Credit Card Split
Best Connect Capital, Inc. | 800.515.4126
Credit Card Split/ Lockbox Advance
This is an ideal funding program for businesses that process credit cards for customers. Rather than borrowing capital with a set payback the Credit Card Split or Lockbox Program remits a %’age of credit card sales processed by the business, daily.
For example, if you borrow $50,000 at a 1.20 factor rate the payback may be something like 15% of your daily credit card sale batch (the remit %’age could be higher or lower, depending on qualifications).
So, on busier days more will get remitted from credit card sales for payback, and in slower times less gets remit. So, it really gives the business owner flexibility, and reduces stress on paying back an advance. The payback time is an estimation.
How does it work?
The process is quite simple, there is a link below that will lead you to our application form. Simply fill out the form and submit your last 3 months business bank statements. Our top-notch underwriters will them review your credit card sale activity through these statements and then draw up an offer for funding. Our max dollar is $500,000 for this program, pending revenue and Credit Card sale performance. If you have any trouble with this link, live support is available.
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Difference Between Lockbox and a Split
Now a credit card split is ideal, and available to merchants who use the bigger, more popular processers out there. No extra work is needed, the money goes directly into your business checking account, and is then automatically paid back through your credit card sales.
The lockbox option is created when we can’t set up the remit directly onto your credit card processer. We would set up a 3rd party account for you and your credit card sale batch would then reflect in that new account, including our remit. This process could take up to 5 days however it normally takes 24-48 hours.
What Businesses Best Qualify for a Split or a Lockbox?
The best qualified companies that would get this type of funding program would be the 1’s that process a lot of customer credit cards. Restaurants, pharmacy, clothing stores, fast food chains, and misc. retail all process customer sales through credit cards. These types of companies would best qualify for this program.