Getting funding for your business from Principis Capital couldn’t be easier. Here are a few common questions we get asked by merchants:
How much money can I get?
Approvals are based on average credit card processing. Most merchants can get between 1 and 2.5 times their average monthly credit card sales.
When do I have to pay it back by?
There is no specific length of time during which you are required to remit credit card sales to us. A merchant cash advance does not have a “term”, since we collect the purchased credit card receipts as a percentage of your daily credit card sales. Therefore the amount we collect varies from day to day. With most of our clients, Principis collects the purchased amounts within 8 to 12 months. However, some take longer and some take less time. It is all driven by the ups and downs of your sales.
How long term a loan can I get?
A merchant cash advance is not a loan, and does not have a fixed “term”. Principis buys a specific amount of future credit card receipts, and collects them by taking a percentage of your daily credit card sales. With most of our clients, Principis collects the purchased amounts within 8 to 12 months. However, some take longer and some take less time. It is all driven by the ups and downs of your sales.
What happens if it takes longer than expected for me to repay the advance?
Since there is no fixed term to the advance, there is no issue with taking less or more time to generate the credit card sales that will repay the advance. If your sales go up, Principis will collect the receipts faster, and if they go down, we will collect them more slowly. However, it is important to remember that the agreement you sign with Principis specifies that while you have an outstanding receipts balance with us, you will not take actions to divert credit card receipts away from us, such as discouraging your customers from using credit cards, or changing your credit card processing company.
How long will the process take?
With Principis, you can get pre-qualified in 24 hrs. With our fast approval processes, most merchants can get funded within 7 days.
What documents do I need to provide to get approved?
The following documents are necessary to get approval:
- Signed application
- Records of your 4 most recent months’ processing
- Your business’ 2 most recent monthly bank statements