MCA Frequently Asked Questions
We do our best to have solutions ready for you at your fingertips. If you cannot find an answer to your question please contact us for more details.
CAN I INCREASE MY ADVANCE AMOUNT ONCE APPROVED?
Yes. We discovered that over time we offer more funds then all our competitors, with our goal being to grow along with your business. As your business grows, so does the amount of funds.
Based on our cutting edge underwriting and pricing, we have the ability to pre-approve your business for up to 3 times the amount you originally receive.
I HAVE POOR CREDIT. WILL I STILL BE APPROVED?
Yes. We can still get the funds for your business, however the program is slightly modified. We have a starter package that you can join. Once your funding specialist understands you, and your business your credit score becomes irrelevant.
WHAT IS MERCHANT CASH ADVANCE (MCA)?
A Merchant Cash Advance (MCA) is an advance on funds which is provided dependent on your businesses credit/debit card payments. It differs from a loan in the sense that the money is paid back through a percentage of your daily credit/Debit card sales. There is no accrued interest, fees or additional charges, and the payments are flexible. Which means that when you are having a slower month, you don’t repay us anything more than you can afford
WHAT CAN I USE MERCHANT CASH ADVANCE (MCA) FOR?
The answer is limitless! You can use your merchant cash advance towards any activity which will assist in the growth of your business or the maximization of profit. This can include expansions, acquiring new or additional inventory, purchasing new technologies or equipment, paying employee wages, marketing activities, etc.
WHEN WILL I RECEIVE THE FUNDS?
You could have your money in your business bank account by the end of the day! Our team works as quickly and efficiently as possible to ensure that you receive your desired advance as timely as possible. Call, Email or apply online now to be in touch with one of our team members!
HOW EASILY CAN I ACQUIRE FUNDING? WHAT NEEDS TO BE PROVIDED?
We try our best to approve all applications. If your business meets this basic criteria we are able to fund your business.
>Canadian & American Business
>Operational for a minimum of 90 days
>Minimum gross monthly sales of $10,000
>No open bankruptcy
>Canadian & American Business
>Operational for a minimum of 90 days
>Minimum gross monthly sales of $10,000
>No open bankruptcy
WHAT NEED TO BE PROVIDED IN ORDER FOR MY BUSINESS TO AQUIRE FUNDING?
We made the process as easy as possible because we want you to get the funds you need when you want it. All we require is:
>Canadian & American Government issued Photo ID
>Most recent bank statement
>Property Lease/Proof of ownership
>Void cheque
>Canadian & American Government issued Photo ID
>Most recent bank statement
>Property Lease/Proof of ownership
>Void cheque
I ALREADY HAVE AN ADVANCE WTH ANOTHER AGENCY, CAN I STILL ACQUIRE FUNDING?
Yes. We have no problem approving accounts that currently have outstanding advances with competitors. And we will not make you pay them out early.
DOES NEWERA PERFORM A PERSONAL OR BUSINESS CREDIT CHECK?
In most cases we do a soft check. Meaning we have a look at your credit report, however it does not register on your credit score, and is not considered a debt on either you or your business.
DO I NEED TO CHANGE BANK ACCOUNTS OR PROCESSORS TO ACQUIRE FUNDING?
Absolutely not. We are completely processor and bank agnostic. You can be with any Canadian & American financial institution and we are happy to work with you.