Best Merchant Cash Advance with Same Day Funding – How It Works

From time to time, every business owner finds themselves in need of capital. But, when your bank refuses to even consider your request, where do you go to get it? For companies that accept credit cards as payment, there is a solution, a Merchant Cash Advance (MCA). Turn tomorrow’s credit card sales for funding today. Getting money for your company is now easier, safer, and quicker than ever before. We get paid when you get paid, so spend it how you want. Thanks to AMP Advance’s merchant cash advances, this is flexible financing on your terms.

Can I get Merchant Cash Advance with Same Day Funding?

The short answer is YES! Merchant Cash Advances (MCA) were created to streamline the funding process using your business revenues as qualifications. Don’t worry, you can still qualify even if you don’t accept credit cards as payments. Getting a merchant cash advance with same day funding is an easy process – start by filling out a quick online application form and uploading your bank and credit card processing statements (if applicable)!

Sectors Benefited By MCA Funding

Since MCAs are flexible, easy to get, do not require a high credit score, and also don’t require any additional collateral makes this a popular choice among small business owners. Any business can benefit from an MCA, but there are some industries like salons, auto repair shops or retail clothing stores where MCAs may be a better choice compared to other forms of small business funding. Essentially, if you can show consistent revenue in your business bank statements, then you can likely qualify.

Get funded faster than at your bank

For business owners who need a little cash flow boost but don’t want to go through the hassle of a traditional bank loan, a merchant cash advance is a great option. This option requires minimal documents, isn’t heavily contingent on your personal credit and funds fast. These advance are available to businesses of all sizes, and most small businesses and entrepreneurs easily qualify for them.

Different types of merchant cash advance

Today, there are a number of different merchant cash advances available to small business owners, especially if you don’t accept credit cards. Depending on your needs and bank account, you can get approved for a MCA even if you have poor credit score or no collateral.

Repayment terms typically range from three to 24 months, but some providers may offer longer terms. There are two ways you can repay a cash advance:

Split percentage. You’ll commit to pay a share of your daily income from debit and credit card transactions. This payment amount will change depending on your sales every day and collection will come directly from your processor, so no need to worry about a fixed payment coming from your bank account. For instance, if the agreed split is 10% of sales, then for every $100 processed, $10 will go to the MCA provider and net proceeds to your bank account.

Fixed withdrawals. If you don’t accept credit / debit card sales, you may allow the provider to withdraw funds directly from your bank account via ACH on a daily or weekly basis. Payments are contingent on your monthly income as deposited into your business bank account.

How Do I Apply For An MCA Cash Advance?

You can apply online or over the phone, and the process is easy and fast. There’s no need to fax any paperwork, so you can get your merchant cash advance as soon as possible.

Will My Credit Score Affect My Ability To Get An MCA Cash Advance?

Since MCAs focus on revenue, credit is not a deciding factor which is great for credit challenged business owners. Even better, AMP Advance does not pull a hard inquiry to review your application. So there is no risk to apply.

What are the Fees and Terms of an MCA Cash Advance?

Merchant cash advances charge a factor rate, which is normally between 1.15 and 1.49, rather than an interest rate like a traditional loan. The amount you’ll eventually pay is determined by this rate. For example, if you were approved for $10,000 with a factor rate of 1.2x, you’d multiply the two numbers to get a total repayment of $12,000. Fees vary from funder to funder so make sure to ask this when you receive your approval.

Frequently Asked Questions

How much can I borrow with a merchant cash advance?

Overall, a merchant cash advance ranges from $5,000 to $350,000. However, this amount will vary based on your business’ monthly income and ability to repay the funds.

How do I know if a merchant cash advance is right for me?

Small businesses with debit and credit card sales as their primary income have traditionally been able to qualify for merchant cash advances. Now, however, anyone can get one almost anywhere even if you don’t accept debit or credit cards. In general, merchant cash advances are designed for small businesses who need to raise a lump sum of money fast, with minimal paperwork and without using collateral. Most funders will work with you to come up with a repayment plan that works best for both you and your business.

What are the requirements to get approved for a merchant cash advance?

In order to be approved for a merchant cash advance, generally you must be in business at least three (3) months, have a business checking account and have sufficient revenues to cover the advance. Revenue requirements vary from funder to funder but with AMP Advance the minimum revenue is just $10,000 per month.

How quickly can I receive my merchant cash advance?

You can typically receive your merchant cash advance from an approved funder within a few hours after approval.

Conclusion

Looking for a fast and easy way to get cash flow for your business? Look no further than AMP Advance, we can get you a Merchant Cash Advance with Same Day Funding – a quick and easy solution for funding your business needs. Simply fill out our application form and our team of experts will process your application and get you cash flow as soon as possible. Don’t wait any longer – get started today and fund your business with the same day funding!

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