Frequently Asked Questions
Frequently Asked Questions
How can HighPoint Funding help fund my business needs?
We offer a working capital program designed to help you manage your cash needs by providing you with a more responsive alternative to traditional bank lending.
How does our program work?
Our products offer a revolutionary way to get the money needed for your business operations. The most important thing to remember is that it’s not a loan, so there are no loan payment books, no dealing with people who don’t understand your business, none of the traditional bank hassles. HighPoint Fundings’ transactions are based upon your future revenue. We purchase a portion of your future revenue at a discount. To settle your obligation, we retrieve a fixed percentage of your daily sales.
How do I know if I qualify?
You must be in business for more than 4 months, have at least $10,000 in monthly revenue per month, and meet a few other simple requirements. A good credit score is not necessary to obtain a cash advance. We are more concerned about your sales volume.
What types of businesses do you fund?
There are certain high-risk industries that we cannot fund. However, HighPoint Funds can provide funding for almost any type of industry. Please inquire with one of our funding specialists and we can provide an immediate response.
What can I use the money for?
Most of our customers use the money for business lending needs like adding more seats to their restaurants, making improvements or business expansion. Others have used it to buy out a partner or for emergency needs like unforeseen maintenance issues that could interrupt your business. You are free to spend the money on whatever is best for your business.
How soon can I get the money?
The approval process is typically 24 hours. Once you are approved funding to your business bank account should take place within 24-48 hours.
What is the necessary documentation needed?
We require very little documentation. In most cases, once your application and 3-6 months bank statements are submitted and you are approved, we will only require a voided business check and a copy of your driver’s license. For larger approvals, we might ask for a copy of your lease and/or tax return.
How often are payments to HighPoint Funding retrieved?
We collect a percentage of your daily sales. We offer both fixed and flexible repayment schedules with repayment daily or weekly.
What do you mean by gross volume?
Gross volume refers to your total receipts from all sources, including cash, credit cards, debit cards, and checks.
What if I don’t take credit or debit cards?
We can obtain you financing based on your future revenue. You pay back a fixed dollar amount either daily or weekly through an electronic ACH payment with your bank.
How much do I qualify for?
The funding amount depends on your monthly sales for the past three months. Business owners averaging a minimum of $10,000 per month in sales over the last three months typically qualify for a cash advance equal to 75%-150% in funding.
What if I already have a merchant cash advance outstanding?
If you owe money to another funding source, we can easily payoff your existing advance and provide you with additional money.
Whom do I call with questions about my account?
You can call Customer Service at (800) 586-2542, between the hours of 9:00 a.m. and 6:00 p.m. EST.
Frequently Asked Questions
How can High Point Funding help fund my business needs?
We offer a working capital program designed to help you manage your cash needs by providing you with a more responsive alternative to traditional bank lending.
How does our program work?
Our products offer a revolutionary way to get the money needed for your business operations. The most important thing to remember is that it’s not a loan, so there are no loan payment books, no dealing with people who don’t understand your business, none of the traditional bank hassles. High Point Fundings’ transactions are based upon your future revenue. We purchase a portion of your future revenue at a discount. To settle your obligation, we retrieve a fixed percentage of your daily sales.
How do I know if I qualify?
You must be in business for more than 4 months, have at least $10,000 in monthly revenue per month, and meet a few other simple requirements. A good credit score is not necessary to obtain a cash advance. We are more concerned about your sales volume.
What types of businesses do you fund?
There are certain high-risk industries that we cannot fund. However, High Point Funds can provide funding for almost any type of industry. Please inquire with one of our funding specialists and we can provide an immediate response.
What can I use the money for?
Most of our customers use the money for business lending needs like adding more seats to their restaurants, making improvements or business expansion. Others have used it to buy out a partner or for emergency needs like unforeseen maintenance issues that could interrupt your business. You are free to spend the money on whatever is best for your business.
How soon can I get the money?
The approval process is typically 24 hours. Once you are approved funding to your business bank account should take place within 24-48 hours.
What is the necessary documentation needed?
We require very little documentation. In most cases, once your application and 3-6 months bank statements are submitted and you are approved, we will only require a voided business check and a copy of your driver’s license. For larger approvals, we might ask for a copy of your lease and/or tax return.
How often are payments to High Point Funding retrieved?
We collect a percentage of your daily sales. We offer both fixed and flexible repayment schedules with repayment daily or weekly.
What do you mean by gross volume?
Gross volume refers to your total receipts from all sources, including cash, credit cards, debit cards, and checks.
What if I don’t take credit or debit cards?
We can obtain you financing based on your future revenue. You pay back a fixed dollar amount either daily or weekly through an electronic ACH payment with your bank.
How much do I qualify for?
The funding amount depends on your monthly sales for the past three months. Business owners averaging a minimum of $10,000 per month in sales over the last three months typically qualify for a cash advance equal to 75%-150% in funding.
What if I already have a merchant cash advance outstanding?
If you owe money to another funding source, we can easily payoff your existing advance and provide you with additional money.
Whom do I call with questions about my account?
You can call Customer Service at (800) 586-2542, between the hours of 9:00 a.m. and 6:00 p.m. EST.