FAQs

FAQs

Q?

What is a Merchant Cash Advance?

A.

A Merchant Cash Advance is a lump sum payment deposited in your business account.  In exchange, you agree to sell us a percentage of your future credit card/receivables at an agreed upon percentage.  Every time your customer makes a credit card purchase, you are on your way to paying back the loan at the agreed-upon percentage.  The settlement comes directly from the credit card processor associated with the business, in order to take money from the business owners POS, in order to quickly and efficiently pay back the loan.

Q?

How does a Merchant Cash Advance compare to a traditional loan?

A.

Merchant Cash Advances are hassle free and fast.  Businesses who would be caught in the red tape associated with traditional loans, often get approvals within 72 hours of request with a Merchant Cash Advance provider. Because there are no checks to write, and the money is paid back at every Point Of Sale automatically, there is no concerning yourself with late fees.  In addition, there are no fixed payments, late fees, hidden fees or interests.  That means the agreed upon loan will never change percentage, and there will be no surprises.  Because there is no collateral for the amount of the loan, the only side that takes a risk, is the Merchant Cash Advance Company.  If your business is having a great day you can pay the balance off quicker.  If your business is having a slow day, you are not penalized.  The percentage always remains the same, and the amount differs based on your sales.  Perhaps one of the most important aspects in today’s society, where your credit score can make or break you, Merchant Cash Advance companies do not appear on your credit report.  To summarize, with the absence of guarantees, collateral, and equity, Merchant Cash Advances are a risk free solution to your monetary needs.

Q?

Which businesses qualify for a Merchant Cash Advance?

A.

Merchant Cash Advances have supported business owners in all industries.  The only requirements are that you are a business that deals with credit card transactions totaling to a minimum of $5,000 and have been active for minimally a year

Q?

I have good credit, is alternative financing still right for my business?

A.

Yes. Originally alternative financing was designed for business owners that didn’t qualify for traditional financing. However, as the industry evolved with new programs, every business owner that wants financing fast, is a now good candidate.

Q?

If you don’t have good credit or any collateral can you still get approved?

A.

While credit history does have an impact with the underwriting process, our programs don’t require good credit or collateral for approvals. We look at other factors - such as the type of business, length of time in business and a business’s cash flow.

Q?

How much funding can I receive from Triumph Capital?

A.

The average size of our cash advance is $25,000, although cash advances range from $2,500 to $500,000.

Q?

How long will I have to wait to find out if the merchant cash advance has been approved?

A.

Approval is usually obtained within 24 hours once required documents are sent to underwriting.

Q?

How long does it take to receive funding?

A.

Funding typically takes a few days and can be as fast as 24 hours for new accounts and same day for existing clients.

Q?

How do I get the money?

A.

After your loan is approved, the lender typically wire transfers the loan proceeds directly to your business account. A traditional check can be mailed to you if you prefer. Disbursement options are available to pay vendors directly for equipment purchases. This enables you to free up cash for other important purchases and expenses.

 

Q?

I already have a merchant cash advance with another provider? Can I still apply?

A.

Sure, we will pay off your balance out of the funding amount and you will net the remainder.

Q?

How much does my business qualify for with your funding products?

A.

Once you fill out our online application and provide four months of bank statements, that’s when we go to work and will let you know within 24 hours.

Q?

Do I have to participate in any marketing or rewards programs to get a working capital loan?

A.

No. We do not require you to sign up for any unwanted marketing or rewards type program that relies on either a registered card platform or credit card transactions to receive working capital. Often times, these types of programs have hidden costs involved like funding tax and tip, or they cannibalize your sales growth by simply repaying your cash advance back using existing customers. Why let some other company reap the benefits of your hard work? Our philosophy is simple; we offer you lower and more cost effective rates, with paybacks that are easy to understand, and provide you financing flexibility. Cheaper, Simpler, More Flexible Financing is all we do!