In most cases the cash advance is provided at a cost of 1.38 ($10,000 advance costs $13,800) or more.
Often the Cash Advance company will offer different amounts of money to the merchants depending on how much the merchant is willing to pay, so for example if a merchant wants the loan / cash advance to last 9 months (instead of the typical 6 months) the money can cost 1.45 ($10,000 would cost $14,500)
A common tactic used by many sales agents and organizations is to then slide in paperwork (usually an ACH withdrawal agreement) that charges the merchant an additional closing cost (sometimes called one of the following: Origination Fee, Risk Assessment fee, Professional Service Fee, Broker Fee etc).
This closing cost is typically 5% to 10% and goes directly to the sales agent or organization in addition to the commissions that are paid by the company actually funding the merchant.
This can bring the cost of a common 1.45 deal to 1.55 ($10,000 will cost the merchant up to $15,500) over just 6 months!
How much does the Cash Advance cost?
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