A Merchant Cash Advance gives a business owner the opportunity to receive an advance of the money that is usually transacted through a firm’s merchant account. The merchant cash advance (MCA) is an advance given based on the future revenues or money got from the sale of credit cards in business. Here is a review of the best Merchant Cash Advance Companies.
RapidAdvance is a Merchant Cash Advance Company that is highly recommended due to its excellent customer service. This company also has conducive requirements for qualification in getting a Merchant Cash Advance. The other advantages that accrue from RapidAdvance are that it offers up to $500,000 and yet allows its clients to keep their credit card.
To qualify for a Merchant advance from RapidAdvance, you should have a credit score of at least 500. Other conditions include three months in active business, a sale of credit cards worth $2500 per month and one year remaining on the lease. The average factor rate at RapidAdvance stands at 1.20 while the average rate of daily deductions stand at 20%. One can borrow between $5000 and $500000 from this company. The repayment time is usually between 4-12 months with an approximate APR of 50 to 80%.
To get an approval of a merchant cash advance at APR, you will need two business days and the period to receive the money is between three to five business days. With RapidAdvance, there is no Lien required and one can use any valid credit card processor.
RapidAdvance is credited with its good customer service. It is very helpful to customers and honest in their pricing. However, RapidAdvance is a bit expensive posting an APR of 80% and a factor rate of 1.20, which makes it more expensive as compared to its competitors including CAN Capital and Square Capital. You can visit http://fitsmallbusiness.com/merchant-cash-advance-reviews/ for more information or check the RapidAdvance website at www.RapidAdvance.com for finer details.
Aliant Payment Systems
Aliant payment systems company was founded in the year 2003. It is based at Ft.Lauderdale, Florida. This company controls a revenue of about $3 million to $5 million and has over 150 full-time employees. Aliant Payment Systems also offers ATM services, Credit Card Processing, High-Risk Processing as primary services. Secondary Services include Data Management, Online Credit Card Processing, and Payment Gateway. This company has been awarded in the last three months, with several awards coming their way in 2017.
This company offers credit from as low as 450 and takes a short time to approve payments; less than 24 hours. Funding options are also open to most industries, money is availed within three days, and no collateral or personal guarantee is requested. Sterling credit is not necessary for Aliant Payment Systems, and there are simple terms for a requirement. The minimal documentation required include;
- Four months proof of recent merchant account financial statements
- Bank statements for the most recent four-month period
- A one-page electronic application.
Aliant payments have the best rates and a phenomenal customer care service. There are over 5000 active clients working with Aliant Payment Systems. To get more information you can visit http://www.topcreditcardprocessorsratings.com/rankings-of-best-merchant-cash-advance-companies or go to the company’s website at http://www.aliantpayments.com/aliant-merchant-funding/.
BankCard USA was founded in the year 1993 and boasts a revenue of between $1 million to $3 million. BankCard USA is situated in Agoura Hills, California and has over 300 full-time employees. Some of the other services offered by BankCard USA include; Credit Card Processing, Enterprise Credit Card Processing and Point of Sale Systems. Active clients working with BankCard USA are over 20,000 with the main clients comprising of Coastal Dermatology, Supertone Hearing, and Lunaria music.
BankCard USA is known for providing end-to-end electronic payment services. You can get more details of BankCard USA at http://www.bankcardusa.com/merchantservice/.
Square Capital is a Merchant Cash Advance Company that offers arguably one of the most affordable rates in advance cash. This company is also fast in funding loans for its clients. The only disadvantage Square Capital has is that it is only available to those businesses that use Square in processing credit card payments.
Square Capital cash advance is pegged at 35% which is more than twice cheaper as compared to traditional merchant cash advance. Application for cash does not exist in Square Capital since all merchants are already approved through its system. Within one day, you can receive your money after selecting the specific loan amount.
The disadvantage of Square capital is that it can only give up to $50,000 in financing and you will be required to present yourself to another provider if you are not a Square member. You can visit www.CanCapital.com to view more details on this company.