Not enough deposits – MCA Merchant Cash Advance Declined
What does not enough deposits mean?
Businesses have used MCA Merchant Cash Advances and ACH loans to a great extent in recent years to finance their businesses. One of the reasons Companies are declined is for not enough deposits or too few deposits per month. They are not making enough deposits into their business checking account per month.
How can your business overcome being declined for a Merchant Cash Advance or ACH bank loan for having too few deposits? There are several tips that your business can follow to get financing, either right away or in the short term.
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Our Small Business Development Center assists businesses in overcoming these obstacles so they can focus on making their business prosper.
What are too few deposits ?
This is usually less than 4 Deposits per month.
Most frequent Requests:
– I was declined for a merchant cash advance for having too few deposits, or not enough deposits. Help me get a merchant cash advance.
– We were declined for an ACH loan for not having enough deposits. What resources are available to help our business overcome this?
How to get approved with little or too few deposits per month
Talk to lenders in advance and find out if the lender has a minimum number of deposits per month needed to be approved for financing. We can direct your business to these programs so that you can apply for the right program and can get approved.
Other options if declined for not enough deposits per month for a merchant cash advance
Make more deposits immediately during the rest of the month and apply at the start of the next month. A deposit to a business checking account statement is often from several customers. Retailers usually have several checks and cash from several customers, go to the bank and make 1 deposit. Instead of 1 large deposit, break the deposit into several smaller deposits over the course of 2 or 3 days.
Talk to the Merchant Cash Advance companies and ACH business loan lenders directly about being declined for not having enough deposits per month. Ask them if there is anything that can be done.
If you know the deposits you make into your business checking account have multiple items, you can tell the Merchant Cash Advance company or ACH business loan company.
What are multiple items?
Multiple items means that the funds in the deposit are from more than 1 customer. If the merchant cash advance company knows this, you can get a copy of the deposit from the bank. The copy of the deposit will show the items deposited. If it is 5 items, you may get credit for 5 deposits instead of 1. You may be able to get the MCA company to change the decline to an approval. A number of ACH lenders and merchant cash advance companies are open to this.
If this does not work, ask how long you have to wait before they will consider you again. Be clear on what they want to see the next time so you will not be declined again.
Get working capital through other loans
If the options above do not work or you cannot wait, your business can consider other types of business loans. Which ones are best depend mostly on your company’s profile. Choices include:
– Monthly Term loans up to 48 months based on Tax Returns
– Accounts Receivables Financing
– Business loans based based on Real Estate or Equipment Assets
With one of the above options, your business may overcome being declined for a MCA Merchant Cash Advance or ACH business loan for not having enough deposits and get the needed funds. The SBA small business administration also has excellent resources on alternative business loans