Cash Advance Brought to you by RapidAdvance
The Smart Choice for Immediate Working CapitalStart a 3-Minute Application.
What It Is
It is a cash advance against future sales. It is not a loan:
RapidAdvance offers capital when traditional lending institutions may not. The amount of the advance is based on the merchant's average monthly credit card volume. Merchants receive immediate working capital for their business within 5-7 and requires minimal paperwork.
No fixed time or schedule of repayment.
No personal guarantees for repayment
No points or upfront fees
No fixed monthly payments
No coupons or checks to write
No impact on their ability to qualify for other financing
No business use restrictions on the funding
No fixed interest. Instead, an agreed upon, fixed percentage is deducted from the merchant's daily credit card batch. Therefore, the merchant is always paying a part of what he or she is earning. When the store or restaurant's volume is down, the amount deducted is less.
Basically, RapidAdvance "purchases" a portion of the merchant's future sales at an agreed-upon discount.
It is almost like saying, "We believe your business will grow. Therefore, we will advance you a percentage of that growth, and recoup it by taking back this percentage from your daily Visa/MasterCard transactions. We do not touch any other part of your cash flow - only credit card transactions."
Who Should Apply?
The cash advance is an ideal funding solution for small to mid-size restaurants or retailers who need cash to:
Meet payroll
Expand inventory
Improve facilities
Advertise
Pay taxes
Open a new location
Pay operating expenses
Get through a slow period
Q&A
Q. How does RapidAdvance work?A. RapidAdvance puts cash in merchants hands quickly by giving an advance on their business' future credit card sales. Funds are deposited directly into their account electronically, and repayments are flexible. Once approved, they'll have access to
cash within 7 business days. That's rapid!
Q. How do I qualify for RapidAdvance financing?
A. Qualifying requirements are minimal. Merchants just need to show that:
1. They've been in business for at least one year.
2. There business accepts credit card payments, and has at least $2,500 a month in Visa and MasterCard sales.
3. They meet basic underwriting requirements.
Q. What if they already have a business loan?
A. The product is an advance, not a loan. As long as they meet the RapidAdvance requirements, they can be provided with immediate cash, without affecting other obligations.
Q. Does RapidAdvance look at personal credit history, and will it affect their credit report?
A. RapidAdvance's business-friendly scoring method includes a review of personal credit, but it does not require personal guarantees, and will not affect their credit report.
Q. What is the cash advance amount limit?
A. Every business is unique. RapidAdvance will determine an amount limit based on their average monthly credit card sales. There are no requirements for minimum transaction volumes. We generally fund from $2,500 to $150,000.
Q. How are payments determined, and what is the finance rate charged for this service?
A. The best thing about RapidAdvance cash advance is that there are no fixed payments. The money a merchant receives is an advance against their estimated future monthly sales. There is no finance charge. They simply take a previously agreed upon percentage of their future sales until the account with RapidAdvance is settled. It's that simple.
Q. How do merchants keep track of payments?
A. They'll receive a monthly statement. In addition, with a member password soon they will be able to log onto a website to view payment history, track daily transactions and see remaining unpaid balance.
