Merchant Cash AdvancePayKings has options to offer business owners access to financing that is quick and seamless. With a variety of working capital products available—Small Business Loans, Lines of Credit or Business Cash Advances — you can get the funds you need to purchase inventory, hire employees, or grow your business in any way you see fit.
- Funding from $5,000 to $1 million
- Short and simple application process
- Approval based on overall business performance, not just credit score
- Approval in just a few hours, access to funds in as fast as one day
- Low-cost options and terms up to 18 months for qualifying businesses
- Bridge the gap while waiting for long-term financing approval
- Business advisors to guide you every step of the way
What is a Merchant Cash Advance?
A merchant cash advance (MCA) is a kind of company funding. This sort of financing is not a loan, but a sale of future receivables. In other words, the MCA company (the buyer) is purchasing the future revenue of a business (the vendor) at a discount.
Charges for borrowing are calculated using a flat charge multiplier, sometimes also called a “buy rate” or “variable rate.” The total repayment amount is figured by multiplying the borrowed sum by the fee. By way of instance, a merchant using a borrowing amount of $10,000 plus a flat charge of 1.3 will have to repay $13,000 (10,000 x 1.3 = 13,000). This fee may also be written as a percent (ex: the charge is 30% of the borrowing sum), but shouldn’t be confused with the interest rate.
Flat fees for a merchant cash advance will usually range between 1.1 and 1.6 and is determined by the merchant cash advance company, the success of your business, and other aspects.
Repayment is made by collecting a specific percentage of each sale – this percentage is known as the withholding rate. By way of example, the merchant cash advance firm may collect 15 percent of every sale, meaning for every dollar processed, the merchant cash advance company will receive $0.15 and you may get $0.85.
There are three different ways a merchant cash advance company can gather their cut:
Split withholding: The merchant cash advance company will communicate with your credit card processor. When your payment processor receives a payment, they will automatically route the merchant cash advance firm’s percentage to the organization, along with your percentage to your company bank accounts.
Lockbox withholding: The merchant cash advance firm will set up a bank account in your name, one that they have access to. Your small business revenue will go into this account, and the merchant cash advance firm will deduct their cut at the end of every day before sending the rest to your regular business bank account.
ACH withholding: The merchant cash advance firm will deduct their percentage from your business bank account each day via automatic clearing house (ACH), a kind of digital system used to transmit money between bank accounts.
Since your repayment fluctuates based on cash flow, merchant cash advances don’t have a set maturity date. However, most merchant cash advances are made to be repaid in less than two decades, in case your cash flow remains consistent.
We understand that there are plenty of upfront costs associated with starting a new business and also with revamping an existing one – not only do we understand this but we know that specific needs are unique to your business model and that you need a company that will cater to your uniqueness.
The good news is that it’s easier than ever to find the money you need to build your small business. The PayKings merchant cash advance program can help you by turning your future credit card sales into working capital.
Imagine what that may mean for your business. It’s possible to upgrade or purchase new equipment, make renovations, expand your business, purchase inventory, and much more.Benefits for Your Business
Having a simple, one-page application form and no application fees, you can use cash advance funds as little as 3-5 days. We can qualify your company for a cash advance amount based on your average monthly Visa/MasterCard transactions.
Rather than making payments on a monthly basis, you can agree to get a small percentage of your daily credit card earnings withheld to pay off the cash advance. This portion is automatically taken from your ordinary credit card processing settlements.
You have complete flexibility on using your cash advance funds to do any of the following:
- Website Development
- Working Capital
- Replenish Inventory
- Upgrade Equipment
- Advertise / Promotions
- Key Components
- Get approved quickly with minimal documentation needed
- High approval rates
- Receive funds in as little as 3-5 times
- Repay the advance daily throughout your merchant processing
- Opportunity to renew your cash advance for additional funds
As a growing company, you may find it challenging to obtain the merchant cash advance and financing necessary to achieve your business goals. PayKings will help your business expand while decreasing costs and simplify how you do business. We help you determine the ideal merchant cash advances for your organization, taking into consideration what you want to keep so that your business continues going strong.Enjoy the PayKings Difference
Our retailer lending plans make it easy for you to make the most of PayKings’ wide range of credit card processing and cash advance services. Select from a complete suite of payment options, each designed to simplify the payment process and enhance your company success. When you register for our merchant account service and secure payment gateway, you satisfy all of your processing needs through one reliable source.Protect Your Growing Business
PayKings is dedicated to keeping your company safe from the complex risks of credit card fraud and security breaches. Our services comply with PCI standards to make sure that your business and your customers are constantly protected.
This class covers two types of company financing — retailer cash advances and short-term loans. Although in practice the two behave very similar, many cash advance companies offer both services to their clients.
Our Merchant Accounts are Compatible With:
- All popular shopping carts
- All major online payment gateways
- Banks that offer special programs for online merchants
- All Internet hosting companies
- All types of products and categories, except those that are prohibited by law or by Visa and MasterCard rules