FAQs Cash Advance

How does Haven Merchant Service Cash Advance work?
Haven Merchant Cash Advance has formed a business capital system through which, as a business owner, you are able to receive a merchant cash advance based on your business's credit card transactions. In this process we pre-purchase a specified amount of your future credit card sales. After you are approved and funded we get paid back with a small fixed percentage of your future credit cart receipts. Our products offer a revolutionary way to get the money needed for your business operations. The most important thing to remember is that it's not a loan, so there are no loan payment books, no dealing with people who don't understand your business, none of the traditional bank hassles. To settle your obligation, we retrieve a fixed percentage of daily credit sales when they are "batched"? - it is as simple as that.

 

How much cash can I qualify for?
You can qualify for any amount between $20,000 and $1,000,000, depending on your business's credit card sales (you must have a minimum of $20,000 in credit card sales per month) and the period since you started your business (your business must have been in operation for a minimum of 6 months).

 

Do I qualify for a discount if I pay earlier?
The financial assistance we provide isn't like a loan. We do not offer any discount. You can repay at any time if you are financially secure and ready to do so. If you repay 70% of your advance, you may qualify for additional funding!

 

Do I have to change credit card processors?
Haven Merchant Services works with various financial processors to give you the best rates. There is a chance that your transactions are not currently being processed by one of the processors we work with. If this is the case, you may need to change your credit card processing company. This is not a hard process, and we'll handle the paperwork for you. Since funds are split on the back-end of your credit card processing, you may be required to be a customer of ours for us to provide funding to you.
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How quickly can I get my cash?
Typically funding takes place within 5-10 business days after approval. The funds are directly deposited into your business checking account.

 

Do you have any restrictions on how the cash advance is used?
Haven merchant Services cash advance is meant for the enhancement of your business. We're not a bank, and as a result, you can use the funds you receive for anything. We strongly recommend that you invest the funds back into your business. A few examples of responsible, cost effective, uses for funding include: expansion, renovations, partnership buyouts, opening new locations, purchasing increased inventory, and increasing your businesses marketing.

 

How do I get started?
To get started simply complete our one-page application form and a financial representative will get in touch with you as soon as possible.

 

Why does my credit need to be reviewed?
Haven Merchant Services Cash Advance does not offer a traditional, credit-based loan. However, we do need to review your credit in order to use a business-friendly scoring model that blends general economic data, business and guarantor information to assess risk. Considering your personal credit is a part of the process.

 

What is meant by "gross volume"?
Gross volume refers to your total receipts from all sources, including cash, credit cards, debit cards, checks, & charge accounts.

How does it work?
After you are approved and funded we get paid back with a small fixed percentage of your future credit cart receipts.

What’s the catch?
No Catch. No Hassles. No Gimmicks. Just a smart simple way to get cash fast.

How can Haven Merchant Servies help fund my business needs?
We offer a revolutionary new working capital program designed to help you manage your cash needs by providing you with a more responsive alternative to traditional bank lending.

 

How do I know if I qualify?
You must have been in business for more than 6 months, have at least $20,000 in credit card transactions per month, and meet a few other simple requirements.

 

What qualifies as proof of ownership?
To make sure you qualify for the cash advance, we'll require proof of your business and its ownership. Documents like your articles of incorporation, business license showing the guarantor’s name as an owner, and corporate tax return papers would suffice as examples of ownership.

 

How often are payments to Haven Merchant Services retrieved?
We collect a small percentage of your daily credit card sales as they are settled or "batched."

 

Whom do I call with questions about my account?
You can call our Merchant Services Specialists at 1.866.864.2836, between the hours of 9:00 am and 6:00 pm EST

 

The funding amount is determined from the previous four months of processing statements. The statements are averaged, and the merchant can receive up to 200% of their average monthly sales.

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Merchant funding is not a loan, but rather an advance backed by your businesses credit card processing volume history. Because this type of funding is not a loan, there isn't a specified fixed period of repayment.

Since merchant funding is not a loan, and does not have a fixed payment period, a businesses processing volume can change without effect to the repayment of the funding. A split payment is agreed upon, and that split is used to repay the funded amount.

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We can provide services to new businesses that have a liquor license and a lease.

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• Have you accepted Visa/MasterCard transactions for at least 6 months?
• Is your monthly Visa/MasterCard Volume at least $20,000?
• Are all prior bankruptcies resolved?
• Do you have at least 9 months remaining on your current retail lease?