Business Resources
Frequently Asked Questions (FAQs)
Below you may find some common questions about Ready Funds products and services. For more information about any one item, please click on the question link.
1. How I can qualify for a business cash advance?
. Business that accepts VISA, Master Card, American Express or Discover cards as a form of payment
. Your business processes a minimum of $3500 a month.
. 4 months of past processing statements
. Your business has been fully operational for at least 1 year.
2. How easy is it to get approved?
It is a lot easier and faster than a typical bank loan. We understand the reality and the hardship of owning and operating a small-medium size business. The majority of applications are approved within 48 hours.
3. How can I speed up my cash advance approval?
Fax your credit card processing statements and bank statements. Submit any information you might have omitted from the application. Provide documentation to explain all items that may create a questionable credit report.
4. How does the program work?
You are advanced an amount based on your current Visa/MasterCard/American Express or Discover Card sales receipts. A small percentage is deducted from your ongoing credit card receipts. There are no fixed payments and no fixed term.
5. How much will a business cash advance cost?
Pricing is based on the size of cash advance, the estimated time of distribution, and various other integral details of the cash advance program. This explained fully in the Cash Advance Approval sheet.
6. Is there a fee for providing a business cash advance?
No, the application is free. There are no up-front charges administration fees.
7. Will bad credit affect my cash advance request?
It is not necessary for you to have good credit to receive a business cash advance. A poor credit rating will not normally influence a cash advance.
8. How quickly can I get a business cash advance?
As quickly as 72 hours. If relevant documents are missing or difficult to obtain, the process may take somewhat longer.
9. How will I pay back the business cash advance?
Payback is automatically deducted daily, based on a percentage of your daily Visa/MasterCard/American Express/Discover Card receipts.
10. Is this a loan?
No. This is not a loan. It is a purchase of future receivables.
11. When I have repaid my first cash advance, how easy is it to apply again?
If there has been no change in your financial status you will be approved automatically.
12. Is the paperwork complicated?
The required paperwork is fairly simple and takes no more than ten or fifteen minutes to complete. Our Funding Specialists are available in our contact center to help you through this process.
13. Can I receive an additional cash advance while an advance from another company is still outstanding?
Yes, but any outstanding cash advances must be paid out of our first advance to you. (You receive all remaining proceeds).
14. I have high enough overall sales, but my credit card volume is relatively low. Is there any way I could receive funding?
Yes. We work to tailor our products to suit our customers’ needs, so just ask us. In order to qualify for our business cash advance program, your business must process a minimum of $3500 per month in VISA/ MasterCard/American Express/Discover Card transactions.
15. Can the advance be renewed?
When the business cash advance balance is down to approximately 50% of the original balance, you can request a renewal. As a matter of fact, most of our customers opt to do so. The business owner can request a renewal by phone, fax or e-mail. Renewals are usually funded within 72 hours of their request.
16. Do I have to switch my current credit card processor?
Yes. You must switch to our affiliated processors to receive funding. Our affiliated credit card processing companies will meet or beat your current credit card processing cost structure. The bottom line is that you're not going to lose money for having to switch. (Most likely, you will be saving money by switching)
Ready Funds, Inc. 333 Seventh Avenue New York, NY 10001 Phone: 866-854-6226 Fax: 866-276-9156
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