How do I qualify? You qualify
if…
- You own a business that
already accepts credit cards
(Visa, Mastercard, Amex, Diner's
Club) as a form of payment.
- Your business processes a
minimum of $1,500 dollars a
month in credit card sales.
- You can provide recent
credit card statements and bank
statements (3 months if business
is not seasonal and 12 months if
business is seasonal).
- You have been in business at
least 1 year.
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How easy is it to get approved
by Online Merchant Advance?
It is a lot easier and faster
than a typical bank loan.
We understand the reality and the
hardship of owning and operating a
small to medium size business. The
majority of our Executive Funding
Specialists have also owned and
operated their own small to medium
size businesses and understand how
quickly you need capital, so our
efforts to get you business funding
is a top priority. Just as long as
you own a business for at least 1
year and already accept credit card
payments, you have made the process
that much easier!
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How can I speed up my cash
advance approval?
Please make sure to immediately
submit any information you might
have omitted from the 1-page
application and quickly fax your
Visa/MasterCard processing
statements and bank statements to
your Funding Specialist. Also,
provide all documentation explaining
any items that may create a
questionable credit report and
fax it to: 305-675-5935,
Attention: Sales.
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How do I get started?
Call Toll-Free today at
1-877-266-1033 and a Funding
Specialist will walk you through the
application process and help to
answer all your questions.
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How does the program work?
You can be advanced as little as
$1,500 up to $1,000,000 based on
your current credit card sales
receipts. A small agreed upon
percentage is then deducted from
your ongoing/future Visa and
MasterCard receipts for payback.
There are no fixed payments and
there is no fixed term time frame.
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How much will an unsecured cash
advance cost?
Pricing is based on the size of
the cash advance, the estimated time
of distribution, and various other
integral details of the cash advance
program. This is explained at length
in the Cash Advance Approval sheet.
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Will bad credit affect my
unsecured cash advance request?
It is not necessary for you to
have good credit in order to receive
an unsecured cash advance. A poor
credit rating, including
delinquencies, will not normally
influence an unsecured cash advance.
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How fast can I get an unsecured
cash advance?
In as fast as 72 hours! However,
if relevant documents are missing or
are difficult to obtain, the process
can take as long as two weeks or
more.
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How much of an unsecured cash
advance can I receive?
$1,500 up to $1,000,000
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How
will I pay back the unsecured cash
advance?
On a formula calculated based on
your cash flow projections. We
partner with you to determine your
optimal payment.
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Is
this a loan? No. This
is not a loan.
It is a purchase of future credit
card receivables.
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When
I have repaid my first cash advance,
how easy is it to apply again?
If you have experienced no change
in financial status you will be
approved automatically.
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How
complicated is the paperwork?
The paperwork that you will need
to fill out is quite simple and
takes no more than ten or fifteen
minutes to complete. We have Funding
Specialists on hand in our call
center to help you through the
entire process.
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I am
already with another financing
company providing similar financing.
Does that mean I will get approved
by Online Merchant Advance?
Our credit underwriting standard
is slightly higher than that of
similar companies; however,
approximately 95% of our
competitors' customers who applied
for our funding have been accepted.
The only sure way to find out is by
submitting an application.
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Can I
receive financing from Online
Merchant Advance while the financing from
another company is still
outstanding?
Yes, but we must pay off any
outstanding cash advances out of our
first advance to you. (You receive
all remaining proceeds). Depending
on the particular finance company
involved, there may be an exception
to this policy, but most other
credit card receivable companies
will have to be paid off out of the
first advance.
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I
have high enough overall sales, but
my VISA/MC volume is very low. Is
there any way I could receive
funding?
Yes. The minimum requirement for
qualification of the unsecured cash
advance program is $1,500 of your
monthly VISA/MC transactions. We
custom tailor our products to suit
our customers' needs all the time.
Just call and ask!
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Can
the unsecured cash advance be
renewed?
When the advance balance is down
to approximately 20% of the original
balance, the borrower can request
for more money. As a matter of fact,
most of our customers opt to do just
that. The owner of the business can
request a renewal by phone, fax, or
e-mail. Renewals are usually funded
in less than 24 hours of being
requested.
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Do I
have to switch my current credit
card processor?
Yes. You must switch to our
affiliated processors to receive
funding. Our affiliated credit card
processing companies will meet or
beat your current credit card
processing cost structure. The
bottom line is that you're not going
to lose money for having to switch.
(Most likely, you will be saving
money by switching)
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Do I
have to get a new credit card
terminal?
Not usually. All you have to do
is re-program your terminal, which
takes only 10 minutes and it can be
done over the phone. Our credit card
processor will call you to give
step-by-step instructions.
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What
if I am not happy with Online
Merchant Advance's affiliated credit card
processor?
We will try to resolve any issues
right away for you. If not, we will
switch you to one of our other
processors. But staying with one of
our processors is mandatory.
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Who
should I call right now with
questions?
Call a Funding Specialist at
1-877-266-1033
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