Sometimes referred to as a merchant`s business advance or cash advance, an advance is perfect for almost any business, including restaurants, bars, medical facilities, retail, and online merchants. An advance is not the same as a business loan. It is actually a contract of purchase and sale. Your business must be open for at least 3 months to be able to sell receivables on Simply Funding. No no. You don`t need to accept credit cards. We purchase all forms of trade receivables, including cash, checks and invoices. Since it is not a loan, there is no effective annual interest rate or interest rate related to the purchase of future receivables. Just pay $10,000 upfront to your business in exchange for $10,800 in revenue from future sales. Depending on the program, we record a percentage of your gross deposits from your checking account, credit card processing transactions or suppliers. .