Small businesses face an increasing challenge in obtaining loans to fund their ongoing operations:
- Lending to small businesses contracted in the last two years by $40b
- 55% of small business owners attempted to borrow in 2009; only 40% had their credit needs met completely.
- 50% of small business applications for new credit lines were turned down
- 83% of small businesses report using a credit card to support their business
Many small businesses have been forced to turn to commercial credit cards to finance operations, a very high-cost option.
Ignite Payments’s Merchant Cash Advance provides a cost-effective, convenient alternative to access the working capital needed to sustain your business.
How It Works
Apply for an advance amount of a portion of your average Visa/MasterCard monthly volume total.
The daily retrieval percentage will be up to 20% of your daily credit card deposit.
Repayment is conducted at a predetermined factoring rate.
Estimated length of contract will vary from 5-7 months.
CONTACT US TO DISCUSS DETAILS
Get started online or give us a call at 1-844-513-0050 to talk with a merchant advisor.
Merchants meeting the following criteria will be considered for an advance:
- Minimum one year in business
- Minimum $5,000 in Visa/MasterCard processing per month
- Minimum 12 months processing history
- No bankruptcies
- No open tax liens or judgments
- SIC guidelines follow FDMS standards, with some limited additions
- Estimated payback time typically ranges from 5-7 months
- Average daily retrieval rate of 20%
- Advance amount of up to 100% of average monthly processing