If you currently have a merchant cash advance from Principis Capital (or you’re a returning customer) and your business is continuing to function as usual, you’re probably going to be eligible to receive additional funding from Principis. We value the close ties we forge with our merchants. So, how does the renewal process work?
When to Get Additional Funding
Business costs can crop up unexpectedly, and sometimes it catches owners unprepared. One question merchants often ask us is if they’re able to take out a second advance while they have one currently open. The answer to that is absolutely! As early as 60 days after your first advance, so long as you’ve paid down around 60% of your current advance and there hasn’t been deterioration in your business, you’re able to get additional funding from Principis Capital. Like your first advance, the amount of money you’re eligible to receive is based on your business’ performance.
We also have a number of different programs available that our Sales team would be happy to explain.
What Makes Our Process Better
There are three major advantages an additional merchant cash advance from Principis Capital has over the competition:
- Faster Approval
Because we already know your business, the credit review and approval process for additional funding is much faster than for your initial advance. Most of our renewals take just 24 hours from application to funding.
- Preferred Pricing and Terms
A benefit we offer our well-performing merchants is preferred programs. Businesses that renew with Principis may be offered lower pricing and/or more capital. Oftentimes, once we’ve gotten to know you and your business, we can reduce the retrieval percentage on your renewal advance to make repayment even easier.
- Get All the Cash You’re Approved For, No Underhanded Tricks
One bad tactic that some other firms use is to pay off your existing balance with the new money you’re supposed to receive. Say for example you had a current balance of $10,000 and took out an additional advance of $20,000. Instead of getting the $20,000 you need, they would deduct the $10,000 you owe but charge you for the whole amount. Principis Capital does not engage in this behavior. When we approve you for a certain amount, that is the exact amount you will see deposited in your bank account. No fees, no tricks. That’s just good business.