This topic contains 2 replies, has 1 voice, and was last updated by Blair Jvaldez 4 years, 1 month ago.
Opening Cash Advance Business
Hello, I am planning to open a cash advance business. I was wondering if anyone can suggest the requirements, for example: 1. Do I need to obtain a business license or permit, 2. What does it take to open a bank ACH account to be able to withdraw money from other business bank accounts, 3. Can someone recommend me an attorney and accountant who specializes in cash advance service, 4. Lead companies.
Thanks for your question:
1) We are not in a position to give legal advice. However, there are both federal and state laws which govern financial transactions. I would engage a very good securities attorney before engaging in this activity.
2) ACH withdrawals are very common. I would ask your local banker how you could initiate an automated ach withdrawal. Perhaps, you might want to contact a company called Braintree which is owned by Paypal.
3) We use Priori Legal recently to find a lawyer.
Good Luck, Marc
Cash advance is an easy and quick way to get business advance irrespective of the credit score even if you don’t have a collateral. If you do not qualify for financing at the bank then merchant cash advance is a better option. The basic requirements for opening cash advance are:
1. You need a business license for opening MCA account.
2. If you receive a larger portion of revenue through credit card payments than cash advance can be used as a financing tool.
You can initiate automate withdrawal process for cash advance withdrawals.