If you own multiple businesses, you can get a Revenued Business Card for each of your companies as long as they can each qualify for the card on their own. Criteria for a card is based on your business’s revenue and bank activity, not on your finances or credit.
Continue reading to learn more about getting multiple Revenued Business Cards if you own multiple businesses.
How a Business Qualifies for a Revenued Card
Revenued does not look exclusively at the credit histories of any of your businesses. This means you could have defaulted on a loan or filed bankruptcy in one of your companies in the past and still qualify for a Revenued Business Card.
To qualify for the Revenued Business Card, each of your companies must meet the following qualifications:
- Establish a business bank account — Your Revenued Business Card is linked to your business bank account. Each of your businesses must be unconnected from your personal finances and separate from each other, giving you and us a clear perspective on your companies’ viability.
- Each must have monthly sales of $10,000 or more — Healthy sales figures communicate to our underwriters that your businesses can meet their monthly payment commitments.
- Maintain an average daily balance of $1,000 or more in each business account — Your businesses should primarily be operating in the black, showing that they have healthy cash flow and are being managed with fiscal responsibility.
- Each business is required to be U.S.-based — You can run your businesses from one or multiple states, as long as they are U.S.-based.
- None of your business can have a negative balance more than three days per month — At Revenued, we understand that as sales income fluctuates, your business revenue will rise and fall in tandem, especially for firms who rely on invoice payments. As long as none of your companies experiences more than three days per month in the red, they can qualify for multiple Revenued Business Cards.
- Each company you own must be operational for more than six months — Startups are not eligible for the Revenued Card because they do not have the baseline to demonstrate they meet the above requirements.
- None of your businesses are finance-related — If any of your companies operate in the financial sector, including business lenders or banks, they cannot qualify for the Revenued Card.
Not one of the requirements listed above refers to your personal or company FICO score. Even if you have subprime credit, your business (or businesses) may be approved for this extraordinary funding opportunity.
Opening Multiple Business Bank Accounts
Remember that each business you own must qualify for the Revenued Business Card on its own, and each must have a business bank account. Multiple business checking and savings accounts will help you stay organized, track expenses, and help delineate your finances for particular purposes within each company.
The most common documents your bank might need when opening your account are:
Multiple Revenued Portal Logins
With each Revenued Card account, you will have access to a merchant portal. Each of your businesses will have a separate portal login and account associated with an email address where you can:
- Check your account overview.
- Monitor your transaction history.
- Review your payment calendar.
- Keep an eye on your spending limit and availability.
- Request a cash draw or limit increase.
Our dynamic merchant portal helps you maintain financial transparency while managing finances for each of your companies. This allows you to track spending and refine cash flow methods within each of your entities.
Why You Might Need Multiple Revenued Business Cards
There are occasions when any one of your small businesses needs fast access to funds. Each will experience different successes and hardships, and when this happens, Revenued is here to help.
Here are examples:
- You own more than one seasonal business; each has peak months at different times of the year. The Revenued Card will give you funds to bridge the slow months for each company.
- You have payroll due on Thursday and need funds to cover you until you’re a large invoice clears on Monday; at another company, you have supplies you can purchase in bulk and need the cash upfront. A Revenued Card can get you the funds you need to pay your employees and improve cash flow by buying supplies at a discount.
- You have multiple businesses and your credit prevents you from getting credit cards or business loans for any of them. The Revenued Business Card can get you the funds you need, and you only pay for the money you use.
Get Your Funding Faster With the Revenued Card
As a multiple business owner, you can’t let funding problems slow you down. The Revenued Business Card’s swift application process doesn’t require loads of extra paperwork, and you don’t have to go through a traditional bank’s lengthy qualification procedure.
Complete the entire application online, and as soon as you are approved and receive your Revenued Card number, you can start spending. You can do this with each of your businesses. To find out if your businesses are eligible for the new Revenued Business Card, fill in our online form or call us at (855) 943-5363.
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