Why Savvy Entrepreneurs’ Choose
Painless Business Funding
The simple answer is because they need quick cash, emergency financing, or a bridge loan and they need it yesterday. This usually happens when a business needs money to purchase additional inventory for growing sales. It also happens when there is great opportunity to benefit from but it requires more capital than readily available. Or, when a company has a high return on investment from a marketing initiative and additional funding would provide a critical boost to those sales. Painless Business Funding is set up to accommodate these quick and urgent needs for money. It’s simple, easy, and hassle free especially for Painless Processing merchant account holders because they are pre-approved. It gives businesses the financing they need without having to go through the extensive and time-consuming process you would typically experience when trying to get the funds from a bank or corporate lending institution.
How does Painless Business Funding work?
Painless Business Funding provides a quick and direct capital infusion based on the average monthly dollar amount of credit card sales your business transacts. There are four (4) tiers to Painless Business Funding:
Painless Business Funding does cost more than other forms of financing because it’s non-collateralized and the approval process is incredibly relaxed in order provide funding in days as opposed to weeks or months. And, because we guarantee approval it significantly raises the risk to us as the funding party. However, our fees can be as much as 2,000 basis points less (for well qualified merchants) than other lenders providing a similar service. Every merchant is evaluated on an individual basis and your merchant services agent will be able to provide an exact rate for your business.
How do I pay back my Painless Business Funding and how long does it take?
HERE’S A GREAT EXAMPLE
If your payback percentage is 10% of each batch and you process $1,000 dollars in credit card sales for the day; $100 dollars automatically transfers to pay down your loan before it hits your bank account and the remaining $900 dollars goes into your bank account.
Painless Business Funding falls into the category of short-term business loans. They a have payback period ranging from 3 months to 1 year with the average loan being paid back in the 6 to 9-month range. However, if you were to need a time extension beyond one year our team will work with you on extending the duration of the note so you can continue to operate with peace of mind.
What if I need more funding?
Painless Business Funding was set up to accommodate the needs of growing businesses. Once more than 50% of the outstanding note and fees are paid back you are automatically eligible to re-advance the note similar to the way a revolving credit line works. This can be done by making a simple request to your dedicated merchant services agent.
Likewise, if a business already has funding but sees a dramatic increase in sales and needs further funding; our team can reevaluate your position and increase your loan amount accordingly.
How do I apply?
For businesses that already have a merchant account with Painless Processing, you’re Approved! We already have all of the information that pertains to your credit card processing and we perform the leg work to get you the funding you need. All we need from you is to execute a quick form that defines the terms of our funding.If you don’t already have a merchant account with painless processing, don’t worry! We can still approve you as long as you currently have an active merchant account, but we will need you to complete an application and provide us with some supporting financial documentation. However, you should also inquire about switching your merchant account to Painless Processing because we can most likely provide you with bundled cost savings on your merchant account processing fees.