Principis Capital can help your business get the funding it needs. What sort of funding do we offer? Here are the answers to some commonly-asked questioned by our 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.
Do you offer fixed daily payments?
Yes. We have a Flex-Defined program that allows for anticipated daily payments. You can read all about it here.
If you have more questions, please contact us!