FREQUENTLY ASKED
QUESTIONS

What is a CASH ADVANCE?
A Cash Advance provides small business owners with the ability to raise needed capital. We advance Cash by purchasing a pre-determined amount of the business's sales volume sold through a credit card merchant account.

How long will I have to wait to find out if I have been approved for a cash advance?
Pre-approval is usually obtained within 24 hours once required documents are sent to underwriting. Funding usually takes 1-3 weeks.

How much can I qualify for?
Their average business volume will qualify them for $2,500 to $150,000.

How do you determine the size of the cash advance I can qualify for?
The amount of receipts purchased is determined by their average credit card volume over a 90-120 day period. We encourage you to provide any documentation, (bank statements, sales tax receipts) that supports total sales volume in order to be approved for the highest amount possible. We will give you the largest amount based upon the documentation provided and then you can decide how much you would like to accept. If you elect not to take the entire approved amount on the first funding, you may contact us anytime to request the unused portion.

How do I repay the cash advance?
BFS collects a small percentage of each credit card transaction through a preferred processing bank.

Will I receive the same low rates as my existing credit card processing account?
Yes, we will match current processing rates.

What are the qualifications for an advance?

• Restaurant or Retail or Service Business
• At least 1-year in business
• Accepts credit cards as a form of payment
• Provide processing statements for the previous 6-months of at least $4,000 per month in credit card sales $2,500 for franchises
• Provide 6-months of bank statements with consistent balances for higher approval amounts
• Acceptable personal and business credit (may have as low as 500 personal credit)
• Has no open tax liens, judgments or bankruptcies
• Is in good standing with landlord with at least one year remaining on their lease

What is the processing fee I will pay?
The fee can range from 1.25 to 1.45 and is based upon: credit worthiness, length of time in business, length of lease, monthly credit card volume, average monthly sales volume and past business history.

What are the other benefits for my business?

• The program is simple!
• Funding can occur in as little as 10-days
• Easy payback terms and conditions
• Can include all fees in cost of goods
• Available funding for opportunistic buys
• Tax deductible
• Improves cash flow
• Builds business credit
• Increases open to buy for retailers
• No need to markdown inventory to raise cash for new inventory
• May receive additional funding for other purposes upon requests