Merchant Cash Advance FAQs
Have questions? We have answers on everything you need to know about this flexible way to get real working capital for your business.
What is a Merchant Cash Advance?
Merchant Cash Advance (MCA) is a working capital solution for businesses that process credit and debit card sales. It’s not a loan but a very flexible way to get the funds your business needs for inventory, renovations, equipment, marketing, and more.
Which businesses qualify for a Merchant Cash Advance?
Many businesses in many industries can qualify; one main requirement is that the business processes debit and credit card sales. Businesses that often benefit from an MCA include online sellers, restaurants, retail, bars & clubs, automotive service stations, spas & salons, florists, and medical or dental offices.
How much can my business get with a Merchant Cash Advance?
It varies based on the situation, but funding amounts usually range from $5000 -$150,000 per location.
How long does the pre-qualification process take?
The pre-qualification process can take 5 minutes, with funds in your account in as few as 5 business days. But, in some cases, it can be as quick as 72 hours.
What is the interest rate?
Since an MCA isn’t a loan, it doesn’t have an interest rate.
How does AdvanceMe get the credit and debit card receipts it buys?
As part of an MCA transaction, your business directs its card processor to send AdvanceMe a fixed percentage of the business’ credit card receipts when its card sales are “settled”. AdvanceMe gets the same percentage whether your card sales are large or small. This way, the dollar amount remitted to AdvanceMe rises and falls with your card sales. It’s why we sometimes say “AdvanceMe gets ‘paid’ when you get ‘paid’”.
Will you review my personal credit history?
The credit history of the business owner will be reviewed as part of our qualification process. It’s important to know that an MCA isn’t based on FICO, so a business owner’s damaged credit history isn’t an automatic disqualifier for the business.
Do I need personal collateral?
The good news is no personal collateral is required to receive an MCA.
Will my business have to change card processors?
This depends on whom your business currently has as a provider. Because an MCA is made possible through credit card processing, AdvanceMe needs to have an established relationship with your card processor before we can give your business the working capital it needs.
I have account questions. Who do I contact?
Our Customer Service Department at 1 888-700-8181 (prompt 4) is ready to provide all the answers you need. Just call anytime Monday-Friday from 8 am-5: 30 pm EST and have your Customer ID ready. Or, if you prefer you can email the Customer Service department.
I forgot my password. What do I do?
Simply contact our Customer Service Department: Monday-Friday, 8 am -5:30 pm EST at 1 888-700-8181. Please have your Customer ID ready. Or just email the Customer Service department.