FAQs - Partners (ISOs)
How can your merchant qualify for a business cash advance?
- U.S. business only and in business for at least 1 year (contractors need 5 years in business)
- Your business either has monthly deposits averaging at least $10,000 OR processes a minimum of $4,000 per month in credit card transactions.
- Provide a completed application and at least 4 months of recent bank statements and/or processing statements.
What types of businesses does Smart Step Funding work with?
We work with an array of businesses nationwide from dental offices to auto repair. Feel free to submit your application and bank statements to firstname.lastname@example.org
How quickly can I get a business cash advance?
Once your business is approved, the funds will be sent to your merchant’s business account right away.
Are there any upfront fees or charges?
No, the application is free. Smart Step Funding (SSF) does not impose any up-front charges whatsoever. That means there is no cost to the merchant to be underwritten to get funding options from SSF. Once SSF has funded the merchant, we simply retrieve an agreed-upon percentage of the merchant’s daily credit card processing or debit the agreed upon daily/weekly payment as indicated on the contract.
How does the program work?
SSF purchases a fixed amount of future receivables from the merchant. Then, over a period of 6-18 months, a pre-determined percentage is withheld from credit card receipts or deducted from their business bank account until SSF has collected the full amount of receivables that it purchased.
What are the loan amounts and terms?
Our term is 6-18 months and our advances range from $5,000 to $300,000 based on business revenue flow and Underwriting approval.
How easy is it to get approved?
Applications are prequalified within hours and funded within days. It is a lot faster and easier than a conventional bank loan.
Can my merchant receive a cash advance from SSF with an outstanding current balance from another advance company?
Yes, but any outstanding cash advances must be repaid from the proceeds of our advance.
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