Frequently Asked Questions
Can American Merchant Advance really help me with my working capital needs?
Yes, American Merchant Advance specializes in approving companies for cash advances to help with the occasional working capital deficiencies. We offer a cash advance program to help you with the ups and downs of your daily cash flows.
How does the program work?
Our cash advance offers you an alternative to traditional methods to finance your business. There are no application costs, no closing costs, no dealing with the traditional bank hassles. American Merchant Advance evaluates your previous 6 month credit card statements in order to predict your future transactions. We then formulate a payback method based on your future sales. We will withdraw an agreed upon percentage of your daily credit card sales until the advance is repaid. We send out monthly statements indicating your outstanding balances.
What if I need another advance before my current advance is paid off?
You may be able to qualify for an additional (or add-on) advance if your current advance has less than 20% of the original balance remaining. Do you monitor how I spend the money?
No, that is entirely up to you. Typical uses of our advances are for advertising, purchasing inventory, adding more capacity, or to buy out a partner. How do I know if I qualify?
You must have been in business for more than 12 months and have at least $10,000 of credit card sales per month, and meet other simple requirements. How soon can I get the money?
The average time from receipt of a contract to funding is usually around 7 days. Is there a prepayment penalty or discount?
No, since there is no payment schedule there is really no such thing as paying it early. We get paid only when you get paid. American Merchant Advance purchases a specific amount of your future sales at a discount.
Why do you need my personal information?
We try to get as complete a picture as possible to evaluate our decision. We use a business-friendly scoring model that blends general economic data, business and guarantor information to assess risk. Considering your personal credit is part of the process. What qualifies as proof of ownership of the business?
A business license, articles of incorporation, tax return or a business license showing the guarantor's name as owner are the most common proofs of ownership. How often are payments made to American Merchant Advance?
We take a small percentage of your credit card sales daily. How do I keep track of my outstanding balance?
American Merchant Advance will send you a monthly statement. |
