 Frequently
Asked Questions
Below you will find answers to the most commonly asked questions
about Advance American Funding.
How do I qualify for funding?
How do you decide how much I can get?
How soon can I get the money?
What can I use the money for?
Will a poor personal credit history keep me from getting
funded?
Do you take 100% of my credit and debit card sales?
How often does forwarding occur?
What is the interest rate?
I still have questions, how can I get answers?
How do I qualify for funding?
Ideally, you will have owned and operated your business location
for 12 months or more. Your business needs to have predictable
card sales activity, and be able to provide from 4 to 12 months
of processing statements. Adult entertainment and sexually
oriented businesses are ineligible. We make sure you have no
outstanding bankruptcies or large tax liens, and we do not
currently help businesses that are 100% Internet-based (no
physical location). (Return)
How do you decide how much I can get?
The amount of funding available to you is determined primarily
by your monthly sales volume. Typically, an eligible
customer qualifies for an advance that is around the same amount
as
its monthly credit and debit card sales. As an example, if
your business processes an average of $20,000 in credit/debit
transactions every month, the amount of funding available is
typically about $20,000. (Return)
How soon can I get the money?
This depends on you. If you complete all the paperwork promptly,
we can usually offer funding in less than 10 business days.
Once you are an established customer, you can receive additional
funding in as little as 72 hours. (Return)
What can I use the money for?
You decide how to spend the money—whatever is best for
your business. Previous customers have used this money for renovations/remodeling,
marketing and advertising plans, paying taxes, buying additional
inventory, handling payroll, expansion and other business needs
as they arise. (Return)
Will a poor personal credit history
keep me from getting funded?
Not necessarily. Since this funding builds on the strength of
your business’ card sales, your own personal credit history
carries much less weight than it does in traditional financing.
Your business can qualify for a Merchant Cash Advance even if
you have been rejected for traditional financing options. (Return)
Do you take 100% of my credit and
debit card sales?
No. Your processor forwards only the predetermined percentage
of your business’ credit and debit card sales, and this
percentage does not change during the life of the funding (except
for outside US, call us for details) (Return)
How often does forwarding occur?
Your processor automatically forwards a predetermined percentage
of daily credit and debit card sales as they are settled. Your
processor will continue to forward this percentage automatically
as each credit/debit batch is settled until your business forwards
the total amount of credit and debit card receivables that
your business sold.
(except for outside US, call us for details) (Return)
What is the interest rate?
This is not a loan, so there is no principal and no interest
rate. A Merchant Cash Advance involves a sale of your business’ future
credit and debit card receivables at a discount. Then, as
each day’s card sales are settled, a fixed percentage
is automatically forwarded by your processor until your obligation
is complete. ( except for outside the US, call us for details) (Return)
I still have questions, how can I get answers?
You can E-Mail or call us
at 1-877-500-6796. (Return)
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