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How much of my daily Visa and MasterCard sales will be deducted if I am on a split funding payback method?
Once the purchase price, total amount to be purchased, and estimated payment period have been determined, the daily payment amount required is determined and converted into a percentage. After your business is funded, automatic, small deductions are made from your daily Visa and MasterCard sales.
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What is a Merchant Cash Advance and how can it help my business?
Many small business owners are
unable to obtain traditional bank loans because they have insufficient
credit or collateral. As a result, more and more have been turning to
Merchant Cash Advances for infusions of working capital or other
immediate cash needs. It is the driving force behind the US small
business economy.
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How does a Merchant Cash Advance work?
It
advances cash to merchants based on anticipated future sales, offering
an alternative to the traditional bank loan. With a Merchant Cash
Advance - which is not a loan - businesses receive a lump sum in return
for a percentage of their future Credit Card receipts.
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How does a Merchant Cash Advance compare to a traditional bank loan?
Qualifying for a Merchant Cash
Advance is far easier than a bank loan. No checks are ever written, no
late fees or hidden fees. In addition, there are no personal
guarantees, no loss in equity or need to post collateral to secure the
cash advance. Also the documentation is minimal compared to the extensive "hoops" that a traditional lender makes business owners jump through.
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How does the Advance Funds Network help me?
Once you submit an application, a funding consultant will determine
how much money you qualify for based on your average monthly (credit
card) sales volume along with taking into account gross volumes, business type and historical data from within the model.
Depending on the program your business fits
in to, you will go through underwriting to complete the approval
process. AFN utilizes its vast network of lenders to compete for
your business. A selection is made for the best option for your business and personal preference.
You will then receive paperwork detailing the specifics of the
agreement. Upon approval, the funds will be deposited directly in your
bank account as early as the next business day.
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How easy is it to get approved by Advance Funds Network?
Over
85% of our applicants get approved and funded in less than 5-7 business
days. Our review standards are streamlined to provide an expedited
approval process that requires minimal documentation. Qualification is
fast, simple and easy. Not only that, but the overwhelming majority of our funded businesses choose to do business with us again.
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I am already with another company providing similar financing. Can you replace that arrangement and offer me more money?
Contact us to find out specifically how much we can offer you. We often
offer larger advances than our competitors and will pay off your
existing advance if it is in your best interest. Call us today to find
out how much you are qualified to receiveand what options are available to you.
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What if I already have a business loan?
Our
Merchant Cash Advance product is an advance, not a loan. As long as you meet our
requirements, we can still provide you with immediate cash, without
affecting your other obligations. We do offer many business loan type products through various lenders so some restrictions may apply.
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How long will it take to find out if I qualify?
Pre-approval usually takes a couple of days. Funding takes two to
three business days depending on the amount of the transaction. All in all, we can fund your business in less than a week!
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How long will it take to get the cash?
Once
the agreement is signed and the credit card processing is converted to
the preferred processing vendor, the money is wired directly into your business account of your choice and is received as early as
the next business day.
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How much can I hope to receive?
The average size of our cash advance is about $25,000, although cash advances range from $2,500 to $250,000. Our loan type products range from $10,000 to $3,000,000.
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What can I use the money for?
You
are free to use the money in any way you feel is best for your
business. Many of our customers use it for expansion, improvements,
advertising, new equipment or increased (or seasonal) inventory. It is
also frequently used for unforeseen emergencies, to buy out a partner, acquire a new location, or pay off and consolidate existing debt.
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Will I need to change credit card processors?
No. There are many options that exist now in 2010 that never existed before. You may need to change to our preferred credit card processor. We always guarantee to meet or beat your current rates. There are instances when you may keep your existing processor and this is not a deal "breaker."
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Will I receive the same low credit card rates?
Absolutely. We will either meet or beat your current rates.
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Can I monitor the status of my account?
In addition to receiving a monthly statement, shortly
you will be able to log into our password protected website to view
your account status.
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What interest amount am I paying?
This is not interest (unless it is
for the larger sized Business programs). There are no weekly or monthly
payments or clean up. No matter how long it takes you to satisfy your
obligation, the percentage we retrieve is fixed for the life of the
funding until Advance Funds Network receives the full amount of the
credit card sales it has purchased.
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What if I have questions?
You've got questions? We've got answers. We are constantly expanding our business loan portfolio and Alternative Financing product line and cash
advance program database to include businesses and personal profiles
that in the past would not qualify. Simply call 888.310.3110 to
speak to an Advance Funds Network lending specialist or e-mail us at
sales@advancefundsnetwork.com.
Thank You for choosing Advance Funds Network LLC 2010.
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