Working Capital for small business owners nationwide Growing your business is our business sm We want to help you grow your business. Whether it's buying new equipment, renovating your premises, or expanding your business in some other way, we want to help you make it happen. And you don't want to wait until next month, next quarter, or next year. We want to help you do it NOW! How do we get funds to you so FAST? For us, it's easy! Currently Processing with Sterling Payment Technologies If you're already processing your card payments with Sterling Payment Technologies, we can generally approve and fund you within 3 or 4 business days! Need to Switch to Sterling Payment Technologies If you're not processing with Sterling yet, it's easy to switch. We simply download new instructions to your terminal, ECR, or other Point of Sale system. Generally, we can make the switch within 4 or 5 business days and complete funding to you within seven to ten business days! How does Sterling Funding buy Visa and MasterCard future sales? Don't think of Sterling Funding as a lender — we buy future Visa and MasterCard sales that will be made by your customers. Here's how it works: First, we determine your maximum funding amount — generally, we look at the average amount of Visa and MasterCard sales you've had in the last 6 months. We fund from a minimum of $5,000 up to a maximum of $100,000, depending upon your average monthly sales and the strength and creditworthiness of your business. Once funding has been approved, we set up procedures for automatic payment from your daily Visa and MasterCard sales, to begin after you've received your funding. Payment occurs automatically, with Sterling Payment Technologies making a deduction from the daily amount of your deposit. The deduction is a small portion of your daily Visa and MasterCard sales deposits. Frequently Asked Questions Is this a loan? What is the maximum funding amount? How much does Sterling pay for my receivables? How much of my daily Visa and MasterCard sales does Sterling deduct? I've been turned down for a loan by my bank, will Sterling be able to help me? There are some problems with my credit, can I still get help from Sterling? Are my business plans too unusual for Sterling? What happens if my sales slow down or speed up after funding occurs? Is this a one time only program? Is this a loan? Sterling Funding is NOT a lender. We buy the future sales of your business, commonly referred to in our industry as "future receivables." The particular kind of future receivables that Sterling Funding buys is Visa and MasterCard sales. Let's look at an example: If Sterling Funding buys future Visa and MasterCard sales from Acme Auto Supply, after the funding date, Sterling will gradually deduct scheduled payments from Acme's Visa and MasterCard sales. There are no monthly billing statements, no invoices, and no payment coupons for Acme to review, and no checks for Acme to write — the payment happens automatically. Return to frequently asked questions list What is the maximum funding amount? Sterling's minimum funding amount is $5,000 and the maximum amount is $100,000. The amount Sterling will fund for your business depends upon the average monthly Visa and MasterCard sales for your business, as well as the strength and creditworthiness of your business. Return to frequently asked questions list How much does Sterling pay for my receivables? Sterling generally purchases the receivables at a 26% discount. This is referred to as the factoring purchase price. Return to frequently asked questions list How much of my daily Visa and MasterCard sales does Sterling deduct? Once the purchase price, total amount to be purchased, and estimated payment period have been determined, Sterling calculates a daily payment amount required for Sterling to receive the amount of Visa and MasterCard receivables sold. After your business is funded, automatic, small deductions are made from your daily Visa and MasterCard sales. Return to frequently asked questions list I've been turned down for a loan by my bank, will Sterling be able to help me? Unlike banks, Sterling is not a "traditional" financial institution lender. Sterling is often able to enter into a receivables purchase transaction for businesses that banks would not lend to. Sterling is more flexible than banks in terms of the types of business it will work with, the purpose for which the funds will be used, and in some cases, the credit history of the business and the owners of the business. Return to frequently asked questions list There are some problems with my credit, can I still get help from Sterling? Unlike banks, Sterling has greater flexibility when it comes to reviewing past credit experience. We do not enter into transactions with merchants who are currently (or about to become) involved in bankruptcy proceedings. But, credit problems in the past can typically be overcome by a demonstration of current business strength accompanied by a strong likelihood of continued good business trends. Return to frequently asked questions list Are my business plans too unusual for Sterling? Again, unlike banks, Sterling does not have a "fixed" notion concerning how you will use your funding proceeds. Generally, we work hard to understand the underlying business plan and the unique features of each business. If your plans make good business sense, it's entirely possible that we will be able to fund them. Return to frequently asked questions list What happens if my sales slow down or speed up after funding occurs? At the time funding occurs, we schedule a deduction from your daily Visa and MasterCard sales that is calculated as a percent of daily transactions. The percent is fixed, the amount of the payment is not. Generally, therefore, when sales slow, the dollar amount of the deduction is reduced, while when sales increase, the dollar amount of the deduction is increased. Return to frequently asked questions list Is this a one time only program? Sterling Funding is glad to take a look at repeat transactions with merchants. Our experience has demonstrated that when the growth triggered by one working capital transaction occurs, the strategy of your business may change, triggering a new need for working capital. Growing your business is our business. sm Return to frequently asked questions list Return to top of this page
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