FAQ's

Q: What can a merchant cash advance do for my business?

• We offer you a way to improve the future of your business by accessing cash now. It's not a bank loan, so you're more likely to be approved, and your cash becomes available to you quickly.

Q: How can I use the cash?

• Use the cash any way you see fit. Customers typically use the cash to support or upgrade their business in some way. Maybe you need repairs or inventory. Maybe you would like to expand your present location or simply add a new location. Better still, maybe you'd like to seize an opportunity in your marketplace before a competitor does.

Q: How does the program work?

• Once approved, the capital is deposited directly into your bank account. Payback of the advance is made through an automated deduction of an agreed upon percentage of your net settled credit card batch until the purchase price is satisfied.

Q: Will I qualify?

• If you've been in business for over a year and process at least $3,500 in credit card sales each month, you are well on your way to approval.

Q: How long will I have to wait to find out if I have been approved for my merchant cash advance?

• Pre-approval is usually obtained within 24 - 48 hours. Funding can take as little as two business days depending on the amount of the transaction and the time it takes to get the necessary documents required to fund.

Q: How much can I qualify for?

• Your monthly credit card volume will qualify you for $3,500 to $250,000 per location. The amount of receipts purchased is determined by your average Visa/MasterCard processing volume over a three month period.

Q: How soon can I have the cash?

• After a complete contract is approved and executed, funding will occur as soon as your merchant processing account is converted and our merchant cash advance company sees two days of net settlement.

Q: Do I have to switch credit card processors and will I receive the same low rates as my current credit card processor?

• To be eligible for a cash advance, you must utilize Newtek for your processing. Newtek is a full service merchant credit card processor. We will work with you to meet or beat your current credit card processing agreement. A Newtek representative will conduct a processing analysis and present you with proposed credit card processing rates. For More information…

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