Prompt Capital Funding
Prompt Capital Funding is a financial services company headquartered in Brooklyn in New York. This privately held company was founded in the year 2018. Its customers are those that require capital from a direct cash advance company for a small business loan. Prompt Capital Funding assists customers with accounts receivables lending, credit card factoring loan options, equipment loans, and business loans. The list of clients serviced by Prompt Capital Funding includes many business franchises in the United States.
Credit card factoring refers to a type of financial service where a business such as this offers an advance to a customer, based on its future card sales. This is used by small business customers in particular. Customers have to pay back the cash advance along with interest in installments, and this should equal an agreed upon percentage of their everyday credit card sales.
A customer needs to have enough credit card transactions to repay the advance in full, which means that the ability to pay back is also considered to measure eligibility. A customer of Prompt Capital Funding might just qualify for a maximum of 140% of their credit card processing, or a maximum of 35% of their average gross monthly deposits.