No matter their size, merchants want the most economical way to process customer credit cards.
eDataPay offers two major financing options: invoice financing and lines of credit.
eDataPay offers invoice factoring and lines of credit for improved cash flow while you’re waiting on payment from outstanding invoices.
eDataPay is a startup that offers working capital options for businesses through invoice financing or lines of credit.
Invoice financing is a popular method of obtaining short-term business capital to run your business. eDataPay offers both invoice financing and traditional business lines of credit. While these types of loans carry large fees, they can be a great short-term financing option for businesses with bad or no credit.
If you’re looking for working capital, this eDataPay review covers everything you need to know about your options through eDataPay.
Invoicing as Cash Credit
The invoice financing option provides loans for 100% of invoice values from $1,000 to $100,000 at for a fee of 0.4% to 0.7% per week. This comes out to an APR between 16.4% and 76.5%. Repayment terms are weekly for either 12 or 24 weeks. There are no origination, maintenance, or termination fees. If you pay the loan off early, you do not need to pay the full-term interest.
Lines of Credit (Direct Draw)
eDataPay ’s direct draw are revolving lines of credit between $1,000 and $250,000 with an interest rate of 0.5% to 0.7% per week, which equates to an APR between 15% and 59%. There are no origination, withdrawal, money transfer, or early payoff fees. If you pay off the loan early, you do not need to continue paying the interest.
To qualify for a direct draw loan, you need to have been in business for at least six months with annual revenue of at least $25,000. Your credit score isn’t a factor – instead, you’ll need to connect your business bank account and show at least three months of activity. eDataPay is compatible with over 24,000 banks and credit unions.