— What is the difference between a cash advance and a traditional bank loan?
A cash advance is based on your small business’ projected sales revenue and income, rather than a credit score alone. Unlike traditional business loans from a bank, cash advances are approved quickly and without excess paperwork. Our cash advances are unsecured, and do not require collateral.
— Are there any application fees?
No, there are no fees or charges to receive a cash advance.
— How much money can I get?
The amount of your cash advance depends on your historical monthly credit card sales volume. Each merchant will have his or own custom tailored cash advance program.
— How long until I receive my cash advance?
The process takes 7-10 days from when you submit your completed application.
— Can I pay off my cash advance early?
Yes, you can repay your cash advance entirely, or make a larger payment at any time without any penalty or fee.
— Does a cash advance affect my credit score?
A cash advance does not show up on your credit report and does not affect your credit score.
— Do you check my credit?
We do a soft credit check to ensure you are not currently in bankruptcy, which is a very small part of the approval process.
— Can I renew my cash advance?
Yes. In fact, if your credit card sales volume increases, you may be eligible for a larger cash advance amount, in addition to renewing your existing cash advance.
— Do I need to change my merchant processor?
You may need to change to a merchant processor that has a relationship with American Merchant Capital Group. However, if your current processor is compatible you may not need to change. This is the revolutionary way in which the merchant fulfills their cash advance obligation.
— Are there fees associated with changing merchant processors?
There are no fees associated with changing merchant processors when your advance is funded. Our merchant processors will meet or beat your current credit card processing rate.
— What if I do not accept credit cards?
If you do not currently accept credit cards, we have hassle-free technology available at wholesale prices. If you are not interested in accepting credit cards at all, we have alternate cash advance programs which do not require merchant processing.