A credit card processing loan can help you pay to accept credit cards. While many merchants accept plastic card payments, loans that are available to credit card heavy merchants are few and far between. These businesses are known as “high risk”, because they have a higher risk of fraudulent activity and chargebacks. These issues can cost you cash, and even your merchant account in some cases. While it can be hard to find a processor who offers credit card processing loans, it is possible with the services of FAM.
FAM, or First American Merchant, can help you obtain the funds you need to advance your business. A merchant cash advance can help you do such. While others may offer this service, they tend to limit the industries they provide funds to. With a merchant cash advance, you are given funds through your merchant account in as little as three business days. The process is simple, as little financial paperwork is needed because your merchant account provider already has it. Most merchants are eligible, as the FICO requirement is relaxed. Merchants with a FICO below 500 can be accepted into the program. The payback process is also simple, as an increment is taken from your merchant account daily or weekly, based on your credit card sales. This leaves you without the hassle of a monthly payment – which is one less thing you have to worry about.
While the majority of merchants who accept credit card payments have a merchant account, some still use PayPal or Square. For those merchants, FAM also offers an ACH loan as a credit card processing loan solution. While the premise is similar to a merchant cash advance, the payback process differs. Instead of taking an increment of credit card sales from your merchant account, it is instead taken from your business checking account. Also, the criteria differs in that you must have been in business for at least six months, have at least $10,000 in sales monthly, and have less than three chargebacks per month.
If you are a credit card processing merchant and need a loan, check with FAM today. There is a solution available for you.