Do I qualify?
You pre-qualify for a ForwardLine merchant loan or advance if:
- You have owned your business for at least 12 months
- You have at least $3,000 in monthly Visa/MasterCard sales
What if I don’t qualify?
You may still have options through ForwardLine. We partner with a network of lenders and other capital providers who specialize in small business financing. If we can’t help you, we may have a partner who can.
How do I apply?
Click here to fill out our 3-minute application or call 1-866-623-4900.
Are there any up-front fees?
Absolutely not! The application is quick, easy, and totally free.
What amount of funding can I get?
Your funding amount will depend on a number of factors including your credit card sales volume, your type of business, and how long you’ve been in business. Once we receive your initial application we will give you a full quote taking these factors into account. The maximum we typically can fund is about 1.5 x your monthly credit card sales average.
How does your funding program work?
ForwardLine sets up a new merchant account for you. Then we fund your loan or advance via ACH to your specified bank account. You conduct your credit card sales as usual except that we will then automatically withhold a small percentage of your daily credit card settlements and apply it to your balance.
What is the difference between a merchant loan and a merchant advance?
A merchant loan is a loan that is based on your credit card sales volume and is repaid via an automatic withholding of a small percentage of your ongoing credit card sales. The length of the loan can vary from 6 to 12 months. So for example, ForwardLine loans your business $100,000 and you repay the loan with interest over 12 months via a set percentage holdback of your subsequent credit card sales. A merchant advance is a transaction in which you sell an amount of your future credit card receivables to ForwardLine at a discount. (The amount of this discount is therefore the cost your business is paying for the merchant advance.) So for example, ForwardLine pays you now $100,000 for $115,000 of your future credit card receivables, and then, similar to a merchant loan, these purchased receivables in the amount of $115,000 are collected by ForwardLine via a set percentage holdback of your subsequent credit card sales. A merchant advance has no term. Instead, it extends for as long as required to collect the purchased receivables via the set holdback.
Is my business eligible for either a merchant loan or a merchant advance?
Eligibility for either program varies depending on several factors including credit considerations and the state in which your business is located. One of our ForwardLine Merchant Consultants will be happy to discuss with you which programs you qualify for.
Do I need to transfer my merchant account?
Yes. ForwardLine will handle your merchant processing. We support all major POS terminal and software brands. We will help you through the simple process of transferring your merchant account and we will typically be able to meet or beat your existing processing rates.
How is my merchant account transferred?
Our ForwardLine merchant services team will prepare all the paperwork and guide you through this simple process. It usually takes just a few minutes.
What is the length of your loans?
The terms of our loans typically vary from 6 to 12 months..
How does the application work?
Pre-qualified applicants can get approved in as little as 48 hours.
To get started, simply fill out the simple 3-minute application or call us at 1-866-623-4900 and fax in your last 6 months of merchant account statements to 1-866-623-4910.
Once we receive your merchant account statements, we’ll give you a complete funding quote and a quote for your merchant account rates.
What is the percentage of my credit card sales that are held back?
The percentage is determined and established up front based on your historical monthly credit card and debit card volume and the amount of funding you receive. We’ll give you the projected holdback percentage during the initial call. We can also give you a full quote in writing prior to signing any contracts to make sure you understand exactly what percentage is held back.
What sort of customer support do you provide?
We are very proud of our customer support team. Every member of the ForwardLine merchant services team has a minimum of 5 years of direct industry experience. They are highly trained and they have been given appropriate levels of authority to handle your needs. Even better, you get a dedicated account manager for the life of your account- so no more phoning a giant call center with poorly trained reps that don’t know what they are doing and treat you like a number.
How long will it take to get me approved?
Approval typically takes about 2 business days.
How long will it take to get my funds?
Funding can happen in as little as 7 business days.
How can I speed up the process?
There are a few things you can do to move the process along faster:
- Fax your last 6 months of merchant account statements to 866-623-4910 immediately after applying
- Return your signed documentation the day you receive it
What interest rate do you charge?
You must fill out an application with ForwardLine (either online or over the phone) to get a quote. The interest cost (or discount in the case of a merchant advance) depends on, among other factors, your industry and time in business.
How much does my personal credit matter?
We’ll review each credit profile individually before making any decisions. We’re not FICO score driven but we will review your personal credit to evaluate your credit history.
How do I make my payments?
Payments are collected by ForwardLine automatically when you batch your Visa/MasterCard sales. So there are no checks to send or due dates to remember. And no late fees either!
Are your funding programs available in all 50 states?
Just about. One or more of our funding programs are available in 47 states. However, at this time our programs are not available in the states of North Dakota, Rhode Island and Vermont.
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