Do I qualify? |
You pre-qualify for a loan from ExpressMerchantCash
if:
- You have owned your business for at least 4 months
- You have at least $3,000 in monthly Visa/MasterCard sales
- You must be current with your landlord (we do perform a landlord
verification call)
- You can not have any open bankruptcies in the last 18 months
- You must have a merchant account processing Visa and Mastercard for
at least 120 days
|
|
What if I don’t
qualify? |
You may still have options through
ExpressMerchantCash. We partner with a network of lenders who specialize
in various types of loans. If we can’t help you, we may have a partner
who can.
|
|
How do I apply? |
Click here to fill out our 3-minute
application or make call 1-888-678-7646.
|
|
How much am I
eligible to borrow? |
The amount you can borrow will depend on a number
of factors including your Visa/MasterCard sales volume, your type of business,
and how long you’ve been in business. Once we receive your initial loan
application we will give you a full quote taking these factors into account.
The maximum we typically can lend is about 2.5 x your monthly Visa/MasterCard
sales average.
|
|
What is the length
of the loan? |
The length of the loan can vary from 6 to 36
months.
|
|
Is there an application
fee? |
No. The application is quick, easy, and
absolutely free.
|
|
How does the
application work? |
Pre-qualified applicants can get approved in
as little as 48 hours.
To get started, simply fill out the simple 3-minute application
or call us at 1-888-678-7646 and fax in your last 6 months
of merchant account statements to 866-279-5472.
Once we receive your merchant account statements, we’ll give you a full loan
quote and a quote for your merchant account rates.
|
|
How does the
loan work? |
ExpressMerchantCash sets up your merchant account
and thoroughly tests it to make sure it’s working properly. Then we
fund the loan on the same day via ACH to your specified bank account.
|
|
How does the
payback work? |
When you batch your Visa/MasterCard sales, ExpressMerchantCash
is paid a percentage based on the loan agreement. You never write a
check or deal with late fees.
|
|
Do I need to
transfer my merchant account? |
Yes. We use a nationally recognized merchant
services provider that supports all major POS terminal brands. We will
help you through the simple process of transferring your merchant account
and we will typically be able to meet or beat your existing processing rates.
|
|
How is my merchant
account transferred? |
Our ExpressMerchantCash merchant services team
will prepare all the paperwork and guide you through this simple process.
It usually takes just a few minutes.
|
|
What is the percentage
of Visa/MasterCard sales that are held back? |
The percentage is determined by your monthly
Visa/MasterCard volume, how much you borrow, how long your payback period
is, and your interest cost. We’ll give you the projected hold back percentage
during the initial call. We’ll also give you a full quote in writing
prior to signing your loan documents to make sure you understand exactly what
percentage is held back.
|
|
Do you have an
in-house merchant services team? |
Yes. Every member of the ExpressMerchantCash
merchant services team has at least 5 years of industry experience.
And when you fund your loan with us, you get a dedicated service member for
the life of your account.
|
|
How long will
it take to get me approved? |
Approval typically upto 24 hours..
|
|
How long will
it take to fund my loan? |
Funding can happen in as little as 7 business
days.
|
|
How can I speed
up the loan process? |
There are a few things you can do to move the
process along faster:
- Fax your last 6 months of merchant account statements to
1-866-279-5472
immediately after applying
- Return your signed documentation the day you receive it
|
|
What interest
rate do you charge? |
You must fill out an application with
ExpressMerchantCash (either online or over the phone) to get a quote. The
factor cost depends on your industry, time in business, the percentage of
your monthly Visa/MasterCard volume borrowed, and how long your payback
period is.We are a factor and not a bank; therefore, there is no interest
rate. The factor is bases on the criteria of your business. There are also
no requirements of collateral, financials, tax returns, etc.
|
|
How much does
my personal credit matter? |
|
We’ll review each credit profile individually before making any
decisions. We’re not FICO score driven but we will review your personal
credit to evaluate your credit history.
|
|
How is the loan
repaid? |
The loan is repaid when you batch your Visa/MasterCard
sales. There are no checks to send or due dates to remember.
|
