CASH ADVANCE PROGRAM – Merchant Q & A

What is the interest rate?

There is no interest rate on our product. It’s an advance, not a loan. We charge a one-time flat fee. The way it works is we give you an advance based on your Visa/MasterCard business-and we charge a one time fee. The way you pay us back is we take a small percentage of your V/MC transactions, until your balance with us is settled. That’s it. For example, if we gave you 10k and were taking 15% of your Visa/MasterCard transactions, every time a customer swipes their card for $100, 15% (or $15 in that case) would come to us until your account was settled. The good thing is that if you have a slow month of business, you’re not penalized. Your balance that we quote up front never gets higher.

How much is your fee?

We understand that all businesses are unique. That’s why we require the last 4 consecutive months of your Visa/MasterCard statements to run a quote. Once received, I can give you a call within minutes with the amount we can get you and the exact cost to you. Then you’ll be able to make a decision on your business’ future.

How are my payments determined?

The great thing about RapidAdvance is that there are no fixed payments. We simply receive an agreed upon percentage of your Visa/MasterCard sales until the advance has been paid. For example, if our daily percentage is 15% and you make a $100 V/MC sale, we get $15.00 from that sale. This simple process is repeated until the balance is paid….usually within 6 to 8 months. Do you have your last 4 months of V/MC statements?

How much can I qualify for?

We determine the amount we can offer you based upon the average of your last 4 V/MC statements. Once you send me those statements, I can call you with an specific offer and we can get your advance started. It’s that easy!

Do you guys look at my personal credit history?

For most small businesses, the owner’s credit history helps in the evaluation process, however, your credit report is not affected and we have a business friendly scoring model that takes your business history into account, not just your credit score.

Ok…how do I get started?

First thing is to fax me the last 4 consecutive months of your Visa/MasterCard statements. This requirement is to help us evaluate how much we can offer. Once I get the statements I will call you back with exactly how much I can get you and what the cost will be. Then we’ll set you up. Remember, we get the cash to you in 7 to 10 business days, so the sooner you get me the statements the faster we get you the cash. Also remember that 92% of our applicants are approved so this should be a smooth process

How do I keep track of what I’ve paid?

We send you a monthly statement detailing how much you’ve paid for the previous month or months, and the outstanding balance on the advance. Additionally, you can go online to www.rapidadvance.com and access your account any time you want. We’ll send you a welcome kit with your login information after your advance has been wired to you.

Click here to apply for our Cash Advance Services