FAQ
Welcome to our Frequently Asked Questions section your go-to resource for quick answers to common inquiries
A merchant cash advance (MCA) is a financing option that provides immediate money (capital) to small businesses and self-employed individuals (that’s you!) in exchange for a percentage of future sales or bank deposits.
Merchant cash advances offer several benefits over traditional bank loans, including:
- Fast funding: Merchant cash advances are typically approved and funded within a few days, providing immediate access to capital when it’s needed most.
- No collateral: Unlike traditional bank loans that require collateral, merchant cash advances are unsecured and don’t require assets as collateral.
- No credit check: Merchant cash advances don’t typically require a credit check, making them accessible to businesses with less-than-perfect credit.
- Flexible payment terms: Payment terms are based on a percentage of your business’s sales, making it easier to manage cash flow.
Merchant cash advances (MCA) are beneficial to a wide range of businesses, including:
- Retail stores and restaurants.
- Service-based businesses, such as salons, spas, and landscaping companies.
- Healthcare providers, including dentists, chiropractors, and veterinarians.
- E-commerce businesses, including Amazon and Etsy resellers.
- Independent sellers and franchises for companies like Avon, Amway, and Mary Kay.
- App-based freelancers working for platforms like Uber, Lyft, and TaskRabbit.
The application process for an EZMCA merchant cash advance is straightforward, fast, and easy. Just click on the “Apply Now” button. You will need to provide basic information about yourself, such as your telephone number and email address, as well as information about your business. You will also login and verify your business revenue and business transactions using a third-party platform, Plaid. Everything is online, and should only take a few minutes.
EZMCA provides a lump sum payment to you upfront, which is repaid over time through a weekly bank withdrawal payment. This payment structure is known as a holdback or factor rate, which is a fixed percentage of the borrowed amount.
To qualify for a merchant cash advance (MCA), you will need to meet the following requirements:
- Be in business for at least three months.
- Receive your payments using 1099 (not W2), or receive money directly from your customers.
- A business or corporate bank account, and all your business income is deposited into this business account.
- Have a minimum monthly business income of at least $1600.
You can obtain a merchant cash advance (MCA) between $500 and $10,000. Larger amounts are available for some merchants.