Loan Submission
 
Business Cash Advance FAQ
Maybe you're unsure of exactly what a business cash advance really is, or maybe you think it sounds too good to be true. Either way, the information should help resolve any uncertainties you may have regarding our BCA program.

So what is a Business Cash Advance?
A BCA, or sometimes called Merchant Credit Advance, is an advance (of dollars) to a merchant/borrower based upon the average credit card charges that are collected each month.
How does it work?
The merchant is advanced a percentage of their monthly sales (typically between 50% and 250%) and then repays these advanced monies by having a portion of future sales deducted each month. Please note that higher advance percentages are available depending on the ratio of credit card sales to gross sales each month. Calculate a Maximum Available Advance now
What kinds of business are eligible?
Any business generating a portion of their monthly revenues via credit card receipts can apply. Take a look at just some of the business owners we can help:
  • Bar / Nightclubs

  • Beauty Salons

  • Dry Cleaners

       
  • Gas Stations

  • Restaurants

  • Retail Sales

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  • Hotels / Motels
  • Auto Repair Shops
  • Day Care Centers
    		•        
  • Convenience Stores
  • Nail Salons
  • and so many more....
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    How fast can you close the deal?
    Funds can typically be wired within ten (10) business days, though it typically takes less time than this. The key is the timely submission of limited, requested documentation.
    Is there an application fee?
    Absolutely not. We offer a no cost / no obligation quote along with $0 in up-front fees for 'out-of-pocket' expenses such as credit reports, overnight mailings, etc.
    What are the minimum requirements that have to be met?
      Business has accepted Credit Cards for at least 12 months
      Monthly Credit Card volume is 15+ transactions and $5,000+ in sales
      All prior bankruptcies (if any) have been resolved for 12+ months
      At least one (1) year remains on the current retail lease (if property not owned)
    Are there usage restrictions on the advance?
    None whatsoever! While this statement is 100% true, we do suggest using the money wisely on such things as: expansion, renovations, partnership buyouts, opening new locations, purchasing inventory, and increasing business marketing, and other revenue generating activities.
    Does the merchant have to change credit card processors?
    Fortunately, yes!  We are able to offer the increased the benefit of reduced processing fees to 99% of our merchants, all while providing superior service.  The change-over process is a simple one and in 90% of cases the current credit card terminals can simply be reprogrammed in a matter of minutes.
    What documents are needed to close a deal?
    The list of docs/stips is relatively minimal and typically inclusive of:
    • GMC BCA Submission Form

    • 12 Months Credit Card Statements

    • Most Recent Bank Statement (optional)

    • Voided Business Check

    		       
  • Merchant Photo ID

  • Merchant Business License

  • Copy of Lease / Deed

  • Broker Completed W-9

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    What if there is already an existing business advance in place?
    Luckily we're able to offer larger advances than most others and should be able to, as long as the merchant meets certain guidelines and thresholds, payoff the existing advance and/or outlay additional dollars.
    What about poor credit scores?
    Adverse credit histories may affect the likelihood of receiving an approval. One must remember that this program has no personal guarantees, no liens, & no collateral and therefore we have to consider the likelihood of poor personal payment history threatening the future viability of the business. We've seen that ~525 scores and below present the most challenges, though a letter of explanation can go a long way to helping us better understand the situation.
    Is it difficult to renew?
    Not at all, it's even easier the 2nd, 3rd, and subsequent times around.  In fact, our customers are so happy with us that 75% of them come back for a 2nd time!  Once the remaining balance hits 20% or less we can look to advance additional dollars, typically in only a few days.
    What if I have more questions?
    Our extremely knowledgeable experts are more than happy to help walk you through any additional questions you may have. Simply call (954) 332-3567 x202 for any further questions you may have. You can also participate in our Online Training session (details below).
    I want to start submitting deals today!  How do I do it!?!
    We've made the submission process extremely painless.  Simply head to our online submission form and input the requested information.  One of our experts will then be in touch shortly with your next steps.
    I have a ton of interested parties, can you help me market to them?
    You're in luck! We've created a marketing flyer for you to help increase your Business Cash Advance business. Simply download a copy of this flyer (right-click, then Save Target As), personalize it, and pass it out however you best see fit. Now get out there and let's close some deals!

    Start Submitting Deals Now



    Check Out Our Business Cash Advance Online Training!
    If you want to educate yourself and better position yourself to sell this product,
    we highly recommend you take the time to participate in our training session!!

    Launch the BCA Training NOW!