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Surprisingly, You Do Not Have to Accept Credit Cards to Receive an ACH Business Loan

thumb upMany business owners already know the value of a merchant cash advance. They are selling a portion of their future credit card processing for payment on an immediate loan. The beauty of this type of program is that payments are not set in concrete and are based on the monthly processing. Since the payment is a percent of sales, months with higher volumes will have a larger payment while a lean month will have a more manageable payment. Are you surprised to learn that there are lenders who can set up an ACH business loan without credit card processing?

ACH means Automated Clearing House. You may know it already if you have set up your car insurance to be deducted from your checking account on a specific date each month. Sometimes companies offer discounts if you allow them to deduct your payment from your checking account at a predetermined time. This means the company is going to be paid on time and you do not have to worry about mailing a payment snail mail or paying online. It is a good deal for both parties.

There is an ACH merchant loan for the company that does not process credit cards. (If you need a processor, one can be set up for you very easily.) Rather than being based on your credit card volume, this loan is based on your daily cash sales. Maybe you have a sandwich shop that deals in cash only, or maybe you are a manufacturer who sends invoices to all customers and receives checks in the mail.

These loans are tailored to the business that may not qualify for a small business loan, or may not want the hassles of the small business loan. It can take weeks to be approved by the bank and most of the time the business needs the cash for an emergency. Maybe a new piece of equipment is needed for expansion or perhaps a good customer is being slow in paying a large invoice.

To quality for an ACH merchant loan you will need a 500 FICO score or better; you must have been in business for at least six months; you must have $10,000 per month in gross monthly deposits; and you must have less than three insufficient funded checks per month. You will not need to provide financials or tax returns. Plus there are no long applications or reams of paperwork to complete. The process is simple.

You will need to provide three to six months of business bank statements, a copy of your driver’s license, a copy of a voided check and a copy of your lease with landlord contact information. If you own your own property a copy of the mortgage papers would be helpful.

The amount of money you can borrow is based on your gross receipts. Approval can take as little as five business days – way shorter than a small business loan. Once an amount and payment are agreed upon, you receive your cash and your checking account will be ACH’d a small amount every day based on your deposits.

If you need an ACH merchant loan do not hesitate to call 1-888-785-6811 or click on the button below to get started today!