Credit Card Split Lockbox Advance
Best Connect Capital, Inc. | 800.515.4126
Credit Card Split/ Lockbox Advance
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. If your business is running slow at certain times then less money will come out to assure we don’t hurt your cash flow.
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).
Difference Between Lockbox and a Split
A credit card split is ideal, and available to merchants who use the bigger, more popular processers out there. No extra work is needed, and the money goes directly into your business checking account. It 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.
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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 entities would best qualify for this program. The original MCA product started this way about 30 years ago!