Relatively quick compared to other forms of financing, an MCA can be acquired in as little as one business day, but most often will take several days. Once the advance is approved, funds can be available in as little as 2 business days.
The application process is significantly different from other types of funding.
Apply for Funding. The application will require at the very least your social security number, business tax ID and the usual identifying and contact information for your business.
Provide Documentation. As stated above, this will include credit and debit card statements and may include bank statements, proof of citizenship and a copy of your business lease, if applicable.
Wait. Your advance may be approved in as little as 24 hours but be prepared for a few days.
Set Up Credit/Debit Card Processing (if applicable). Depending upon who your MCA provider is you may be required to switch to a different card processor. While inconvenient, this is sometimes unavoidable.
Sign the MCA Agreement. This agreement will lay out funding and advance repayment details including the amount you’re approved for, the holdback percentage and the amount of interest and/or fees.
Funding. Your MCA provider will deposit the funds to your business account, usually within 2 business days. Repayment will be handled automatically as you process payments from your customers.