Merchant Cash and Capital Sets Funding Time Record Through Enhanced ASAP Protocol
Automated Submission and Pre-approval system approves business owner for financing in less than 70 minutes
NEW YORK--(BUSINESS WIRE)--Merchant Cash and Capital (MCC), a leading capital funding provider to small businesses, today announced that it has set a new record for the quickest submission-to-funding time through its Automated Submission and Pre-approval system (“ASAP”). MCC was able to fully approve a car wash business in Texas for $42,300 and initiate funding in less than 70 minutes.
“The launch of ASAP last year was a revolutionary development in how small businesses access working capital, and has helped to further drive transaction growth”
“The launch of ASAP last year was a revolutionary development in how small businesses access working capital, and has helped to further drive transaction growth,” said MCC CEO Stephen Sheinbaum. “Last Thursday’s record approval time is a testament to the work our team has put in to make our application and funding process the most efficient in the industry.”
ASAP streamlines and automates the submission-to-funding process for cash advances by providing instant pre-approvals and generating contracts. The service is currently open for use by MCC’s Independent Sales Organizations (ISOs) for vetting potential funding candidates.
MCC has also added flexibility in terms of the ASAP process. Small business owners now have the option to:
- Go through the entire process at once, using the payment calculator, uploading documents, and submitting.
- Bypass the payment calculator and submit documents directly to underwriting via ASAP.
- Submit the ASAP application without uploading documents, though customers must submit documents through other methods.
“Traditionally, when small businesses need financing, the process can take weeks,” said Jared Weitz of United Capital Source, who referred MCC the record-setting transaction through ASAP. “ASAP allowed the process to take place from start to finish on what was effectively a lunch break. This was the fastest automated transaction of this deal size I’ve ever executed in my years of working in this industry.”
About Merchant Cash and Capital
Since 2005, Merchant Cash and Capital, LLC, has been one of the nation's business financing leaders. MCC has provided more than $635 million in financing to over 13,000 distinct customers and a total of over 28,000 advances. For more information about MCC and its innovative small business-focused funding programs, please visit us at www.merchantcashandcapital.com or call 1-866-792-9366.