When you began in business you had no idea your particular industry was listed as high risk by the credit card associations. Yes, merchants with bad credit as well as a bankruptcy on their records are high risk because of their past payment history. However, you may have a brick and mortar or online business that sells antiques, matchmaker services, credit counseling, horoscopes, prepaid debit cards, SEO services or one of many other categories. You can do something about bad credit. But you are not going to change industries. You can manage your credit risk and you can also qualify for a high risk cash advance.
You need emergency cash because sales are slow or maybe you have allowed too many credits on merchandise or received too many chargebacks. If you manage some things that keep dragging down your cash flow, you could manage to get yourself back on track.
Take a good look at your current credit card processor. What is customer service like? Does the processor offer specialists who will look at your charges and talk with you about ways to mitigate chargebacks? Good processors have ‘insurance’ policies that help with chargebacks. Each time a customer complains to the card issuer that they believed false advertising, were unhappy with a substandard product or they did not make the charge, it can be 60 days before you ever hear about it. There is no communication coming from the customer or the card issuer. With this insurance plan you are notified right away if a customer is unhappy. You are able to communicate with the customer and come up with a fair solution. It may be a credit, but a credit is not the same as a chargeback.
There are ways to decrease the number of chargebacks. One good way is not promising what a product can deliver. Most weight loss products have a disclaimer that says that results vary. This disclaimer helps them remain legal. However, if the claim was that the customer would lose 10 pounds in 10 days and it was written in a huge headline, readers are not going to pay attention to the small print. Be honest in your advertising.
So many companies just want to see the sales coming in. They do not look to the future when the chargebacks come in full force. It is better to make 10% less in sales than to lose 25% in chargebacks. It is simple math. When you apply for a high risk cash advance the lender will look at your gross sales minus your chargebacks for a true picture of your sales.
This does not mean you will not qualify. Actually 98% of all merchants who request a high risk cash advance qualify. If you work with First American Merchant Financial, you can have the funds in your account within 72 hours. There are no long, involved application or need for tax returns and financials. The amount you can borrow and the terms of your loan are based upon the future strength of your company.
For quick approval for a high risk cash advance contact First American Merchant Financial today!
