FAQs
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How does the program work?
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How soon can I get my small business loan alternative?
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How much financing can my business receive?
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What can I use the funds for?
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Do you need to look at my personal credit?
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Do I need to change credit card processors?
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What is the interest rate that we are being charged?
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What is the amount I repay weekly?
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Can I repay this earlier?
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What if I want more funds?
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What if I have bad credit?
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Do I need a co-signer?
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What if my business is closed for a week on vacation
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My Bank charges me for deposits?
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Do I need to provide financials?
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When is this due?
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How does this compare to what my bank is offering me?
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What is Factoring?
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What is Accounts Receivables/Receivables (A/R)?
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How do I get started?
After a quick and simple application process, you will receive a Merchant Card Advance based on your business’ future Debit and Credit Card Sales. It is important to remember that it’s not a bank loan. There are no loan payment books and the program is much more flexible and tailored to your SME’s needs.
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2. How soon can I get my Canadian Merchant Card Advance?
Once approved, you’ll have your funds deposited directly into your bank account within 72 hours. We make same day decisions on all applications.
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3. How much financing can my business receive?
The amount you can receive is based upon an average of your monthly Visa, MasterCard, Amex and Debit Card Sales. Our business financing range from $1,000 to $150,000 per location.
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4. What can I use the funds for?
The cash is viewed as working capital and can be used for any of your business needs, the decision is yours. Many of our customers use their advances towards: expansion, remodeling, inventory, payroll, advertising, and last minute business emergencies. Whatever your business needs at the time to prosper and grow.
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5. Do you need to look at my personal credit?
For most SMEs, it is important to look at their personal credit when evaluating the business for a Merchant Cash Advance. However, we base our decisions on many factors, including your payment history with your current processor, your monthly transaction volume and your cash flow. We understand that it is difficult in Canada to obtain business financing and we want to help your business!
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6. Do I need to change credit card processors?
In order to receive a Merchant Funding with AdvanceIt you have to be processing your transactions with an affiliated payment processing company. After looking over your processing statements we will refer you to a payment processing company that will offer you the best rates. Therefore, you will not only be receiving working capital for your business but lowering your merchant processing fees at the same time.
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7. What is the interest rate that we are being charged?
This is not a loan therefore there is no interest rate. We are purchasing your future credit and debit cards at a discount and you are repaying us over-time it is most similar to factoring receivables.
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8. What is the amount I repay weekly?
There is no fixed amount to be repaid. The same percentage of gross debit and credit card sales is applied every day. This way your repayment is adjusted to your business’ cash flow. You will not have to worry about making large payments when your business is slow. (Paying the mortgage in February is a good example)
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You may repay the entire amount back at anytime with no penalty.
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10. What if I want more funds?
You are always eligible for more funds so long as your account is in good standing. Traditionally, merchants are eligible for more funds once 50% - 60% of the advance is repaid.
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11. What if I have bad credit?
We do not restrict our product to A and B credit grades. Many of our customers are re-establishing credit or do not have strong credit scores, however as there is no collateral or financial statements required we do not discriminate in the same way as traditional financial institutions.
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No
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13. What if my business is closed for a week on vacation?
If there are no transactions going through the terminal then no repayments are made. It will take longer to repay the advance.
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14. My Bank charges me for deposits?
See if you can negotiate your bank fees with your FI. Many banks have options for high number of transactions. This is a program that works on daily withdrawals.
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15. Do I need to provide financials?
No
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There is no specified due date as this is not a loan. The advance is repaid when the total of the daily withdrawals is equal.
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17. How does this compare to what my bank is offering me?
Your bank only offers traditional loans and lines of credit which have fixed repayment amounts and due dates.
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Factoring is often used synonymously with accounts receivable financing. Factoring is a form of commercial finance whereby a business sells its accounts receivable (in the form of invoices) at a discount. Effectively, the business is no longer dependent on the conversion of accounts receivable to cash from the actual payment from their customers, which takes place on typical 30 to 90 day terms. Businesses benefit from the acceleration of cash flow by obtaining cash from the factor equal to the face value of the sold accounts receivable, less a factor's fee.
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19. What is Accounts Receivables/Receivables (A/R)?
Accounts receivable is a transaction dealing with the billing of customers who owe money to a person, company or organization for goods and services that have been provided to the customer. An example of this would be daily credit and debit card sales.
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Simply click below to complete a simple online application or call us. You’re about a week away from having extra on hand cash flow for all your business needs. It takes money to make money, so get started now!
APPLY NOW FOR BUSINESS FINANCING NOW
