Small Business Cash Advance
Working capital in 5-7 days with minimal paperwork
Brought to you by RapidAdvance
How it works:
It is a cash advance against future credit card sales.
It is not a loan: it's a cash advance.
The cash advance is paid back by deducting a percentage of each day's credit card batch.
RapidAdvance offers capital when traditional lending institutions may not. The amount of the cash advance is based on your average monthly credit card volume. You will receive immediate working capital for your business within 5-7 days with 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 your 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 your daily credit card batch. So, you are only paying when you are earning. When your volume is down, the payment goes down.
Basically, RapidAdvance “purchases” a portion of your 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
- Pay taxes
- Open a new location
- Pay operating expenses
- Get through a slow period
- Q. How does RapidAdvance work?
- A. RapidAdvance puts cash in your hands quickly by giving an advance on your business’ future credit card sales. Funds are deposited directly into your account electronically, and repayments are flexible. Once approved, you’ll have access to
cash within 7 business days.
- Q. How do I qualify for RapidAdvance financing?
- A. Qualifying requirements are minimal. You just need to show that:
- You’ve been in business for at least one year.
- Your business accepts credit card payments, and has at least $2,500 a month in Visa and MasterCard sales.
- You meet basic underwriting requirements.
- Q. What if I already have a business loan?
- A. The product is an advance, not a loan. As long as you meet the RapidAdvance requirements, you can be provided with immediate cash, without affecting other obligations.
- Q. Does RapidAdvance look at personal credit history, and will it affect my 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 your credit report.
- Q. What is the cash advance amount limit?
- A. Every business is unique. RapidAdvance will determine an amount limit based on your 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 you receive is an advance against your estimated future monthly sales. There is no finance charge. They simply take a previously agreed upon percentage of your future sales until the account with RapidAdvance is settled. It’s that simple.
- Q. How do I keep track of payments?
- A. You’ll receive a monthly statement. In addition, with a member password you will be able to log onto a website to view payment history, track daily transactions and see remaining unpaid balance.