- What is a Business Cash Advance?
A Business Cash Advance provides small business owners with the ability to raise needed capital. We advance cash by purchasing a pre-determined amount of the business's sales volume sold through your credit cards merchant account.
- How long will I have to wait to find out if my client has been approved for a business cash advance?
Approval is usually obtained within 24-48 hours. Funding usually takes 1-3 weeks depending on the amount of the transaction and the time it takes to get the signed contracts required to fund.
- How much funding is available to my client?
Your client will qualify for an amount between $3,000 and $300,000. The actual amount is based on their average credit card volume.
- How do you determine the amount of the business cash advance?
The amount of receipts purchased is determined by their average credit card volume over a 180 day period. We encourage your client to provide any documentation, (bank statements, sales tax receipts) that support total sales volume in order to be approved for the highest amount possible. We will give your client the largest amount based upon the documentation provided and they can decide how much they would like to accept. If your client has chosen not to take the entire approved amount on the first funding, they may contact us anytime to request the unused portion.
- How does my client repay the Business Cash Advance?
We collect a small percentage of each credit card transaction through our processing bank.
- Will my client receive the same low rates as their existing credit card processing account?
Yes, we will meet or beat your current processing rates.
- What are the client requirements to qualify for a Business Cash Advance?
Restaurant or Retail or Service Business
- At least 9-months in business
- Accepts credit cards as a form of payment
- Provide processing statements for the previous 4-months of at least $4,000 per month in credit card sales
- Provide 2-months of bank statements with consistent balances for higher approval amounts
- Acceptable personal and business credit (may have as low as 500 personal credit)
- Has no large tax liens, judgments or bankruptcies
- Is in good standing with property leasor with at least one year remaining on their lease
- How will I get credit for my referral?
You can sign up as an agent or partner. You will receive an Agent ID in your email with instructions on how to submit your client for approval.
- What are the benefits for my customers?
The program is simple:
- Funding can occur in as little as 10-days
- Easy payback terms and conditions
- Can include all fees in cost of goods
- Available funding for opportunistic buys
- Tax deductible
- Improves cash flow
- Builds business credit
- Increases open to buy for retailers
- No need to markdown inventory to raise cash for new inventory
- May receive additional funding for other purposes upon requests
- Am I assigned a primary contact person for each iPayment department?
Each ISO/Agent is assigned directly to the Relationship Management Department. This team is your day-to-day contact. You are welcome to contact Merchant Services, Risk and Chargebacks directly for department related issues.
- Who should I contact if the Relationship Management rep I work with is not available?
Each member of the Relationship Management Team serves as a backup for each other. If you have a sales related issue that this team cannot handle, you are welcome to contact any member of the Sales Department.
- Can our organization’s logo be added to the Merchant Application and Processing Agreement or the merchant’s statement?
Provided that you are a fully registered ISO of Visa, MasterCard and Wells Fargo Bank, the Merchant Application can be customized to include your company’s logo as well as any hard-coded fees you desire. All legal language of the contract must remain unchanged. The cost of customizing and printing the Merchant Application is free in a pdf format. Costs for extensive outline changes are based on a price quote from our printing vendor. All pricing and specifications are subject to change.
- How do I become a direct registered ISO of Visa/MasterCard?
Please contact Christa Shook (Christa.Shook@ipaymentinc.com / 818-540-6583) directly for details and paperwork. Please note there is a one-time registration fee and an annual fee to remain registered with the card associations.
- How and when are the end-of-month (EOM) fees deducted from the Merchant’s bank account?
Daily Discount Merchants (default setting)
The bank will deposit a merchant’s net daily batch amount (batch minus the qualified rate discount fees). All downgrade discount rates, customer service fees, monthly minimums and any other monthly fees are deducted between the 1st and 5th of the following calendar month.
Monthly Discount Merchants (must be approved)
The bank will deposit each day’s batch totals in full. All discount rates and monthly fees are taken out between the 1st and 5th of the following calendar month.
- How do I know the status of my applications?
Your iPayment Agent site login shows you the status of your portfolio in real time. If you need training or a login issued on this system, please contact Relationship Management.
- What kind of turnaround can I expect on a newly submitted application?
iPayment’s general rule is “in by noon, out by 5”. This means the account is approved, the MID and TID are activated, the file is built and the terminal is deployed (if applicable). You can check the iPayment Agent site for status and download information upon completion. Incomplete/illegible paperwork and multiple terminal deployments cannot be guaranteed for same day. Deployments requiring PIN-based debit are held overnight to ensure debit is activated and we can test the file before terminal is shipped.
- What if I cannot communicate with iPayment via email?
Please instruct the Relationship Management team that you do not have access to an email account and/or computer. We will set up services to call or send any information through the mail or fax.
- Can I continue using the Value Added and/or leasing companies I currently work with?
Yes, if you have your own relationships with certain vendors, you are welcome to continue working with them.
- Can iPayment collect the application and/or equipment fees from the merchant?
No, it is the responsibility of the agent to collect any additional fees directly from the merchant. iPayment will charge an agent directly for any of their fees. Agents can choose to pay by credit card or bank account ACH.
- Who is responsible for calculating and paying our monthly residuals?
iPayment has a Residual Department that handles month-end settlement and reporting. Residuals are paid on or around the 25th of the following month. You will receive the report via email or by regular mail (agent’s choice) with detailed income information on each of your merchants. ACH’s are submitted at the same time the reports go out. Questions regarding your residuals should be directed to Relationship Management.
- How do we add the non-bankcard MIDs to the account?
Fill out the Card Addition/Change Request Form and fax the information to the number provided.
- Where do we fax completed applications?
Fax new details, along with the supporting documents to the New Accounts Department (800) 858-6234. Please sign the application, include your agent/office ID and use a cover page to ensure you get credit for the deal.
- Do I need to mail in the original signatures on a new Merchant Application?
No, fax or scanned and emailed copies are acceptable.
- Can I add/change the hard coded fees on the application?
Any fee you have a base cost on can be lowered or waived. Simply cross out the hard coded fee and indicate next to it what you’d like to charge. Keep in mind that for any waived fees, you will be charged your base cost against your residual.
- Do I have to purchase equipment through iPayment?
You are welcome to use any source you prefer to obtain merchant equipment. If you choose to purchase equipment elsewhere, please check off “REPRO” on the equipment section of the application. If you intend to purchase equipment through iPayment, you will need to provide the Equipment Deployment Request forms for each MID you are placing an order for.
- What online reports are available?
The agent site and iAccess systems are available 24/7 at no cost. iAccess gives you a view into your merchant’s activity, statements, chargebacks, etc. The agent site gives you a view into status, underwriting notes and download info.
- Can I create my own surcharge tables, interchange grids or per authorization tables?
We have a number of grids that should meet your needs. If you run into a special situation and need to price a merchant outside of our guidelines, please contact Relationship Management with the details before quoting a merchant any special pricing. We will do our best to accommodate you.
- Do you supply all of the marketing materials I’ll need to run my business?
We provide Merchant Applications at no cost. Merchant program guides are provided in PDF format only. Business cards are available for a price of $160.00 for 1000 cards (price subject to change). Send all marketing materials and/or websites to Relationship.Management@ipaymentinc.com for iPayment and Wells Fargo approval prior to public distribution.
- What terminal supply programs does iPayment offer?
iPayment does not currently offer a merchant supply and/or terminal replacement program. All new terminals purchased through iPayment Inc. come with a one-year warranty and refurbished equipment has a 30 day warranty.
- If my Merchant purchases a new terminal, how do I get that set up?
Email or fax any upgrade requests to the Account Changes Department. Please include the MID and DBA on all requests. Indicate if the equipment is replacing what the merchant has or is in addition to.