Franklin Merchant Capital will transfer a lump sum of cash into your company’s checking account in exchange for a percentage of your future credit card sales until the total amount is paid back. And since your loans are simply paid through your company’s credit card sales, there is no principal or interest rate.
What is Receivable Financing (Factoring)?
Factoring (also called receivable financing) is for merchants that receive money via 30-90 day invoices. Factoring allows them to get their money within a day, or sometimes the same day, an invoice is generated. usually they can receive 70-80% of the invoice value immediately, and the balance — less a factoring fee — ithin days of final cutomer payment. This type of financing is typically perfect for trucking, construction, and other service-realated companies.
What Are The Advantages Of A Merchant Cash Advance?
Your business can receive funds within several days of submitting an application. This program allows much flexibility in managing cash flow as the loan is only paid back through your credit card transactions. Since the payments are directly tied to your company’s sales, you don’t need to worry about making payments or missing deadlines.
What Can A Merchant Cash Advance Be Used For?
There are no restrictions on what you can spend your loans on. As a business owner, you know exactly what the strengths and weaknesses of your company are. You can fund a variety of business purposes including paying taxes, advertising, remodeling, expansion, maintaining payroll and more.
How can I use the money from a Merchant Cash Advance?
Merchant Cash Advances from Franklin Merchant Capital can be used for any business related expenses, including but not limited to:
Regular and/or On-Going Operations: paying employees, travel, training, and research and development
Business Assets: equipment, inventory, paying vendors, vehicles and technology
Cost Management: seasonal downturns, renovations, business improvements, mergers, acquisitions and business opportunities for expansion or growth.
How Much Funding Can I Get?
Each business is different and thus requires different terms and conditions. The amount of funding you receive is primarily determined based upon your monthly credit card sales. For more information, contact Franklin Merchant Capital today to speak with one of our small business loan experts.
How Is The Loan Paid Back?
The credit card company will automatically forward us the agreed upon percentage of credit card sales. The percentage is forwarded with each credit card transaction until the entire amount due is collected. This saves you from worrying about making payments and missing deadlines so you can focus on running your business.
Who Qualifies For Merchant Cash Advances?
Merchant cash advances are offered to business in a variety of different industries. Typically, customers who choose equipment leasing are small and medium-sized business owners and have been in business for at least one year, have not filed for bankruptcy and have no large tax liens.
Do I Need Perfect Credit To Get Approved?
Business owners who do not have a perfect credit rating or collateral to offer are still able to get approved and receive funding. Because merchant cash advances are dependent on future credit card sales, personal credit history is not considered as much as when applying for a small business loans from banks.
How Do I Apply?
Franklin Merchant Capital’s application process is quick and simple. Our online application is just one page and you need only several minutes of your day to complete and submit it. After you are approved, one of our professionals will be in touch with you to discuss exactly what your business needs most and provide you with the best business cash advance solution.