Fundomate and BAMS Provide Fast, Easy Small Business Loans

If there is one lesson the global COVID-19 pandemic taught business owners, it’s the importance of having access to the money needed to get through times of emergency. A strong emergency fund is the first line of defense, but whether the money is to ride out a storm, finance a new capital project, or anything else, many business owners also now understand the extreme value that alternative lending solutions can offer in times of financial need.

BAMS offers its merchant partners access to one of the fastest, easiest, and most convenient alternative lending solutions through Fundomate, an innovative company that takes the stacks of paperwork, the headaches, and the long timeframes out of applying for financing by bringing the entire process online.

Fundomate Puts Small Business Financing a Search Away

Fundomate is a small business financing search engine that makes finding the right capital solutions as easy as conducting any other web search. In a matter of minutes, businesses can access up to 20 financing offers, select the right one, and be done – a far cry from the traditional lending process offered by banks. BAMS merchants can access Fundomate financing by performing a simple three-step process:

Step One: Complete the BAMS Online Application

Merchants can access the search engine at https://www.bams.com/funding, and the entire application process can be completed in as little as two minutes! A single application is all that’s required, meaning a merchant’s credit is only pulled once. There is no worry about dozens of checks having an adverse impact on credit score. 

Step Two: Review and Select a Funding Option

Merchants who meet the simple eligibility criteria will be immediately presented with up to 20 different funding options, with the best rates typically 50% less expensive than most alternative loans. Each merchant’s ideal choice can be selected and signed right on site, making Fundomate arguably the simplest and easiest way to access small business financing. 

Step Three: Sit Back and Wait

Unlike traditional loans which can take weeks to process, Fundomate funding through BAMS is available within 48 hours and often as soon as the following business day. Repayments are fixed and automatic, simplifying the process even further and ensuring merchants get the fast, easy access to funding that they need to thrive in a rapidly evolving business environment. 

Small Business Loan vs. Business Cash Advance

Fundomate and BAMS give small business merchants the flexibility to choose the type of funding they need by offering both small business loans and business cash advances. 

Fundomate small business loans offer up to $500,000 in funding and utilize a fixed, automatic payment structure spread out over up to 14 months, minimizing the complexity and burden to make repayment as painless as possible. 

Fundomate business cash advances enable merchants to access even more funding – up to 250% of their monthly credit card sales or bank deposits. Repayments are based on daily or weekly sales volume, ensuring that the repayment schedule is always proportional to sales by accelerating repayment when business is booming and easing off when times are tight. Cash advances can also be renewed multiple times as needed, with the average BAMS-Fundomate program participant renewing as many as ten times!

Fundomate Eligibility and Qualifying Terms

BAMS’s partnership with Fundomate is all about making small business financing more accessible, and with that in mind, the qualifying terms have been set to ensure as any BAMS merchants as possible can qualify for the funding they need. 

Merchants are eligible for up to $500,000 in funding with no collateral or personal guarantees required as long as they meet the following key criteria:

• Merchants must have been in business for a minimum of three months at the time of application.
• Merchants must have a minimum of $10,000 in monthly deposits. 
• Merchants must have less than ten non-sufficient funds (NSF) transactions per month. 

That’s it! Even merchants dealing with bankruptcy or tax liens are eligible for funding as long as the above three criteria are met at the time of application and maintained for the duration of the loan. 

Getting Started with BAMS and Fundomate Financing

Access to small business funding is never more than a few minutes away for eligible BAMS merchants. To find out more about how a BAMS merchant account can help your business get the competitive small business loans and cash advances you need, reach out to a member of the BAMS team today. As a BAMS merchant, you’ll also enjoy the lowest possible transaction fees thanks to the BAMS interchange-plus pricing model – the lowest-cost and most affordable fee schedule in the industry. Click here to find out exactly how much you could save each month with your free BAMS five-point price comparison.