Thomson
Capital GroupMerchant Account Cash Advance
215.489.1829 or 215.489.9232
Frequently Asked Questions
What are the Program Requirements?
Is there a minimum monthly processing volume?
What is the interest rate on the money?
What is the term of the money?
Do I need to switch my credit card processor?
Is the program iDine/Rewards Network?
What if I want to pay it off early?
How long does it take to receive the funds?
What Are the Program Requirements?
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You must have a merchant account processing Visa and MasterCard for at least 60 days
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You must be current with your landlord (a landlord verification call is preformed)
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You cannot have any open bankruptcies in the last 12 months
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Must be an approved Merchant/Business. Click to see unacceptable Merchant/Business Types
Is there a minimum monthly processing volume?
Yes, you must be processing on a monthly basis at least $2,500 net in Visa/MasterCard transactions.
What is the interest rate on the money?
Our Funding Source is not a bank and this is not a loan. They are buying
your future Visa/MasterCard sales for typically .74 on the $1 and
normally will buy one month or up to 120% of one month’s sales.
What is the term of the money?
There is no fixed payback schedule. The Funding Source takes a % of your
future Visa/Mastercard sales until they are paid back. If your sales
slow down, the payback slows down.
What % is usually taken?
The % varies based on how much you are advanced compared to your monthly
sales. If you provide us with your last 4 months Visa/Mastercard
statements, I can provide you with a proposal that will state how much
can be advanced, the payback amount and the take back %. If you are
looking to be advanced close to your monthly average, it will be around
20%.
What if I have bad credit?
Personal credit is just one factor taken into consideration. We’ve
helped many businesses where the owner has bad credit. Our
pre-qualifications are that you can’t have any open bankruptcies in the
last 12 months, no open tax liens and you must be current with your
rent. Our program has a 90% approval rate.
Do I need to switch my credit card processor?
Yes. In order to control the payback of funds, the Funding Source will
require that you to switch to their partner processor Cynergy Data. They
will match your current rates plus you will have the benefit of
receiving a cash advance which your current processor can not provide to
you.
Is this program AdvanceMe?
NO
Is this program iDine/Rewards Network?
No, our program fees on average are about 65% less than what iDine/Rewards
Network charges. In fact, many of our clients take our money to
refinance their balance with iDine/Rewards Network.
What if I want to pay it off early?
There is no prepayment penalty.
How long does it take to receive the funds?
The underwriting process includes a landlord verification call and call
to your trade references, assuming they get back to us in a timely
manner; a decision for approval can be made within 3 – 4 business days.
If you have a credit card terminal (not a POS System – eg. Restaurant
Systems Squirrel, Micros, Aloha, etc.) then you can typically receive
funds 48 hrs after you are approved, bringing the total time within 7
business days. If you do have a POS System, the time is based on how
quickly your POS System company can convert your system to our
processor.
Questions? . . . Want to discuss your transaction .
. .
Call us today 215.489.1829
