Business & Merchant Cash Advance

Finance based on your PDQ machine turnover 

Enquire about a Merchant or Business Cash Advance

Why choose a Merchant Cash Advance?

  • It's a great solution if your business needs quick access to cash
  • It's speedy and simple, with high approval rates
  • No deadlines for repayments
  • It won't affect your credit history

 How we use your data - view our privacy policy.

Frequently Asked Questions

Is a Merchant Cash Advance secured on anything?    

No. It’s completely unsecured and based solely on your historical card turnover.

How much can I get?    

The amount available is usually equivalent to your average monthly turnover from the last 9-12 months (plus maybe 10-15% if your business is established). The minimum amount is £3,000 and the maximum is £500,000.

If I have adverse credit, can I still get a Cash Advance?    

A Merchant Loan is very forgiving of most adverse credit histories. In the past, we have managed to secure merchant cash advances deals for businesses with CCJs and defaults, businesses run by those in IVAs and even run by ex-bankrupts.

What does it cost?    

A fixed fee is added to your cash advance and this is usually 20-35% to give you the total amount you need to repay. There is no other set-up, admin, documentation or broker fee - that’s it. For example, if you take a £10,000 advance, you would probably have to pay back £12,500 (assuming a 25% charge).

How are repayments made?    

You agree to give a small percentage of your PDQ card takings towards repaying the advance. This is usually 10-20%. Your system is set up and repayments are automatically deducted from each transaction, so you don’t have to make a weekly/monthly payments. For example, if the deduction percentage was 15% and someone spent £100 in your business, you would get £85 and £15 would go towards reducing the balance you have to repay. When the advance and fee is paid off, you go back to keeping 100% of all takings.

Do I have to change the company that processes my card payments?    

No, you can stay with your current provider.

Does the deduction process mean it takes longer for me to receive the money I take on my card machine?    

No, it shouldn’t. Your takings should still appear in your bank account 3 days after the payment was received. The only exception here is if you currently get your money on a next-day basis (HSBC and some other banks can facilitate this).

What if I need more finance later?    

Business Cash Advance deals can be ‘topped-up’ once you have paid back about half or two-thirds of the advance you’ve taken. It remains a facility you can dip into in the future if you need more funds.

Can I get a Merchant Cash Loan if I don't take card payments?    

We can look instead at a Revenue Advance (based on sales) or a Short Term Unsecured Business Loan. Call us on 01494 410 125 to discuss.

Are there other business finance options available to me?    

Yes, we have a wide range of business finance options. Please call us on 01494 410 125 if you’d like to know more.

How does your business qualify?    

You must make the majority of your revenue through card terminals and you must have been taking card payments for at least 6 months. Your credit history is not very relevant. Unfortunately, we don’t deal with start-ups as we do need to see at least 6 months’ card payment history.

How much time do I have to repay?    

There are no deadlines. It takes as long as is required, though typically we see most advances paid off within 6-9 months.

How long does it take to arrange?    

This depends on who you process your card payments with at the moment. Some processors allow the advance to be paid to you within 3-4 days but in most cases, it takes about 2 weeks.

Does it matter if my business is a sole trader?    

This is not a problem. A merchant cash advance is available to your business if it’s registered as a sole trader, partnerships or a limited company.

What security is required?    

None, though you may be asked to give a Personal Guarantee. This is an unsecured form of finance. This means you don’t need to be a homeowner, you don’t need to put any assets on the line and you won’t be asked to supply a guarantor.

What can I use the Cash Advance for?    

There are no restrictions on what you can use the advance for as long as it is legal and for your business. This means you can take a merchant cash advance to buy stock, do refurbishments, pay a bill, catch up on VAT payments, invest in marketing or whatever you need it for.

Is this a loan?    

No. Technically speaking it is not a loan. What you are doing is selling an amount of your future card takings for a fixed price today. These future takings are ‘sold’ incrementally transaction by transaction via the deduction percentage you agree to while you get a cash payment today for them.

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Applying for a business cash advance is very easy. Below are listed the things you need in order to apply.

  • Eligibility Criteria Minimum six months' trading history with your card machine & a minimum six month lease on the premises you are in. 
  • Documents Required Last six (or preferably 12) months' merchant statements, proof of ID, proof of bank account and a completed application form.
  • Additional Comments The speed at which you receive your funds depends on your card network. Some networks take 5-7 days and others taking 10-14 days.

Is a Merchant Cash Advance right for me?

In our experience, there are two types of businesses which are especially well-suited to merchant cash advance loans...

Seasonal businesses

Seasonal businesses and companies who don't want monthly minimum payments. This is because repayments are linked to your card sales. When business is good, you pay off more. During quieter periods, you pay off less until the full loan amount is repaid.

Businesses with adverse credit histories

Business with adverse credit histories for whom a business loan is not an option. When you choose this type of loan, bad credit isn't usually an issue. That's because repayments are taken from your top line. This means that advance providers are often more comfortable with poor credit histories.

Cash advances against merchant sales are a great fit for many businesses, but not for everyone. Problems can arise when businesses are mis-sold merchant cash advances when other finance options such as straightforward loans are a better option. To ensure you find the right fit for you, please call our experienced business finance specialists today.

A Merchant Cash Advance isn't a one-size-fits-all finance solution. If you don't make the majority of your revenue through credit card receipts, then this might not be the best route for you to take, as this is integral to the way this form of finance works.

Our tips on using a Merchant Cash Advance

Whether you're taking out a Merchant Cash Advance to buy new equipment to expand your business, or if you're working on a specific business project, make sure you set a budget and pin down your plans in the early stages. It's really important to stick to these plans and goals, as you might find yourself spending money frivolously and getting nowhere.

It's also a good idea to be prepared and organise your paperwork. If you're running a business, you're probably used to all the admin. Although a Merchant Cash Advance doesn't require almost as much paperwork as a traditional bank loan, you'll need to provide your credit card revenues so that the provider can determine how much they can afford to loan you. Be prepared with a few months worth of running costs, bank statements, receipts and any other outgoings.

Approval rates for a Merchant Cash Advance are high but that doesn't mean that delinquencies and negative balances won't raise a few eyebrows amongst providers. Remember, they are lending you the money on the basis that they will get it back, so stay on top of your finances to avoid being declined. Don't let the high approval rates lull you into a false sense of security.

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