilize Your Merchant Cash Advance
- Fill Inventory Orders
- Upgrade Equipment
- Recruit New Employees
- Start a Renovation Project
- Pay for Marketing Developments
- Invest in New Technologies
- Expand Your Business
- Have Cash for Payroll
How to Receive Merchant Funding
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How Merchant Cash Advances Work
At Fora Financial, we’re passionate about helping business owners like you succeed. That’s why we provide merchant cash advances!
As we explained in the video above, merchant funding remittance fluctuates with your business’s sales patterns. We understand that businesses have their ups and downs. Your business may have a few months where sales are booming, and then go through a time when they slowdown. Naturally, you won’t be able to remit the same amount during both periods. When sales decrease, you’ll need to try and cut expenses the best that you can.
That’s why with a merchant cash advance, there is a holdback percentage. This is a set percentage that is withheld from your credit card transactions until you satisfy your obligation. That way, you’ll be paying a certain percentage of the sales you make, instead of being held to a set payment amount. Many business owners appreciate this because there is no set payback schedule, so they have the flexibility to remit their cash advance in a similar pattern to the ebbs and flows of their sales. When sales are up, your holdback percentage will result in a higher dollar amount. On the other hand, if your sales are experiencing a lull, your holdback percentage will result in a lower dollar amount.
Businesses that Benefit from Merchant Funding
Merchant cash advances are especially beneficial for business owners in the restaurant, retail and services industries, to name a few. This is because these industries typically receive a large volume of credit card transactions. Businesses that either don’t accept credit cards, or receive credit card transactions infrequently, usually won’t qualify for merchant funding.
If you run a business that primarily accepts credit card transactions, pursuing a merchant cash advance could be the choice that takes your business from good to great!
How to Apply for Merchant Cash Advances
Applying for a merchant cash advance is simpler than you might think! To get started all we need is our one-page application, three months of credit card statements, and three months of bank statements. On occasion, we may ask for tax returns, balance sheet or a P&L.
If you’re trying to receive your merchant funding as quick as possible, we suggest compiling these documents prior to applying. That way, you’ll be all ready when it comes time to begin the process!
Merchant Cash Advance Requirement Details
Before applying, it is important that you understand our merchant funding requirements. We have these prerequisites in place so that businesses can responsibly and effectively utilize our products.
We require that your business be up-and-running for at least 6 months prior to receiving a merchant cash advance. This rule stands because we like to see that your business has already been operational for a few months. Being open for 6 months will likely increase the success you have with our merchant cash advance product.
Another requirement we have is that your business make $5,000 in credit card sales each month. If you generate less than $5,000 in credit card sales, it may be challenging for you to complete the remittance of a merchant cash advance. If satisfying your obligation will be too difficult, we do not want to put the future of your business at risk.
In addition, any business we work with cannot have any open bankruptcies or dismissed bankruptcies within the past year. If this applies to you, we encourage you to take care of these issues, and apply once a year has passed.
If you have any questions about our merchant cash advance requirements, don’t hesitate to contact our Capital Specialists. They will be able to provide you with further direction!