afs merchant cash advance - overview
DESCRIPTION
Overview of the traditional Merchant Cash Advance product and process of going from application to funding.TRANSCRIPT
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American Finance Solutions built its reputation by specializing in cash advances. We quickly deliver the working capital clients need with the service they deserve. Most clients receive their funding within one week by following the four steps below:
Step One: Meet Minimum Qualifications• Business open for 12 months, under current ownership for 6 months and not on prohibited list• Monthly credit card processing average minimum of $5,000 per month• Minimum 500 FICO score for business owners with no excessive collection or charge-offs• No open BKs or BK-filings in the past 12 months; large liens need to be on payment plans• Must not be more than 30-days past due on rent/mortgage on the business premisesStep Two: Pre-Approval & Pricing• Submit completed & signed application with previous 4 months credit card processing statements (12 months for seasonal businesses) and previous month’s bank statement• Account Executive provides pricing options trying to adhere to pricing requests• Pre-approvals range from a minimum of $10,000 to a maximum of $150,000 for initial contracts• Client agrees to pricing terms, contracts then sent via email or faxStep Three: Return Signed Contracts & Underwriting• Executed contracts returned along with requested supporting documents• Proof of ownership required for contracts larger than $50,000, financials may be requested• Client must net 50% of contract proceeds after paying off all third parties• Underwriting process usually takes 3 to 4 business days and includes a site surveyStep Four: Payment Process & Funding• Collection payment method must be in place and active, if collecting by credit card processing, one normal batch with split must be verified• Final approval and funding
[email protected](800) 760-5516
Merchant Cash Advance ProgramsSimplifying Cash Advance One Client At A Time