Business Financial Services has been an industry leader since the beginnings of the Business Cash Advance concept. Over the years, we have come across several questions about the innner workings of our industry. I wanted to take a moment to answer some of our most common questions.
1) What is a Business Cash Advance?
A Business Cash Advance provides small business owners with the ability to raise needed capital. Funds are advanced by purchasing a pre-determined amount of your business's sales volume sold through your credit card merchant account.
2) How long has this program been around?
Business Cash Advances or "receivables financing" as it is referred to in the banking industry, has been available to business owners since the 1950's. It wasn't until a few years ago that retailers, restaurant owners and service businesses could take full advantage of this type of funding.
3) Will I receive the same low rates as my existing credit card processing account?
Yes. Business Financial Services will match your current processing rate. In some cases after evaluating your current statements we may be able to reduce them.
4) How long will I have to wait to find out if I have been approved for my business cash advance?
Pre-approval is usually obtained within 24 hours. Funding usually takes 1-3 weeks depending on the amount of the transaction and the time it takes to get the necessary documents required to fund.
5) How much can I qualify for?
Your average credit card volume can qualify you for $3,000 to $300,000.
6) How do you determine the size of the business cash advance I qualify for?
The amount of receipts purchased is determined by your average credit card volume over a 90-120 day period.
7) How do I apply for a business cash advance?
There are several ways you can apply for a business cash advance. The easiest way is to fill out our Quick Cash Approval Application. You can also call our toll free number 866-411-4006 and speak with a Funding Advisor.
8) How do I repay my business cash advance?
Business Financial Services collects a small percentage of each credit card transaction through one of our processing banks.
9) Can I use my existing credit card processing account?
Perhaps, we require that you use one of our approved processors who are certified to administer our program. Many of the Nation's leading credit card processors work with our program. If you are already serviced by one of them, no switch will be necessary.
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