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From Application to Funding: Step-by-Step
APPLICATION PACKAGE
- Application package containing "signed" application, copy of the driver's license of each owner, and a copy of the business check can be either faxed to AML or mailed. Please make sure the applicant answers ALL questions. If any of the questions are not applicable to the borrower, they should put in "N/A".
- Please make sure to provide us with your bank's phone number, preferably your branch's number. It is very important because we may have to call the branch to obtain wire transfer instruction when we fund the loan.
- If faxing, please make sure originals are in good condition because faxing usually deteriorates the legibility. Driver's licenses are notoriously difficult to send via fax. Please enlarge the copy if you can before faxing.
E-mailing a scanned image is the best way of sending the DL copy. Send to one of the following addresses:
wchung@americanmicroloan.com
steve@americanmicroloan.com
- If you or the borrower has a special request, it should be stated on the fax cover sheet.
- If the applicant uses a P.O.S. (point of sale) system, the funding could be delayed because the downloading of the P.O.S. system is done by the P.O.S. vendor. MICROS© is the worst in terms of response time. You should expect a 6 - 8 week delay for MICROS© conversion .
- Please make sure the application is clearly legible before faxing to prevent unnecessary delays.
PRE-APPROVAL
- AML usually makes funding decisions within 48 hours, assuming all of the information on the application is accurate.
- If AML requires additional information, pre-approval could be delayed until receipt of such information.
- Timely response from the applicant will prevent unnecessary delay.
- Notification of pre-approval or rejection can be done either by us or by the referral source. Your preference should be communicated to us when submitting the application package.
- Once pre-approved, one of our affiliated ISO/Processors will contact the merchant to set up a new account. If the referral was made by the ISO/Processor, AML will allow the ISO/Processor to have the merchant account unless there is a problem.
FOLLOW-UP PROCEDURES
- Once the pre-approval is obtained, the applicant must send in the supporting documents listed on the application instructions as soon as possible. Merchant accounts are usually set up within a few days, and the follow-up verification must be completed before funding.
- The new signed merchant account application is necessary for AML to prepare the necessary loan documents.
- AML overnights the loan documents after all the supporting documents have been received and verified.
- AML requires the following before funding: 1) Receipt of properly executed loan documents and, 2) ALL terminals and/or P.O.S. have been "downloaded" by the affiliated processor and AML has received the first batch report.
FUNDING PROCEDURE
- Funding is usually done via a federal wire transfer. AML sometimes has to call the branch to obtain the wire transfer instructions. Therefore, all applications should have the branch phone number to prevent unnecessary delay.
- If part of the loan proceeds is being used to pay taxing authorities, a two party check will be sent out via Federal Express. AML highly recommends the merchant to keep a copy of the check and the receipts for the payment for their records.
- If part of the loan proceeds is being used to pay other bills, checks made payable to the vendors will be either sent to the merchant or to the vendor directly at the merchant's request.
POST FUNDING PROCEDURES
- The borrower must send back the original loan documents if the funding was done using the faxed copy. If the borrower fails to submit the original loan documents in a timely manner, AML will not fund on fax copy to the same merchant in the future.
- AML debits the merchant's bank account for the daily payment. Merchant must leave sufficient balance in their bank account.
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