When applying for a merchant cash advance, there is specific information that a provider will request that helps them determine if you qualify and/or the amount of money they would be willing to supply you with. Both are decided based upon your business’ credit card sales, as well as other key factors, such as your credit score and bank balances.
Although merchant cash advance financing is an alternative to a loan, the documentation you must provide to a cash advance provider is similar to that required to secure a business loan.
For example, a cash advance provider may ask to review any or all of the following information:
- Social Security number
- Phone number
- Email address
- Company name
- Company address
- Business ID
- Types of products sold
- Number of years in business
- Credit report
- Recent credit card processing statements
- Recent business tax returns
- Financial statements
- The amount of money you'd like to receive
Unlike applying for a business loan, you typically hear back from a cash advance provider within a day or two after applying for a merchant cash advance. As a result, if you do in fact qualify, you could receive the funds within a week or so; this varies, however, depending on the provider you're working with.
Interested in this type of business financing? Find out more about the merchant cash advances MPX offers.