Credit card receivables also known as credit card factoring, is a viable source of financing to small businesses who are unable to receive traditional loans or looking for additional loan. A credit card receivable service provider takes a look at a business's credit card sales to determine its feasibility. With Facility against Credit Card receivables, a merchant outlet with a POS machine can avail of either a Business Loan or an Overdraft Facility on the basis of the yearly sales that takes place on the credit card POS machine. Business loan of up to Rs. 3 crores can be availed.
Unlike traditional lenders, providers of credit card receivables consider a business's future credit card sales an asset. These companies purchase a percentage of predicted credit card sales at a discounted rate. When it is time for credit card processors to collect on credit card sales, they are directed to transfer a predetermined fixed percentage along to the credit card factoring companies.
Whether you are a restaurant owner, a retailer or an entrepreneur in general, you can take advantage of credit card receivable factoring specifically for your business.
Credit card financing services particularly look to restaurants or retailer because restaurants and retailers tend to process a lot of credit card sales.
Since 92% of small businesses can't get money from banks for various reasons, credit card receivable financing is especially useful to service providers and other small entrepreneurs as a quick alternative funding resource.
Don't confuse credit card factoring with accounts receivable factoring, where invoices - not credit card receivables - are purchased at a discount before their due date in exchange for cash payment. Businesses use this funding for quick capital as well.
• Higher eligibility for Self Employed
• Loan amounts up to Rs. 3 crores
• Flexibility of combining Loan and Overdraft
• Lower Processing Fees
• Easy repayment option
• Collateral free
• Competitive interest rates
• Quick disbursement
Application form & Document submission
• Cibil report check
• Residence Verification
• Office Verification
• Eligibility calculation
• Personal Discussion
• Credit decision
• Offer Letter
• Signing of agreements and submitting post-dated cheques
|Documents||Salaried||Self Employed Properitorship Firm||Self Employed Partnership Firm||Self Employed Pvt Ltd / Ltd|
|Twelve month audited credit card sales statement.|
|Application Form With Photograph Duly Signed|
|Clear Pancard Copy, (Applicant & Co-Applicant)|
|Latest Residence proof (Applicant & Co-Applicant)|
|Latest Office Proof (Applicant & Co-Applicant)|
|Last 3 Months Salary-Slips|
|Last 12 Months Bank Statements|
|Form 16 / Income Tax Returns Of Last 3 Yrs|
|All Loan Sanction Letter If Any|
|Proof Of Business Existence ( Gumasta License , Sales Tax Certificate , Form 26AS , )|
|Last 3 Years Income Tax Returns With Computation Of Income|
|Last 3 Years CA Certified / Audited Balance Sheet And Profit & Loss Account|
|MOA / AOA|
|Company Pancard Clear Copy|
|Shareholding Pattern On Letterhead|
|Sundry Debtor & Creditor List Last 1year|