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Quick Steps to Applying for a Business Cash Advance


A business cash advance can save the day for a business that needs to access quick capital and has adequate day-to-day cash flow on their merchant account to repay the loan.  The purpose of this type of loan justifies the possible high cost of an advance. And since credit requirements are less than when applying for a small business loan, a cash advance could be the best option for any business that conducts plenty of credit card transactions each month but has a poor credit profile.

The Application Process

The average time for approval of a business cash advance could be anywhere from one, two, or three hours to a few days, depending on your financial provider. And as soon as your application is approved, you could have the funds deposited in your account within 48 hours.

Also, the process of application is not as complicated as when dealing with a traditional loan. With cash advances, you expect easy and instant approval with only a few credentials. Below are the typical steps to applying for a cash advance:

Apply for the cash advance

You only have one or two pages to fill, business tax ID, a social security number, and other few details about your company.

Provide credentials

At First American Merchant, we will request copies of several months of data on credit card or payments processing as well as your company’s bank statements.

Get approved 

Verification and approval could be as fast as 24 hours, extremely shorter than the time most traditional banks will take to approve any loan.

Set up credit card processing

Business cash advance may require your business to change from your usual credit card processor to a new processing partner. While switching processors is for a user’s convenience, sometimes it’s a compulsory part of the approval process for most cash providers.

Confirm the details

For example, the funding details for your business may be as follows;

Your business gets an approval for $15,000 and is expected to repay $18,000.

In this case, the provider will debit 15% from your merchant account on a daily basis until you settle the entire $18,000.  It is important to understand when repayments will begin. For some providers, it may be as soon as the following business day.

Receive the finances

These funds will be deposited into your business’ bank account after which automatic repayment through your merchant account will begin.

Unlike other business loans, a business cash advance is rather easy to apply for, get approval and acquire if you are looking for instant cash. What’s more, the repayment terms are more favorable compared to other traditional bank loans.