Frequently Asked Questions about Merchant Cash Advances
Merchant Cash Advances are a smart way to get working capital for many small and medium-sized businesses. Thousands of small businesses have used AMI’s Merchant Cash Advances to obtain the working capital needed to stabilize, grow, and take advantage of opportunities.
What is a Merchant Cash Advance?
| A Merchant Cash Advance is a funding product for small and medium-sized businesses that process credit card sales. Learn more about how it works. A Merchant Cash Advance allows businesses to access working capital that can be used for any business need. |
Which businesses qualify for a Merchant Cash Advance?
| It could be almost any business in almost any industry. The main requirement of a Merchant Cash Advance applicant is that it is a business that processes credit card sales. Common types of business that might use a Merchant Cash Advance include (but are not limited to): restaurants, retail establishments, bars and nightclubs, automotive service stations, spas and salons, florists, and medical or dental offices. |
How much can my business get with a Merchant Cash Advance?
| It varies for every deal, but a Merchant Cash Advance funding amount usually ranges from $5,000-150,000 per location. It could be more than $150,000 for multiple locations, but is rarely less than $5,000. |
How long does the approval process take?
| In most cases, the Merchant Cash Advance approval process takes between 7-10 business days. However, in some cases, it can be as quick as 72 hours! |
What is the interest rate?
| A Merchant Cash Advance is not a loan and does not have an interest rate. |
Will you review the owner’s credit history?
| The credit history of the business owner will be reviewed as part of our qualification process. However, it is important to note that a Merchant Cash Advance is not a FICO-based solution, so a business owner’s damaged credit history is not an automatic disqualifier for the business. |
Does the business owner need personal collateral for a Merchant Cash Advance?
| No. There is no personal collateral required for a business to receive a Merchant Cash Advance. |
Will the business need to change processors for a Merchant Cash Advance?
| This depends on who your business currently uses as a processor. Because a Merchant Cash Advance is facilitated through credit card processing, as a provider, we need to have an established relationship with our customer’s credit sales processors. If you find you do need to switch processors, we will be happy to work with you so you can take advantage of some of the best deals and most competitive rates. |
Who would I call with questions about my account?
| You can call us anytime at 215-732-1211 Monday to Friday 9:00 A.M. to 5:00 P.M. EST or email us your questions about your account or setting up a merchant account. Click here to start the application and one of our sales representatives will give you a call. |
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