The merchant cash advance application is designed to be fast. But showing up prepared can mean the difference between approval in 24 hours versus a week of back-and-forth. Here is what you need to have ready before you apply.
Gather These Documents First
Most MCA funders require the same basic documentation. Having these ready before you start your application speeds up the process significantly.
- Bank statements - Typically the last 3 to 6 months of business bank statements. Some funders require only 3 months, but having 6 months ready covers all bases.
- Processing statements - Credit card processing statements if you accept card payments. Usually 3 to 6 months.
- Business formation documents - Articles of incorporation, LLC operating agreement, or business license.
- ID verification - Driver license or passport for all business owners with 20% or greater ownership.
Know Your Numbers
Funders will ask about your business performance. Having these figures handy prevents pauses during the application:
- Monthly gross revenue - Total deposit volume across all business accounts
- Average daily credit card processing - If you accept cards, your typical daily batch amount
- Time in business - When your business was founded
- Existing debt obligations - Current loans, MCAs, or lines of credit
Check Your Numbers Before Applying
MCA funders look at your bank statements and processing statements to calculate your advance amount. Understanding what they see helps you present your business in the best light.
Revenue minimums - Most funders require at least $10,000 in monthly gross revenue. Some go as low as $5,000 for established businesses with strong bank statements.
Consistency matters - Funders prefer consistent revenue patterns. If your income is highly seasonal, be prepared to explain this. Having 6 months of statements shows the full picture.
Avoid red flags - Frequent nonsufficient funds (NSFs), large unexplained transfers, or irregular deposits can trigger additional scrutiny.
Understand What Affects Your Approval
Knowing these factors helps you set realistic expectations:
- Credit score - Most MCAs accept scores as low as 500, but better credit typically means better terms.
- Time in business - New businesses (under 6 months) face limited options, but some funders specialize in startup funding.
- Industry risk - Some industries are viewed as higher risk and may face tighter underwriting.
- Existing MCAs - Having one existing MCA does not automatically disqualify you, but it affects how much additional capital you can qualify for.
Before You Submit
A few final checks before you send your application:
- Verify your bank statements - Make sure they clearly show your business name and account number
- Calculate your debt service - Add up all existing fixed payments. Funders look at how much of your revenue is already committed
- Know what you need - Have a clear funding amount in mind. Borrowing too little can leave you short; borrowing too much increases costs
- Prepare for the call - Some funders verify information by phone. Be available and have your documents handy
What Happens After You Apply
Once submitted, most funders provide a decision within 24 hours. The process typically flows like this:
- Initial review - Automated underwriting checks your numbers against funder criteria
- Verification - A funder representative may call to verify information
- Offer presentation - If approved, you receive the offer details including amount, factor rate, and payback terms
- Funding - Once you accept and sign, funds are typically deposited within 24 to 48 hours
Get Started
Preparing ahead of time makes the MCA application process smooth and fast. Velica Capital works with multiple funders to find the best fit for your business profile. Our application takes under 5 minutes with no hard credit pull to see your options.