Frequently Asked Questions

What is a Merchant Cash Advance?

A Merchant Cash Advance is a unique way to get working capital to grow your business by leveraging your future credit and debit card sales. As a merchant, you agree to sell a portion of your future sales at a discounted price to access that money now. These future sales can be sold to a merchant funding company like Fastpoint, who will then automatically collect the money you sold to them over the next several months by having a set percentage of your credit and debit card sales routed to pay back the advance.

How do I repay a Cash Advance?

The payback of a Merchant Cash Advance is fully automated. There are no monthly checks to write or payments to worry about making on time. The payback is all handled through your credit card processor by creating what’s referred to as a “split” or “hold-back” where a set percentage of your daily credit and debit card sales are routed to the merchant funding company. Getting this split in place may or may not require a new credit card processing relationship depending

How is a Merchant Cash Advance different from a loan?

A Merchant Cash Advance is different from a loan in many ways.

How soon can I get the money?

This all depends on you. If you are able to provide the requested information promptly, Fastpoint is usually able to provide funding within 3 to 5 business days. Once your business has been approved and the processing relationship has been finalized, the funds will be directly deposited into your business checking account.

How much money can I receive?

You can receive between $5,000 and $250,000, depending on your business's credit card sales. You could receive up to 10% of your annual revenue as an advance.

Will I be able to receive additional funds in the future?

You certainly can. After you have paid off more than 55% of your advance and are in good standing, you can apply for additional funding. In fact, since it is so easy to do and so beneficial to their business efforts, a high percentage of our customers return to take advantage of additional funding opportunities. Even better, receiving additional funding for your business can happen in a matter of hours instead of days.

Can I get a Cash Advance with bad credit?

Absolutely. While your personal credit may affect your advance rate, we care much more about the performance and future of your business than we do about your personal credit history. What are the minimum requirements I need to have in order to qualify for a cash advance? In order to qualify for a merchant cash advance, you must have a merchant (credit card processing) account and be processing a few thousand dollars a month. You must be able to provide proof of ownership (or otherwise prove acceptable signing authority) for the business. Additionally you cannot have any open tax liens or bankruptcies.

What sort of documentation do I need in order to receive a cash advance?

No documentation is required for a conditional approval (or “quote.”) Conditional approvals are no-obligation, and are given without warranty. Should you decide to proceed with an advance after the conditional approval, you will need to provide four months of credit card statements, six months of bank statements, proof of ownership, and a few other finance and processing related documents and references.

Will I need to switch credit card processors?

It’s likely. There are hundreds of credit card processing companies, and while Fastpoint works with many processors to provide you with the best rates, there is a chance that your transactions are not currently being processed by one of our processors. If this is the case, you'll need to change your credit card processing company. This is not a hard process, and we'll handle most of the paperwork for you.

How long does my business have to be in operation for in order to receive a cash advance?

While we typically work with businesses who have been in business for at least 12 months, Fastpoint is one of the few Merchant Funding Groups who works with new businesses. The amount we can extend as an advance as a first advance is lowered for businesses younger a year old, but we are happy to do all we can to help you succeed.

Does my credit need to be reviewed?

Yes, but this information does not carry as much weight as it does with other funding options. With Fastpoint, a business owner's poor or damaged personal credit history is not an automatic disqualifier for the business. Many businesses that have trouble obtaining capital from banks can qualify for a Merchant Cash Advance from Fastpoint.

Will I receive statements monthly statements?

Yes. You will be mailed a monthly statement or be able to view it online. All the details of how to view your account will be provided to you.

I have friends who are business owners as well, will I benefit in any way by referring them?

Yes you will! By referring other merchants that we end up funding you will receive a better rate on you next cash advance.