First Funds- An Opportunity Not to Miss!
One of my important responsibilities as an employee of Merchant Warehouse is to assist businesses in having their First Funds application approved. First Funds is our cash advance program offered to businesses. Personally, I think it is a wonderful opportunity for business owners. It allows them the benefit of reaching their goals in a faster timeframe than they envisioned.
Today’s business owners are interested in cash advances for many reasons. Capital can be used to improve or expand the business, pay off debt, advertise, purchase equipment, and make down-payments, just to name a few..
Unlike a loan, a cash advance does not have fixed payments or collateral. Instead, First Funds deducts 20%-25% of the borrower’s daily transactions until the advanced amount is paid in full. Depending on their eligibility, merchants can be approved for a cash advance of up to $150,000.00. In order to qualify the business must be retail/store front, it cannot be out of home, it must have at least 13 months of longevity, and have been processing credit cards for at least 6 months. If the merchant does not yet process through Merchant Warehouse, they will be required to do so before they are funded.
The application is only one page and needs to be submitted along with the four most recent processing statements. The landlord reference or mortgage verification must be listed on the application. In addition, First Funds will be required to conduct merchant interviews and site inspections with all merchants who apply for advances.
Once a merchant is approved, a six page ACH Agreement will be provided for the merchant’s review and signature. This Agreement will disclose the advance and payback amounts. Three days of previous batching (which must be at least 70% of the merchants daily average processing) must also be submitted. Once this information is received, the merchant can be funded as early as the following morning.
Through my experience I find that merchants who applied for First Funds have benefited greatly. Many of them come to realize what a wonderful program this actually is, and decide to renew. Before the advance is paid off, First Funds will contact the merchant and handle the renewal. Renewals are usually funded much faster than the original advance.
The advantages of First Funds are many. There are no personal guarantees required, the payback is completely automatic based on your credit card sales, merchants with bad credit qualify, there isn’t a limited timeframe to pay back the advance, and there are no late, setup or application fees. Those are just to name a few.
If you are interested in making your business the success you dream of, please contact us to get started!
Eve Miceli - Account Manager
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Sounds like a great product to consider.