Credit Card Factoring for Restaurant Owners!
In a nutshell, a Credit Card Factoring funding is a lump sum of cash now, in exchange for a small portion of your future credit card sales.
Crown Financial Services purchases a small portion of your future credit card sales at a discount. This is called a Credit Card Factoring funding or credit card receivables funding. We then collect a percentage of your daily Visa/MasterCard sales directly from your credit card processor until advance is paid in full. Repayment is automatic. You never have to worry about writing checks, making timely payments, or paying late fees.
For Example:
Crown Financial Services will advance your business $50,000 today in exchange for $60,000 of your future Visa/MasterCard sales. Crown Financial Services then collects anywhere from 12 to 25 percent of your daily Visa/MasterCard sales until the $60,000 advance is collected. Usually over a period of 5 to 12 months.
Credit Card Factoring Advantages
Credit Card Factoring fundings offer businesses the fastest, easiest way to access risk-free capital from $5,000 to $1,000,000. Funding in 5-7 days with no application fees and the process is simple with minimal paperwork.
No fixed payments - flexible programs No fixed time frames for repayment Completely automated process Crown Financial Services gets paid only when you get paid
Renewal is easy. Once you are a Crown Financial Services customer, getting more money or renewing your advance is even simpler.
There is never a pre-payment penalty:
You can use your cash for anything. From adding a new location or inventory, to making payroll or paying taxes, to buying advertising or direct mail, the cash advance is yours to use in any way you choose to grow your business.
You pay as you grow. The Credit Card Factoring fundings are paid for with a percentage of the Visa and MasterCard transactions only. If your credit card volume is down, then the amount collected by Crown Financial Services is less and vice verse when volume is up.
Qualification and Funding: To qualify you must:
- Run a traditional retail/service/restaurant business with at least one year remaining on your lease.
- Have a fixed business location.
- Preferably be in business for more than six months
- Must have a minimum average monthly credit card sales volume of $5,000.
- Must not be behind in rent or mortgage payments for more than two months.
- Have no current bankruptcies and no bankruptcy discharges in the last 12 months.
- Have no more than $100,000 in unresolved liens.