Item: eMerchantBroker
Rating: 8.4
Author: Jonathan Kerns

eMerchantBroker Review 2020

eMerchantBroker is a California-based credit card processing company that works with traditional businesses as well as high risk merchants. They aim to provide every merchant with payment processing services no matter the type of business that they have. Aside from the payment processing that they offer, they also have merchant cash advances which are like small business loans. These are offered to both customers of their credit card payment processing and those who just need a small business loan.

So if you fall within any of the two categories, check out this review of the cash advance product of eMerchantBroker to get a better idea of what they offer. Hopefully this can help you decide if their cash advance is the right small business loan for you and your business.

2 Ways to Repay

There are two way to repay your cash advance or loan with eMerchantBroker so you can choose the one you are more comfortable with. You can repay by either choosing Percentage Hold Back or Fixed Daily Payments. The names speak for themselves but here is a quick run through of each method so you get a better idea of what they are.

Percentage Hold Back: This is for those with merchant accounts as eMerchantBroker would hold a specified percentage of the daily credit card transactions of the business. That percentage goes to the repayment of the cash advance automatically.

Fixed Daily Payments: This is for those with a merchant account and those without. eMerchantBroker would automatically deduct the specified amounts from the business’ checking account as payment for the cash advance.

Customer Support

eMerchantBroker offers excellent customer support with email, telephone and live chat support. There is even a blog and various social media accounts like Facebook and YouTube so customers can connect to the company easier.

What You Need

It is important to know exactly what you need to apply for a loan or cash advance as there are certain requirements that must be met. Even if companies such as eMerchantBroker offer loans to businesses and owners with less than ideal credit scores, does not mean that everyone automatically qualifies for a loan.

If you have a merchant account with eMerchantBroker, all you need is to have at least $2,500 in revenue a month to qualify for a cash advance. If not, you would need to submit the following for evaluation:

Copy of your driver’s license
Copy of a voided check or bank letter
Copy of your lease and landlord contact information (for those leasing their business space)
3 months worth of bank statements for the business
3 months worth of credit card processing statements (for those with credit card transactions)

Aside from that, all that is left is to wait and see if you qualify for a loan. Those that have bad credit, have filed bankruptcy before or have unresolved tax liens may still qualify for a loan. The best way to improve your chance of being approved is doing a lot of credit card transactions with customers and increasing the amount in your bank accounts for 3 months before applying.

What's the Verdict on eMerchantBroker?

Worth It, Some Issues