We do not provide financing for legal services or home security resellers.Click here to view criteria we consider when reviewing merchant applications.
While we attempt to approve every merchant, we are unable to approve all applications. Please review this list of the most common reasons we're unable to approve a merchant before you continue with the application process.
1) Outstanding financial obligations including liens, judgments, and bankruptcy within the last 2 years.
2) Business license and/or trade license inactive, not in good standing, or revoked.
3) Felony criminal record within last 20 years
4) Misdemeanor Fraud or Theft within the last 20 years
5) Current/active lawsuits or litigation
6) Time in business is at least 1 year for home improvement. 6 month minimum in Healthcare. No minimum time in business for Retail/Ecommerce and Coaching/Consulting.
7) Credit Score. A soft credit check will take place after submission of the merchant application. The average Transunion FICO credit score of the owners must be 620 or higher. If only one owner, his or her Transunion FICO score must be 620 or higher.
620 credit score required for merchant approval • The underwriting process can take up to 4 business days.
There is a merchant enrollment fee of
$995 $495 upfront, of which includes a non-refundable $250 merchant underwriting fee required for all merchant applications submitted to Novae Financing. This enrollment fee is payable on this page by credit card below. If your application is denied for any reason, you will be refunded $245 to the credit card used for the $495 setup fee. There will be a $100 $50 per month portal access fee to manage your clients charged to the credit card used for the $495 setup fee. Currently there is no contract and you can cancel this agreement at any time.