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When you receive merchant funding, you get a lump sum advance, and in turn remit a percentage of your business's credit card transactions. Therefore, the remittance is tailored to the flow of your business’s sales.
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At Merchants Advanced Network, we never restrict how you use your merchant funding. While your business may benefit from financing for new equipment, another business may need it for payroll. We provide the merchant funding, you decide how to use it best.
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From completing your application to receiving merchant funding, we’ll be there to assist you. If you have any questions, our Customer Support team is available to help. We're dedicated to helping your business succeed!
How to Consolidate Your Business's Advances
Applying is Simple
We require a one-page application and three months of credit card statements. Once submitted, you'll receive your approval status within 24 hours.
Quickly receive your Approval
Merchant funding is the purchase of your business’s future credit card receivables. After your application is approved, we supply the business financing, which comes with no set terms.
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Once you receive your merchant cash advance, the remittance is a percentage of your credit card transactions. So, the amount of sales you make will determine the length of time it will take you to satisfy your obligation.
Everything You Need to Know About Consolidating Your Advances:
This financing option is a great fit for businesses that process a high volume of credit card transactions
Whether you’re looking to have cash for slow seasons, or want to seize a new opportunity, we’re committed to assisting your business. Apply for a merchant cash advance, and watch your business grow!
What is a Merchant Cash Advance, And How Does It Work?
At Merchants Advance Network, we’re passionate about helping small business owners like you succeed. That’s why we provide merchant cash advances!
Unlike a term loan, 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’s a holdback percentage. This is a set percentage that is withheld from your credit card transactions until you satisfy your obligation. That way, a certain percentage of the sales from your bank account will be used for remittance, 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. 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
To get started, we’ll ask you to complete our one-page application, submit three months of credit card statements, and three months of bank statements. On occasion, we may ask for tax returns, a balance sheet, or a P&L.
If you’re trying to receive a cash advance as quick as possible, we suggest compiling these documents prior to applying.
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. 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 remit your merchant cash advance. If satisfying your obligation will be too difficult, we don’t want to put the future of your business at risk.
In addition, any business we work with can’t 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, then 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’ll be able to provide you with further direction!