ACH Advance Programs For Cash Businesses
Jul 14, 2015
Don’t process credit cards? No problem. Due to the nature of many services that businesses provide, credit cards aren’t even accepted as a form of payment. Many people think that they automatically do not qualify for a Merchant Cash Advance if they do not have a merchant account or process their business using credit cards. Legend Advance Funding also offers a product for cash-only merchants called the Automated Clearing House Advance. Merchants who process using both credit card and cash can choose this program as well. This option may be a better choice for your business if you have higher gross bank deposits as opposed to credit card sales.
The two products we offer have a couple differences. A Merchant Cash Advance involves a certain percent of weekly credit card sales that is deducted from your account. With an ACH Advance, a small amount is debited from your bank account on a daily basis until the fund is paid in full. The biggest difference between these two options is obviously the forms of payment that the business accepts. But, with the MCA, the payment may vary from month to month depending on well the business is going.
There is a possibility of the fund being paid back faster if your business does better in some months. If your business accepts both credit cards and cash, it is entirely up to your preference which program you want to be in. Some business owners like paying a specific amount each month, which would place them in the ACH program. The MCA program presents the opportunity of paying back the fund quicker in a time of boom but payments may vary.
Legend Advance Funding is one of the few companies that will consider having weekly or bi-weekly payments for the ACH if your business qualifies. We understand that our products should be made to fit our clients’ needs so that every party walks away satisfied. With our in-house underwriters, we are able to get you an obligation-free offer within 24 hours and get your business funded in 36 hours. The advantage of working with Legend is that we are able to customize our offers to our customers’ needs and even beat out other offers out in the market. Many of our customers come back again and again for our services because we strive to develop a good relationship with all our clients.
We are also able to increase the amount of funding we give to a business throughout this relationship. As direct-lenders, we can provide some of the most competitive offers out in the industry. This means that we personally go out and seek people that will invest in our company and lend out our own money. Our in-house underwriters are very experienced with what they do and work hard to give you the quickest offers. Because they work directly for us, offers are pushed out faster than other lending companies and they are able to structure a deal that will not jeopardize your business’ cash flow. With Legend Funding, your application is pre-approved in under 24 hours and we can fund you in 3-5 business days. We have full faith in our services and welcome both credit card merchants and cash-only businesses.