Spectrum Processing, in conjunction with our funding partner, provides "credit card receivables financing" to restaurants, retailers and small businesses secured by the cash flow from your businesses future credit card transactions.
Your previous month's receipts are analyzed and a cash advance is made against your anticipated future monthly credit card revenue.
Our program offers a high approval rate (you must be current with your landlord and have no open bankruptcies). The funds are typically available in 7 days or less with up to $125,000 available per location and up to $350,000 available for multiple locations. The amount available for an advance is based on how much your business typically receives in credit card receivables each month.
There is no extensive paperwork or tax returns required. Compared to a small bsines loan that can require complete financials and an enormous amount of paperwork, the process from application to funding is simple. Depending on your business type and processing volume, we can advance you up to 50% more than your monthly processing volume average, and these funds are available for you to use in whichever way you choose.
Your business must have at least 1 year of operations and credit card history. For restaurants, however, your time in business can be as little as 30 days. The business must process at least $2,500/month in credit card sales for at least a period of three months, and can not have any open bankruptcies in the last 12 months. The business must have be up to date with landlord and rent payments and will have to provide four months of recent credit card statements as well as four recent bank statements.