FAQ's:

What is a merchant cash advance?
A merchant cash advance is an upfront cash payment against future credit card sales.

How does the program work?
Our program offers a fast and flexible way for business owners to get the cash they need to run their company.  Remember, it’s not a loan, which means no checks to write, no maturity date and none of the paperwork a bank would collect to close a loan.  Once you’ve been approved for an advance, ProMAC wires the advance directly to your operating account.  Every day, your credit card processing company deducts a fixed percentage of your credit card sales receipts until the pre determined payback amount is satisfied.  We get paid as you get paid.

How can I find out how much my business qualifies for?
Our basic qualifications are that you must have a physical location, be in business and have accepted credit cards for at least 4 months through swipe based terminals, with monthly volume of at least $10,000 and you must have at least 1 year left on your lease.  We target industries that have good daily sales volume and lower ticket size.  To find out more, contact info@promerchantadvance.com or complete our short application form on this site.

What can I use the money for?
Advances can be used for a variety of business related purposes including regular operating expenses, meeting cashflow needs in off peak seasons and expanding your business.  You are free to spend the money on whatever is best for your business.

How soon can I get the money?
Depending on equipment and processor, funds can be advanced within 3-7 business days of the receipt of a full application package and materials.

Do I need to change credit-card processors?
You may need to change credit-card processors to one that has a settlement relationship with ProMAC.   The way we get repaid is through your credit card sales receipts, directly from your credit-card processor, so if your processor can split payments, or has a relationship with ProMAC you will not be required to switch processors.  If you qualify for an advance, but do not want to switch processors, we can accommodate you by structuring a settlement mechanism through one of our bank partners.

Is the advance amount only based on Visa/Mastercard sales?
Generally, we advance on Visa/Mastercard only, but if you do a significant volume ($10,000/month or more) on American Express, Discover and Diners Club, we can structure an advance that includes all credit card receipts.

What kind of discount do I get if I pay early?
This is not a loan; therefore there is no prepayment penalty, no fixed payment schedule, no maturity dates, and no minimum monthly payments.  At any time, you can choose to settle the advance by paying us the balance of what you owe.

How much will a business cash advance cost?
This is not a loan and no maturity dates or interest payments.  Advances are based on a discount on future expected credit card receipts.  Pricing is based on a multitude of factors including but not limited to, business size, industry, chargeback history, volume, ticket size, and various other important details of determining the probability of the business operating in the future as it has in the past.

Do I have to pay any fees to get a merchant cash advance?
There are no appraisals, closing costs or any other hidden fees.

Will bad credit affect my cash advance request?
Merchant cash advance is not credit score driven, therefore it is not necessary for you to have good credit to receive an advance. A poor credit ratings will not normally influence a cash advance decision.

How often do I have to make payments?
You never have to write a check- your credit card processor will pay us our agreed upon fixed percentage from your daily credit card sales until the amount we agreed upon for repayment is satisfied.  We get paid as you get paid.

Whom do I call with questions about my account?
Contact ProMAC at (631) 901-1050, or email us at info@promerchantadvance.com