Merchant Financing Industries Served
Regardless of your industry
, the same process is used to qualify for merchant finance funding based on your income and money management.
We provide this funding to most industries including high risk
industries such as hemp and cannabis.
Merchant Finance Approval Factors
- Remember the basis of merchant finance is the purchase of your future income so your income is the central factor for qualifying for your MCA loan
. The greater your business income, the larger the loan amount you will be offered.
Bank Account Management
- MCA lenders like to see at least 8 deposits in your business bank account each month, minimal NSF's and an average daily balance in the $1000's - all factors that lend well to a successful merchant funding approval and cash advance payments. A simple review of your bank statements
will show to what degree these criteria are met.
- most merchant financing providers require a minimum credit score of 600 however we have programs for credit well under 600. The higher your FICO, the higher your chance of approval. In addition to credit score, a review of your credit profile will be accomplished to determine if there have been or currently exist any tax liens or bankruptcies.
Neither of these scenarios is necessarily a deal breaker - if you have a payment plan or have paid off a tax lien, you will likely still qualify for a loan. If a bankruptcy is far enough in the past and fully discharged, there still remains a good chance of approval as well.
Age of Business/Experience
- how long you have been in business and your experience in your industry are factors in the approval process. You can be in business as little as 3 months to qualify but the longer you have been in business, the greater chance of approval. This is true simply because you have a proven track record if you have been in business longer and have weathered the ups, downs and challenges that any business brings.
- once a business is approved for a cash advance, a personal background check may be implemented to ensure that the borrower has not been engaged in criminal activity, etc.