Cash Advance Program
We provide Business Cash Advances throughout the United States to our customers through accounts receivable financing, utilizing a merchant's cash stream from credit card sales as a means of automated repayment.
Get Started:
- Send in an application with required supporting documents
- Approval in 24 hours
- Cash wired to your bank account 5 business days from the time BFS receives the signed contracts.
Program Qualifications:
- Must own business at least 9 months
- $5,000 minimum in credit cards sales per month
- In good standing with landlord with 1+ year lease
- $10,000 minimum in gross sales per month
- Most business types accepted
The BUSINESS CASH ADVANCE PROGRAM is a type of financing, called receivables factoring. This type of funding allows business owners to sell their future receivables at a discount so that they can use a lump sum of the money deposited into the business account for working capital, equipment purchases, advertising, renovations, expansion and more.
BUSINESSES CAN:
- Qualify for $3,000 to $300,000
- Receive funding in as little as 10-days
- Use credit card transactions to pay off the Business Cash Advance. This is not a business loan, but an advance.
- Raise the business' credit score
- Enjoy no upfront fees, no closing costs, no equity loss
QUESTIONS AND ANSWERS
What is a BUSINESS CASH ADVANCE?
A business cash advance provides small business owners with access to needed capital. BFS advances money by purchasing a pre-determined amount of the business sales volume sold through a credit card merchant account.
How long will I have to wait to find out if the Business Cash Advance has been approved?
Approval is usually obtained within 24 hours once required documents are sent to underwriting. Funding usually takes 1-3 weeks, from the date an application is submitted.
How much can a business qualify for?
Businesses can qualify for $3,000 to $300,000.
How does BFS determine the size of the Business Cash Advance?
The amount of receipts purchased is determined by the average credit card volume over a 180 day period. We encourage submission of any documentation (bank statements, sales tax receipts) that supports total sales volume in order to be approved for the highest amount possible. We will approve your business for the largest amount possible based upon the documentation provided.
How does a business repay the Business Cash Advance?
BFS collects a small percentage of each credit card transaction through a preferred processing bank.
Does the business receive the same low rates as their existing credit card processing account?
Yes, we will match current processing rates.
What are the requirements for a business to qualify?
- Restaurant, Retail or Service Business
- At least 9 months in business
- Accept credit cards as a form of payment
- Provide processing statements for the previous 6 months of at least $5,000 per month in credit card sales, $2,500 franchises
- Provide 1-2 months of bank statements with consistent balances for higher approval amounts
- Acceptable personal and business credit (may have as low as 500 personal credit)
- Has no open tax liens, judgments or bankruptcies
- Is in good standing with landlord with at least one year remaining on lease
- Special funding programs are available for newer businesses and internet businesses. Call for information.
The Fee?
The fee can range from 1.25 to 1.45 and is based upon: underwriting guidelines, length of time in business, length of lease, monthly credit card volume, average monthly sales volume and past business history.
What are the other benefits?
- The program is simple!
- Funding can occur in as little as 10 days
- Easy payback terms and conditions
- Can include all fees in cost of goods
- Available funding for opportunistic buys
- Tax deductible
- Improves cash flow
- Builds business credit
- Increases "open to buy" for retailers
- No need to mark down inventory to raise cash for new inventory
- May receive additional funding for other purposes upon request
- No set term
The majority of applications are approved within 24 hours!
Call now for more information, or fill out the form below to apply now: