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What can Paramount Merchant Funding do for my business?
We offer you a way to improve your business for the future by accessing cash now. It’s not a bank loan, so you’re more likely to be approved. We offer multiple funding programs to best suit all industries and financing needs. |
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How can I use the cash?
Use the cash any way you see fit. Customers typically use the cash to support or upgrade their business in some way. Maybe you need repairs or inventory. Maybe you would like to expand your present location or simply add a new location. Better still, maybe you’d like to seize an opportunity in your marketplace before a competitor does. |
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How does it work?
The funding process is simple. Paramount Merchant Funding purchases your future credit card transactions and/or other sales and advances that money upfront today. After you receive your advance, your credit card processor will deduct a small, fixed percentage from your daily credit cards sales until the advance is paid back. If you utilize a funding program that does not require credit card sales Paramount will collect payments by ACH from your business bank account. |
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Will I qualify?
If you take credit cards as a form of payment or have $15,000 per month in sales…you qualify! Credit score is NOT a factor with our underwriting with most of our programs. We know that most business owners put everything they have into their business including financing, which usually results in a low credit score. Our underwriters look at the business and the revenues that it is producing every month. They do NOT look at the credit history of the owner to solely approve your account. |
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How long will it take to find out if I am approved?
Pre-approval is obtained within 24 hours or less of receiving our required documentation. Funding can take as little as 3 business days depending on the amount of the transaction and the time it takes to get the necessary documents required to fund. |
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How much can I qualify for?
Your monthly credit card volume or sales volume will qualify you from $2,500 up to $1,000,000. The amount of sales receipts purchased is determined by your average Visa/MasterCard or sales volume over a 90-120 day period. |
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How soon can I have the cash?
This all depends on the customer. Once one of our account executives receives a completed application and required documents, we can wire the funds within 48-72 hours in most cases. |
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Do I have to change my credit card processor?
Paramount Merchant Funding gives you the option to either stay with your current credit card processor OR switch to one of our preferred processors where we can SAVE YOU MONEY on your fees every month. |
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Will I be able to monitor the progress on my account?
You can log on to our online portal to view your every detail of your account. Our online portal reflects real time information and can show you daily repayments as well as details on each funding contract. You can also contact our customer service line to request more detailed information you may require. |
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Is there a penalty for paying back the advance early?
No. You can always pay off the balance remaining on the advance at any time. Matter of fact, Paramount will offer a large discount depending on your pre-pay terms worked out during the initial contract. |
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Do I have to pay off the first advance before I can take a second advance?
No. 75% of our customers take more than one advance and the majorities of our clients track their account online and keep close contact with our Renewal department to determine when they may qualify for additional funds. |
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Who can answer my questions, or help me start the funding process?
If you are a new client looking for funding or answers to any additional questions please call:
877-885-1505 from 9 a.m. – 9 p.m. EST, Monday – Friday.
For Customer Service please call 212-947-0100 and dial 6. If you are trying to reach us over the weekend and there is no answer,
please send us an email to Info@Paramountmerchantfunding.com |
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