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Check Scanner Based Merchant Cash Advance

A unique payback alternative for businesses capital

Benefits

If your business receives checks from its customers, then you may be able to raise working capital within a couple weeks. There are many benefits from using this service that go beyond simply raising money for the business, as well.

Save money by electronically sending checks to the bank instead of driving them to the bank
Improve cash flow by increasing the frequency with which you deposit checks
Streamline operations and enhance data capture by maintaining electronic records about checks you receive
This service is not associated with any particular bank, so you can switch banks

The way this is done is to equip your business with a check scanner and accompanying service for a reasonable monthly fee. Consider this: you may like the benefits of using check scanning to improve your business, even if you don't get a cash advance.

Qualifications

Below are the primary guidelines for this program.

Check volume is >$25,000 per month, relatively steady month-to-month trends
Average check size is $500. You may be asked to provide four months of deposit slips and checks, depending on the checking statements details available
Number of deposits is over 12-15 per month
Total sales are >$30,000 per month
Business not home based
FICO score > 550
1 year or more left on business lease

How it works

You apply and get approved for the business cash advance, the check scanning service and the scanner lease
Scanner is shipped to your business and connected with the help of a customer service representative at an 800 number
You receive training from the same or another customer service representative
Scanner is used successfully 2 to 4 times, to demonstrate successful batches
Final verification of business cash advance terms are made, then a wire transfer is made to your business checking account