FAQ
for Advance
A business cash advance is an easy, efficient, and secure way to
obtain operating or venture capital for your small business needs.
It is important to understand that a business cash advance is not
a loan. A business cash advance, also known as credit and receivables
factoring, is the purchase of your future credit card receivables
at a discounted rate. The amount of funding that you can get depends
on your monthly credit card sales.
A business cash advance is based on your small business' projected
sales revenue and income rather than any collateral or a credit
score alone. Unlike traditional business loans from a bank, business
cash advances are approved quickly and without excess paperwork.
There is no monthly repayment schedule as obligations are met through
daily credit card sales transactions.
We offer a cutting-edge working capital program to help you manage
your company's cash needs. Our business cash advance program is
a simpler and more responsive alternative to traditional small business
lending. A business cash advance from us offers you the flexibility
needed to raise capital so that your business may continue operating
normally during even the most challenging financial times.
We provide an essential working capital service through which you
are able to obtain a business cash advance based on your business'
revenue. The amount you are eligible for is determined by your average
monthly credit card sales.
Remember, this is not a loan, so there is no
fixed monthly payment or the hassle commonly associated with traditional
bank lending. Because we are purchasing a specified portion of your
future credit card receivables at a discount, your cash advance
obligation is fulfilled through your daily credit card sales. If
sales are high, you pay back the advance faster. If sales are slow,
you pay back less each day. This allows your business more financial
freedom than a traditional business loan.
Just fill out our secure online business cash advance application
today for quick and easy approval. You may also apply over the phone
or via fax. Once we receive your application, you will be contacted
by one of our representatives.
In order to qualify, you must have at least $5,000 in sales transactions
each month for the last 4 months, be in business for at least 6
months, and meet a few other very simple requirements. There is
no collateral required and no set payback time period.
Most small businesses, even those with little or no credit history,
are approved for our business cash advances as long as they meet
our requirements and are able to provide adequate verification.
Once you have submitted the complete application package, we will
review it and contact you within 24 business hours. Approval is
fast and simple. You may get funding in as little as 5-10 business
days.
Although our lender DB Squared, Inc. does not provide a traditional
credit-based loan to merchants, we do exercise a business-friendly
scoring model to assess our risk that includes consideration of
your credit history, general economic data, and business information
in combination with both the business information and the guarantor's
information. Viewing your personal credit is a very small part of
the approval process.
No, the business cash advance will not appear on your credit report.
This funding will have no impact on your debt to income ratios.
There is significantly less paperwork involved in obtaining a business
cash advance from us than through any traditional financial institution.
We will require proof of your business ownership, 6 months of credit
card statements, and 4 months of business bank statements, driver's
license, voided check.
We will accept a variety of documents as proof of ownership which
include, but are not limited to articles of incorporation, or a
business license showing your name as guarantor or owner.
No. Collateral is not required for business advance approval. Your
proven business track record helps us determine your funding options.
No, there are no application or set-up fees for your business cash
advance.
Yes, you will need to change to Pinnacle Processing Group who has
an exclusive relationship with DB Squared, Inc.. This is the revolutionary
way in which the merchant fulfills their cash advance obligation
by allowing the processor to split-fund the payment daily back to
DB Squared, Inc.
There are no fees associated with changing merchant processors when
your advance is funded. PPG will guarantee to meet or beat your
current credit card processing rates.
Your business cash advance is not an interest-based loan. Business
cash advances are not loans at all, therefore your financial obligation
will be met through a percentage of your daily credit card receivables.
The cost of the advance is a discount factor rate charged as a percentage
of the total advance amount. Our factor rate is 1.25 for 6 months.
DB Squared, Inc.will base your payments on a predetermined percentage
of your average credit card sales over a period of time, based on
our business cash advance agreement. We purchase a portion of your
credit card receivables at a discount when we make the advance for
you. There is no fixed payment amount or set time period. Payments
roll with your cash flow, so if sales are slow for a period, you
simply pay less.
Gross volume simply refers to the total sales revenue.
Yes, you may repay your business advance early if you are financially
secure and ready to do so. Remember, if you experience a high volume
of credit card sales, your cash advance will be paid off earlier
than scheduled as payment is always based on a predetermined percentage
of your credit card sales determined from your average credit card
sales volume.
No, we do not offer a discount for paying earlier than scheduled.
Remember, a business cash advance is not a business loan therefore
there is no monthly payment schedule.
Yes, and most of our clients do. This is an easy and efficient way
of preventing serious cash flow problems. We encourage renewals
of your cash advance once you are 50% paid back.
There are no restrictions on how you can use the money received
from your business cash advance. Once you receive the funding, the
money is yours to use in anyway that benefits your business. You
can use it for any type of business expenditure.
We operate every Monday through Friday from 9:00 to 5:00 PM PST.
We are closed on all Federal holidays. However, you may still submit
a business cash advance application, send an email, or leave a voicemail
during our non-working hours.
Of course! We are always happy to help. Feel free to use our online
contact form any time, day or night, to send us your questions,
comments, and concerns. You may also give us a call at (206) 365-3931
ext. 110 or email info@pinnacleprocessinggroup.com. A representative will respond
to your query during business hours.
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