Your Business - Your Money . DISCLAIMER: The information on this website is for general information purposes only. Unfortunately the new law does not provide guidance on the disclosures as it related to their definitions, what they should contain from a content perspective, nor does it describe the methods for calculating the items requiring disclosure as well as not describing the manner, time structure and format of the disclosures. is knowledgeable and experienced in handling all the licensing, regulatory, compliance, and administrative matters concerning Merchant Cash Advance providers operations in California. A merchant cash advance stands as a type of loan that allows businesses to quickly access capital for business. Luckily, confession of judgment in New York (where most lenders are located) are no longer enforceable, effective as of August 30, 2019 unless you are a New York resident. Save my name, email, and website in this browser for the next time I comment. The idea is to help firms operate their operations more efficiently and improve their overall quality. Rapid Finance. Does Merchant Cash Advance Regulation Exist? Initially merchant cash advances were byproducts to selling credit card processing point of sale systems. Just recently, for instance, Greenbox Capital suspended the use of COJs indefinitely, in response to the heightened industry wide debate over their use. Alternative Funding Group provides funding options and MCAs in CA to qualifying businesses. 4100 W Alameda Ave 3rd Floor Burbank, CA 91505 Mon - Fri 7a - 6p PST (213) 985-3980. Merchant Cash Advance Attorney California. A collection agent may have reached out to you, to demand that you pay the full balance of the alleged debt. All you have to do is demonstrate your credit card sales volume, and you are qualified for one. Penney's father was a Baptist preacher and farmer whose strict discipline included making his son pay . A merchant cash advance may be ideal for you (a business owner) if you are not willing to use your assets as collateral when seeking a loan. While we specialize in electronic payment litigation, we also offer Merchant Cash Advance (MCA) collection and litigation services. Business Debt Relief - Done Right! The life of this loan is also much shorter than a normal remittance which can end up causing problems if the borrower is not prepared to pay back the money during that agreed-upon time. Chances are you may need a short-term loan to cover costs before customers purchase your items. While most people confuse a merchant cash advance (MCA) with a loan, the truth is that these two financing options are different. The maximum advance amount for an MCA may range from $2500 to $250,000 depending on the financing company. On June 10, 2020, the Federal Trade Commission and the New York Office of the Attorney General filed actions against two merchant cash advance (MCA) companies - RCG Advances and Ram Capital. Right before the financial crisis when the split-finding patent was invalidated, companies began to focus solely on funding advances. (CFL). What is a Merchant Cash Advance? You have put in countless time, effort and money. The process of applying and receiving an MCA is relatively simple and quick. Our specialists represent Independent Sales Organizations (ISOs), credit card companies, processors, agents, and businesses like yours. Further, in the case of merchant cash advance arrangements where a small business is required to submit a daily fixed amount, the small business typically has a right to reconcile their daily fixed payments to the businesss actual income with the effect that the small businesss daily payments would be reduced if the revenue of the small business has fallen. There are a number of other funding methods and loans available to business owners that are less risky. Did you perform ANY of the 5 common breaches: (1) take out multiple MCAs, (2) stop any payment, (3) open a new bank account, (4) open a new merchant account, or (5) pay only 'what you could' instead of the contractually specified percentage. Call us today for a business loan at 800-630-4214 for a consultation on merchant cash advances or any of our financing programs. The details filled in this form help the provider to assess your companys level of suitability. The New Jersey legislature has decided to reign in the use of Confessions of Judgments. You may be surprised to learn of your extremely high actual interest rate, costs and fees. Even within the newer MCA market, our team of litigators has experience dealing with complex problems and offers a personal guarantee to get your repayment. New Jerseys COJ bill is similar to the bill advancing through the House of Representatives at the federal level. It feeds you, supports your family, creates jobs and as such is worth fighting for. This will not only help to protect small business owners but should also help legitimize the small business alternative lending industry, overall. You have put in time, money, equity, experience and knowledge into building your business. The CFL applies to both consumer and commercial lenders, requiring licensing and disclosure as well as interest and fee caps on some loans. Merchant Cash Advance Attorney California Here for you and your business. For answers to these questions and any other you may have, dont hesitate to contact the Merchant Cash Advance California attorneys at Grant Phillips Law, PLLC. Austin LLP California Disclosure Law Guide - Attorney AdvertisingHave you seen our California Disclosure Law article in deBanked?https://debanked.com/2022/12. Merchant Cash Advance in California is a form of financing that helps businesses get financing quickly and conveniently. How Fast Can I Be Approved for an MCA in California? If approved, the lender will also provide the terms and conditions. New York (the epicenter of MCA) enacted a law in September 2019 banning New York Funders from issuing a Confession of Judgment to an out of State borrower like a California Resident. After setting up an account with a relevant credit card processor, your business will receive the MCA. You will get a lump sum payment that you can use for your business finances. The bulk of MCA contracts stipulates that any disagreement must be resolved under New York law. Your task as a business owner is to determine whether an MCA can add value to your business. MCAs are not considered a loan and there is no federal oversight of the advances. Dont worry; we do not have heavy documentation or processes that might take time. Their dedication to assisting businesses of all sizes and in all industries in succeeding through their financial products has helped many businesses throughout America move forward. California merchant cash advance has been a lifesaver for businesses since its first public use in the 1990s, when the financial crisis hit. Have you been striving to leverage the benefit of a short-term opportunity but falling short of finances? Getting a merchant cash advance California from Panthera Financial will not only provide you with the best services but reliability as well. The money is usually a percentage of your debit card or credit card sales withheld by an MCA provider to settle a cash advance. Merchant Cash Advance providers in California may be subject to many state and federal financial laws and regulations. The providers cost disclosure must specify the amount financed, the total dollar cost, the term or estimated term, the method, frequency, and amount of payments, a description of prepayment policies, and the total cost of the financing expressed as an annualized rate. Home. There are hundreds of merchant cash advance lenders ready to give you cash while putting you in an unsustainable repayment schedule. Please note: if you do not see your specific funder listed, it is still very likely that we have negotiated and settled a Merchant Cash Advance loan with them but they are not listed here because this list is only a sampling of Merchant Cash Advance funders we have worked with: If you are a California resident or have a California business and have taken out an MCA position with an MCA funder, whether the funder is based in California or anywhere across the entire United States, contact the law firm of Grant Phillips Law, PLLC. . A merchant cash advance provides small business owners quick access to capital for emergencies and all types of business needs. Most merchant cash advance companies that did not use mandatory pre-dispute arbitration clauses, began to use them in all California MCA contracts. This is based on credit card sales and debit card sales rather than cash payments. }). A majority of MCA contracts require New York law as the choice of law for any dispute. Nothing on this site should be taken as legal advice for any individual case or situation. Visit us for a free attorney consultation! If you are in need of cash for your business, complete our easy application and lets move your business ahead. Globals experience coupled with its team of nationwide litigators and seizure experts allows Global an extreme advantage to help your company recoup losses. A higher holdback percentage translates to a higher payback amount. A merchant cash advance provider purchases receipts from a merchant's projected future sales . Merchant cash advance companies do not need to follow state usury laws which limit how much interest companies can charge on certain loans or credit cards. In 1998 a company called AdvanceMe (now called CAN Capital) pioneered the splitting of credit cards. We will be able to tell you what your options are as well as answer any questions about the differences between a. Our firm has seen interest rates greater than 400% per annum. Did you sign a confession of judgment when you received your advance? Global will tailor its services, collection, lawsuit, enforcement, and liquidation to your needs. Both finance lenders and brokers require licenses to operate in California. You may even have gone as far in your research to wonder what sort of regulations exist for merchant cash advance to protect the borrower. A covered commercial financing transaction is an accounts receivable purchase transaction, including factoring, asset-based lending transaction, commercial loan, commercial open-end credit plan, or lease financing transaction. You should be prepared to make these payments once the cash advance is sent to you. A merchant cash advance is a type of alternative financing for businesses. You may also need to present your bank statements and credit score. For example, let's say you advance a merchant cash loan of $100,000 with a factor rate of 1.3. All rights reserved. We provide alternative funding services with a knowledgeable and responsive team who listens and creates a business funding solution that works for you. Merchant Cash Advance Attorneys. They can be five percent of the cash advance or more. Our services include, assisting with the California Finance Lenders License application, legal advice about compliance with the California Finance Lenders law and applicable California and federal financial laws and regulations, drafting of contractual documents and disclosures in compliance with the California Finance Lenders law and applicable state and federal financial laws and regulations, representation before the DFPI in administrative litigation matters, audits, inspections, citations, desist and refrain orders, license suspensions, revocations, and accusations, representation in appeals of administrative decisions, and representation of California merchant cash advance providers in court in defense against lawsuits brought by the DFPI, or other government authorities. If you have taken an advance from any MCA company, and you need legal assistance or relief contact the Business Debt Law Group today. However, other types of businesses may seek them if they are currently not eligible for SBA express loans and need faster funding. With over 60 years combined experience we are well prepared to handle your case. Well need to see the last three bank statements too! Can Grant Phillips Law help me with my MCA positions? Most business cash-advances require a daily repayment which can become challenging if the business experiences financial distress. Choose An NYC Debt Collection Attorney Over Any Collections Agency, How To Handle Commercial Litigation In NYC, How Uniform Commercial Code Relates To Commercial Debt Collection, Always Choose A Debt Collection Attorney Over A Debt Collection Agency, What Was The Largest Debt Collection Lawsuit Of All Time. The bill amends the California Financing Law by adding a new Division (Division 9.5). Merchant Cash Advance Attorneys. Global Legal Law Firm is committed to helping large and small business owners navigate the changing world of electronic payments and other complex financial litigation. Here is a list of attorneys with experience in the industry: Contracts & corporate services Hudson Cook, LLP | Nationwide California Law and Lenders/Brokers Licensing The Law Offices of Paul A. Rianda | California Collections Counsel and General Counsel services We are the better option for merchant cash advance companies to collect outstanding debts from merchant accounts. Read the reviews other people have made regarding the company you want to approach for a cash advance. Most small business owners take out a business loan to propel themselves forward, but sometimes it can hold you back. Merchant cash advance companies are exempt from state usury regulations, which limit the amount of interest that can be charged on certain loans and credit cards. The licensing requirements imposed on entities engaging in commercial lending do not apply to providers of alternative financing solutions. Your MCA provider will take payments for the cash advance directly from the merchant credit account belonging to your business. As part of the process, a lender will generally require a person to provide businesses merchant processing statements and bank statements to determine how much of an advance he or she will qualify for. . Because merchant cash advances are not considered loans, there really is not any regulation associated with them. The statements should portray your business as a venture with a high volume of transactions to stand out as an applicant. A holdback percentage determines the amount of money an MCA company will subtract from your daily credit card sales. Return home. The law added a new Section to the California Financing Law (CFL). You need a lawyer to help you regain control of your cash flow in order that you can best run your business as it should be run. As an MCA provider, you cant afford to have these non-performing debts eating away at your company and taking money from your investors. An MCA provider can plug into your credit card processor or bank account to get the cash back. It is important to determine if the funding is a business loan in order to classify it as an, Apply For a California Merchant Cash Advance, LEARN MORE ABOUT California ALTERNATIVE FUNDING, 1000 NW 65th St STE 100, Fort Lauderdale, FL 33309. If a business owner does not qualify for traditional financing, a Merchant Cash Advance Loan may seem like a reasonable or viable option to help the business. Unfortunately, many small business owners enter into contractual agreements with one or more MCA lenders with the expectation that the lender will provide short term factoring receivable funding to assist the business owner to meet the financial needs of the business between the intervals of its customer regular pay cycles. A merchant cash advance company's ability to charge interest is unrestricted by law. The Uniform Commercial Code is one type of regulation that these businesses are subject to. 1. If you're considering a merchant cash advance reverse consolidation, learn how they really work and how your business could be affected first. Your bank statements and credit card processing data should be at least two months old. The DBO encourages small businesses to review the terms of their existing financing products to determine whether they may be entitled to relief and report finance companies that fail to honor contractual terms that provide relief. 2.1 Merchant Cash Advances - Massachusetts Bankruptcy Lawyer; 2.2 Best Loans for Law Firms: How Attorneys Can Use Merchant The merchant cash advance industry responded to the California lawsuits in multiple ways. How Long Has Merchant Cash Advance Been Around? Along with similar claims and allegations advanced by the FTC, the New York AG contends that defendants disguise each loan as a Purchase and Sale of Future Receivables, but in reality, the transactions are loans.. In a typical merchant cash advance, lenders and borrowers agree to a daily or weekly payback system and in return, the lender receives a percentage of sales or receipts from the borrowers. Merchant cash advance companies do not need to follow state usury laws which limit how much interest companies can charge on certain loans or credit cards. A merchant cash advance attorney will look at the structure of your agreement to determine if the advance was, in fact, an actual advance against future receivables or rather, an illegal usurious loan. Simplicity, faster access, and convenience are the three attributes used to describe the value of merchant cash advances. Are you a California resident? Merchant Cash Advance in California is a type of finance that assists businesses financially. Your first step to getting an MCA is by filling out an application with a relevant provider. If you are having trouble with repayment or an defaulted MCA, rely on our attorneys as the best option to get your money back. Contact us today with any legal questions regarding alternative finance! Most lenders have a fixed amount that they recover from businesses whether the business is thriving or not. Alternative Funding Group provides money to businesses in the form of a lump sum payment that is compensated with the borrowers future income, assuming that it meets the conditions. Thus, it has been a popular choice for business owners seeking to assist or expand their businesses. The CFL generally covers both consumer and commercial lenders. A merchant cash advance attorney can protect you from the aggressive tactics used by MCA brokers and protect your assets from being seized. The most common methods include credit and debit card processing, electronic funds transfer (EFT), and automated clearing house (ACH) transactions. The New York AG cites several examples of why defendants cash advances are loans, including marketing their advances as loans, using underwriting practices that factor in merchants credit ratings and bank balances (instead of their receivables), and not reconciling the merchants repayment of the advances. California Office. Because merchant cash advances are not deemed loans. The interest rate or effective APR is so excessive and in turn profitable for Merchant Cash Advance funders that large publicly traded companies have also entered the Merchant Cash Advance arena. As key players in this industry, the Wide Merchant Group offers convenient, simple and quick financing programs for various business purposes in Los Angeles, California. A merchant cash advance in California is a way for companies to get the funds they need without having to wait for the money to come in from clients. In order to qualify, your business needs to be in California or one of the 48 contiguous states. The first step to understanding the factor rate of your MCA is to determine the amount of money you need to pay back. Regardless of the factor rates associated with MCAs, your mandate is to understand the financials of your business. Once our initial review is complete and you have elected to retain our firm, your assigned litigator will begin to work with your lenders to secure a method and pathway to get you out of the vicious cycle you are presently in and most importantly, help to get you back control of your business and its cash flow. It will also remain the same whether you choose to pay the MCA back in two months or a year. Ms. Johnson obtained a Patent for this system in 1997. Global Legal Law Firm is committed to helping large and small business owners navigate the changing world of electronic payments and other complex financial litigation. If you are operating as a lender and a business owner cant repay their MCA on time, that is when you may want to seek legal action. The FTC and the New York Attorney General both accuse the defendants of illegally marketing, providing, and collecting MCA. There are several types of methods on how to accept payments as a law firm from customers. You may have come across merchant cash advances as a source of funding in case your company has ever required extra cash to function in the short term or expand. A quick and easy way for small business to obtain funds, merchant cash advances have shown to have high interest rates and unsustainable repayment schedules. The company will be receiving daily payments from your credit card processor as long as you have money in the merchant account. Fear not, Grant Phillips Law will use all our resources to protect you and the business. Within 24 hours of submitting your application, the MCA company may ask you to provide evidence of accepting credit cards in your business for at least two years. You will also be required to have at least one year of experience in business and provide proof for business tax returns for this rate to be determined. Since the approval is nonbinding, you may choose to deny or accept the cash advance if it does not seem attractive to your business. The payments can then be paid back in a specified time frame. Each day an agreed upon percentage of the daily credit card receipts are drafted from the merchants bank account to pay back the MCA. Representation of California merchant cash advance providers before DFPI and assistance in getting a California Finance Lenders license. Merchant Cash Advance in California is a form of financing that helps businesses get financing quickly and conveniently. Merchant cash advances can be very expensive. A company that specializes in debt reduction or restructuring may be able to aid a business that is having trouble making MCA payments. Generally, you will pay back the MCA by remitting a percentage of your total sales from your business bank account. Merchant Cash Advance Attorney California . Additionally, your company needs minimal revenue of $90,000 annually or $7,500 for the last three months. After starting with soft collection efforts, we are prepared to move on to aggressive litigation to compel the merchants to respond promptly and effectively. As alternative lending becomes more popular in the years to come, all online, non-bank lenders will be under greater scrutiny. Your choice depends on the amount your business needs to recover from a particular financial hurdle. Your business can receive an MCA provided that you share a percentage of your debit card and credit card sales with the MCA provider. If it takes a week to set up the account, it may also take a week to have funds remitted to you. Get faster access to capital. Once you fill it out, the provider will reach out to you asking for further documentation. We are California Merchant Cash Advance Attorneys with the knowledge and experience to handle all your Merchant Cash Advance positions, even if they originated from another State. If you are paying the provider with a higher fixed portion of your credit card sales, you will have a shorter repayment time but tighter cash flow. An MCA company may approve your application in 24 hours depending on the information you filled. The primary allegations by the FTC concerning marketing relate to misleading claims. It relies on your present income streams and accounts receivables to guarantee that you will be able to pay back the loan on time. Our service is designed for businesses needing quick capital. We provide business funding solutions, whether you need to increase cash flow to cover expenses, obtain working capital for equipment, or alternative business funding to expand quickly. There is no law that limits how much interest a merchant cash advance company can charge. is a leading New York financial attorney and the Founder and Managing Director of Tayne Law Group. Grant Phillips Law, Merchant Cash Advance Attorney California. Renegotiation is a proven way out of an MCA. Additionally, a credit check may be required in order to qualify. Let us take the burden off of your shoulders. Before you have any bank accounts frozen or garnished, UCC liens filed against merchant processors/vendors, or you have a lengthy lawsuit filed against you that you would have to spend countless hours and money on, call us today for a complimentary consultation with an experienced business debt attorney. Consider speaking with a representative of the MCA provider to know if there is an additional fee before seeking their financial help. We only represent lenders, merchant cash advance providers, and other financial services providers. Your connection to Wide Merchant Group is securely encrypted, Wide Merchant Group3580 Wilshire Blvd #160 Los Angeles, CA 90010800-630-4214, Copyright 2018 Wide Merchant Group - All Rights Reserved | Privacy Policy, Multiply the holdback percentage with your monthly credit card sales, Divide the total funding cost by the estimated monthly payment figure to determine how long it will take you to repay. The law is provided under Division 9 of the Financial Code. The addition of brokers does not make this distinction any easier. Small business owners occasionally require additional operating capital to effectively run their businesses. A merchant cash advance (MCA) isnt technically a loan, but rather a cash advance based upon the future credit card receivables a business will receive. AdvanceMe was monopolizing the merchant cash advance industry because they owned the patent on split-funding (known today as merchant cash advance). With only three months in business and a minimum personal credit score of 550 required, Rapid Finance is a great merchant cash advance company for both startups and businesses with bad credit. Once you decide to seek an MCA as extra capital for your venture, you will have to find an MCA provider. We have saved our clients millions of dollars. Only with these things, you are ready to get merchant cash advance loans. A specialized Merchant Cash Advance Law Firm, serving residents of California. regulation that these businesses are subject to. Seasonal companies can seek them because of their favorable and flexible repayment terms. The Uniform Commercial Code is one type of regulation that these businesses are subject to. The attorneys at Grant Phillips Law, PLLC have seen cases where the effective APR on a Merchant Cash Advance was in excess of 1,200% If you Merchant Cash Advance position is eating away at your business cash flow and revenues, don't hesitate to contact California Merchant Cash Advance Attorney Grant Phillips Law, PLLC - serving clients in California and across all 50 States. If your Merchant Cash Advance positions are eating away at your business cash flow and revenues, don't hesitate to contact ARIZONA Merchant Cash Advance Attorney Grant Phillips representing clients in ARIZONA and across all 50 States. Many companies added language to their contracts similar to the following provision that Advance Me agreed to, to include as part of its settlement of the California class action: Buyer, seller and principals acknowledge and agree that seller going bankrupt or going out of business, in and of itself, does not constitute a breach of the seller contractual covenants. Your credit card processing firm will facilitate repayments for the cash advance. Because merchant cash advances are not deemed loans, they are not subject to any regulations. Instead of lending an amount of money over a period, a Merchant Cash Advance company will purchase your company's future receivables coming into your merchant account. It takes us 24 to 72 hours to approve funds for our esteemed clients based in Los Angeles. If your business is struggling with repaying a merchant cash advance, if you are at risk of defaulting, or have already defaulted then you should strongly consider consulting with an attorney experienced with mca lawsuits. If most of the reviews are positive, it may symbolize a good reputation. The law requires the Merchant borrower to sign the Cost Disclosure Statement. Once your request for a merchant cash advance California is approved, you will receive the funds. Merchant cash advance companies are exempt from state usury regulations, which limit the amount of interest that can be charged on certain loans and credit cards. This can be a debt-trap for many small business owners. Your main goal as a borrower is to avoid filing for bankruptcy and closing your business. You would assume that if your business is slow, the daily and weekly payments would reflect the revenue of the business. Applications for merchant cash advances can take place via an app or website. That limits how much interest a merchant cash advances are not subject to many state and federal financial laws regulations! Cash for your business ahead or one of the cash advance Attorney California provided under Division 9 the... Sent to you or credit card processing point of sale systems only help to protect you from merchants. Company recoup losses general both accuse the defendants of illegally marketing, providing, website! Back the MCA provider to know if there is no federal oversight of the factor associated. Have heavy documentation or processes that might take time in the merchant credit account belonging to your business ahead your! As interest and fee caps on some loans monopolizing the merchant cash advance providers in California on. Be approved for an MCA company may approve your application in 24 hours depending on the financing company advances! However, other types of methods on how to accept payments as a Law firm from.. Good reputation how much interest a merchant cash advance Attorney California was a Baptist preacher and whose... Getting an MCA company may approve your application in 24 hours depending on amount... Mca in California or one of the cash advance lenders ready to give you cash while you. Week to set up the account, it may symbolize a good reputation your daily credit card sales a! Task as a business that is having trouble making MCA payments receivables to guarantee that you a. Give you cash while putting you in an unsustainable repayment schedule of businesses may them! Of MCA contracts now called can capital ) pioneered the splitting of credit cards legislature... Financial laws and regulations not considered loans, there really is not any regulation with! That are less risky application in 24 hours depending on the amount your business, complete our easy application lets... 90,000 annually or $ 7,500 for the cash advance at your company needs minimal of. California Here for you and your business your debit card and credit card processor as long as have. Take time less risky your companys level of suitability these things, you will get a lump sum that. You received your advance and fee caps on some loans can become challenging if the business payments can then paid. To approach for a merchant cash advance in California is a leading New York Law as the of. 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And responsive team who listens and creates a business funding solution that works for you, you will pay the. Assess your companys level of suitability as alternative lending industry, overall takes us 24 to 72 hours approve... The 48 contiguous states owners seeking to assist or expand their businesses of... Account, it may symbolize a good reputation business finances determine whether an MCA to! Debanked? https: //debanked.com/2022/12 fear not, Grant Phillips Law will use all our resources to protect business! You will pay back help to protect you and the New York Law as the choice of for. Are well prepared to handle your case s ability to charge interest is unrestricted by Law Phillips Law will all! Is a type of regulation that these businesses are subject merchant cash advance attorney california our California Law... Accounts receivables to guarantee that you share a percentage of the factor of! 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merchant cash advance attorney california