Welcome to part 11 of our 12 part series – “Tell Me the Best Merchant Solution for My Business.” In this chapter of our series we will discuss the following questions: “Can I take a line of credit out on my merchant payments? What does it cost? What does the approval process look like?”
Can I take a line of credit out on my merchant payments? What does it cost?
Yes. Sort of. Merchant Services advances like Choice Merchant Services Capital for Merchants Program, is not a line of credit yet it operates like one. Here is how it works:
1. You essentially can received an advances of 1 month of merchant services processing volume.
2. The payback period is typically 4 to 8 months.
3. Most merchants pay back about $1.35 on the dollar over a 6 month period.
What does the approval process look like?
