As part of its due diligence, many banks and lenders analyze your company’s financial records, assets, and credit history to determine its loan or credit card eligibility.
While Revenued doesn’t look at your credit history or assets when deciding if your company qualifies for its business card, it does consider revenue.
Revenued’s Minimum Average Sales Requirement
Maybe your firm has hit hard times, and your credit isn’t strong enough to qualify for a loan or line of credit, or perhaps you don’t want to take on more debt. Or your business is booming five or six months out of the year, and you need funding to retain workers or replenish inventory the other six or seven months.
As long as your gross revenue reaches an average of at least $10,000 per month throughout the year, you can qualify for the Revenued Business Card.
Revenued’s proprietary software analyzes at least three months of your company’s bank statements. From those documents, Revenued can determine within seconds whether you meet eligibility requirements for the business card.
If the bank statements are illegible or incomplete, or if your revenue is on the border of eligibility, manual underwriters may request more information from you.
Maintaining $10,000 Revenue Per Month
Because the Revenued Business Card is not a credit card, you don’t need to meet a particular FICO score. However, you do need to maintain gross sales above $10,000 per month.
If you are lingering at or under $10,000, consider these ideas:
- Leverage social media — Networking sites and social media provide access to a more extensive potential customer base for little to no money. Create quality content with strong SEO (search engine optimization) that can rank well on Google and other search engines.
- Assess your performance — Running a small business leaves you little time and money left over for trial and error. Choose and assess the marketing efforts you invest in the most. Track any sales successes using key performance indicators (KPIs), including customer retention, cash activity, and revenue.
- Cultivate your loyal relationships — Understand your customers’ pain points, pay attention to their needs, and strive to address as many of their issues as you can.
Additional Revenued Card Qualification Requirements
In addition to the minimum revenue prerequisite, your firm must be U.S.-based and meet the following conditions:
Time in Business
Revenued extends its business card to companies operating for a minimum of six months, about a year and a half less than many banks or lenders. This time length is enough to show underwriters that your firm has sufficient experience and can generate the minimum gross revenue to qualify.
Establish a Business Bank Account
Opening a business bank account gives your firm additional credibility, helps you manage payroll, keep personal finances separate from company expenses, and helps you simplify tax records.
Additionally, granting Revenued access to your business account allows our underwriters to assess your sales and banking activity for card approval. Once you are approved and your Revenued merchant portal has been established, you can request a cash draw, and your business bank account is where you will access the money.
Maintain a Minimum Bank Account Balance
Your average daily bank account balance needs to be $1,000 to qualify and maintain a Revenued Business Card account.
With an average daily balance, your account can drop below the minimum for a limited time. At the end of each business day, your account records will be recorded. Following the close of your bank’s statement cycle, Revenued averages your balances by adding them up and dividing by the sum of days in the statement cycle.
Maintaining a $1,000 balance can be challenging during your off-season months when revenue is tight. This is why it is vital for seasonal businesses, in particular, to adhere to a budget.
At the very least, track anything your bank tries to charge you, including non-sufficient funds or overdraft fees. At about $35 a pop, these can add up and affect your average bank account balance and cut into your revenue.
Take advantage of bank offers, including direct deposits, paperless statements, or online services to reduce charges.
Keep Your Bank Account Positive
Many small companies derive their revenue from invoice payments. If this your business model, you may incur a negative bank balance while waiting for receivables to reach your account.
To qualify for the Revenued Business Card, be sure your account doesn’t go negative more than three days in a month.
Get Revenued’s Fast, Flexible Financing for Your Small Business
Many small business owners like you turn to the Revenued Card for working capital during low cash flow months to cover payroll or when seeking funds to expand operations. Revenued’s innovative financing alternative provides access to the money you need fast.
We built our business card platform using cutting-edge technology to help all companies, including those with subprime credit.
Learn more about instant approvals and the Revenued Card’s flexible credit limits based on your business. Talk to one of our friendly customer service representatives by calling today at (855) 943-5363. Or complete our online form, and somebody will get back to you right away.
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