Find a Provider
The first step to ensuring that your credit card factoring experience is a good one, is choosing a good provider. The best providers will work with you to develop a product that works for you and your business. They will keep you informed throughout the entire process and they will do their best to provide you with the lowest rates possible.
Apply
Once you've chosen your provider, you can complete an online application on their website and wait to be contacted by a funding specialist for further directions, or contact them via phone or email. You will need to submit a two-page application as well as the last four months of your merchant statements. You will also be required to send a voided business check and a copy of your business lease. This information will be reviewed, which usually takes about 48 hours. After the review process, a funding specialist will let you know if you've been approved and if so, how much you have been approved for. In as little as seven business days after approval, you can have the funds in your account, and the credit card factoring process is set to begin.
Enjoy
When you receive your business cash advance, you can use the funds however you choose, because most providers do not put restrictions on fund usage. Then, as customer use their credit cards at your business; only a small percentage of daily credit card sales is deducted to repay your business cash advance.
In three to four months, you can renew your advance, only this time around, you don't have to complete an application and submit a voided business check or a business lease and you can get your funds in as little as 24 hours.
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