How we picked
Filtered to two categories: (1) platform-embedded funders that underwrite entirely off card-processing data on the merchant's existing platform (Toast, Square, Stripe, Shopify, PayPal) and offer no-PG advances repaid as a percentage of daily card sales, and (2) split-funding MCA shops (Lendr, Libertas) that integrate directly with the merchant's card processor to route a percentage of card sales as MCA repayment. Excluded bank-statement underwriters (covered in the cash-heavy hub) and funders that require fixed daily ACH instead of percentage-of-sales repayment — the entire purpose of this hub is to identify the funders whose structures actually match a card-heavy revenue mix. Ranked first by structural cleanliness (no-PG platform-embedded funders at the top), then by ticket-size coverage (split-funding shops for larger tickets), then by typical APR-equivalent.
Top picks at a glance
| Lender | Best for | Amount | Speed | Min credit | Action |
|---|---|---|---|---|---|
| Toast Capital | Best no-PG capital for Toast-using restaurants | $5,000 – $300,000 | Funds in 1 – 3 business days after approval | No published floor — Toast underwrites against POS history, not FICO | Apply → |
| Square Capital | Best no-PG capital for Square-processing merchants | $300 – $250,000 | Funds as soon as next business day | No FICO pull — Square underwrites entirely against your Square sales history | Apply → |
| Stripe Capital | Best no-PG capital for Stripe-billed businesses | $500 – $1,000,000+ (varies by Stripe volume) | Funds same business day for eligible merchants | No FICO check — underwrites against Stripe data | Apply → |
| Shopify Capital | Best no-PG capital for Shopify merchants | $200 – $2,000,000+ | Funds in 2 – 5 business days after acceptance | No FICO check — uses Shopify sales data | Apply → |
| PayPal Working Capital | Best no-PG capital for PayPal-billed businesses | $1,000 – $250,000 | Funding in minutes once accepted | No FICO check — uses PayPal sales history | Apply → |
| Lendr | Best split-funding MCA for card-heavy merchants needing larger tickets | $5,000 – $1,000,000 | Funding in 24 hours for approved files | 600+ | Apply → |
| Libertas Funding | Best institutional-quality large-ticket split-funding ($250K-$5M) | $10,000 – $2,000,000 | Funding in 24 – 72 hours after approval | 550+ | Apply → |
Advertiser disclosure: Fundnode may earn referral fees from funders listed on this page when you apply through us. This does not affect editorial rankings — see our methodology.
Detailed reviews — our 7 picks
#1 · Best no-PG capital for Toast-using restaurants
Toast Capital
Max amount
$300,000
Cost
Factor 1.13 – 1.36 (single fee, no compounding)
Speed
Funds in 1 – 3 business days after approval
Min credit
No published floor — Toast underwrites against POS history, not FICO
Why we picked it
Toast Capital advances against Toast POS processing history — no FICO check, no personal guarantee, no recourse to personal assets beyond the Toast processing relationship. Single fee priced off Toast volume. Repayment automatically deducted as a percentage of daily Toast sales, so a slow week proportionally reduces the funder's draw. Typical advance sizes $5K-$300K depending on Toast volume. The cleanest funding structure available to any Toast-using restaurant — competitive with generalist restaurant MCA but structurally cleaner.
The strength
Embedded in the Toast POS dashboard — eligible restaurants see a pre-qualified offer with no application. Repayment is auto-deducted as a fixed percentage of daily Toast deposits, so cash flow stays proportional to revenue. Single fee disclosed up front; no daily compounding factor games.
The watch-out
Only available to Toast POS customers — you have to be running their hardware/processing already. Loan amounts cap at roughly 70% of trailing 12-month Toast volume. If you switch processors, the agreement requires you to pay off the remaining balance immediately.
Qualifications
6 months
Toast POS volume drives offers — typically $10,000+/mo processed
No published floor — Toast underwrites against POS history, not FICO
#2 · Best no-PG capital for Square-processing merchants
Square Capital
Max amount
$250,000
Cost
Single fixed fee (typically 10 – 16% of loan amount)
Speed
Funds as soon as next business day
Min credit
No FICO pull — Square underwrites entirely against your Square sales history
Why we picked it
Square Capital offers pre-qualified offers directly inside the Square Dashboard for Square-processing merchants — no separate application, no FICO check, no personal guarantee. Single fee priced off Square processing volume. Repayment automatically deducted as a percentage of daily Square sales. Typical advance sizes $300-$250K depending on Square volume. The right first-call for any Square-processing merchant — restaurant, retail, salon, service — who wants working capital without pledging personal assets.
The strength
Most merchant-friendly headline structure in the industry: one fixed fee, no APR equivalents, no daily/weekly debits — repayment is a flat percentage of daily Square card sales until paid off. Eligibility check appears in your Square dashboard with no application. Approval typically arrives in minutes.
The watch-out
Square chooses who they offer to — you can't apply if Square doesn't surface an offer. Loan amount usually caps at ~1.4× monthly Square sales. The single fixed fee on a 9-month payback typically works out to 30–60% APR-equivalent, similar to mid-tier MCA. Only available to active Square sellers — if you stop processing, repayment converts to fixed daily debits.
Qualifications
12 months
$10,000+ in Square card sales typical floor for meaningful offers
No FICO pull — Square underwrites entirely against your Square sales history
#3 · Best no-PG capital for Stripe-billed businesses
Stripe Capital
Max amount
$1,000,000+ (varies by Stripe volume)
Cost
Single fixed fee disclosed at offer (typically 5 – 18%)
Speed
Funds same business day for eligible merchants
Min credit
No FICO check — underwrites against Stripe data
Why we picked it
Stripe Capital is the cleanest no-PG product in commercial small-business finance for Stripe-billed merchants. Pre-qualified offers appear directly in the Stripe Dashboard for eligible accounts — no separate application, no FICO check, no personal guarantee. Single fee priced off Stripe processing volume. Repayment automatically deducted as a percentage of daily Stripe sales. Often the first commercial credit a SaaS founder, e-commerce operator, or platform business actually qualifies for.
The strength
Best-in-class developer/founder experience. Embedded directly in Stripe Dashboard with pre-qualified offers. Single fee structure. Repayment auto-deducted as percentage of daily Stripe transaction volume. Strong fit for SaaS, marketplaces, platforms.
The watch-out
Only available to active Stripe merchants. Stripe chooses offer eligibility — can't request. Repayment percentage (typically 10-25% of daily Stripe sales) reduces operating cash. Changing payment processors mid-loan triggers payoff acceleration.
Qualifications
6 months
Stripe processing volume drives offers
No FICO check — underwrites against Stripe data
#4 · Best no-PG capital for Shopify merchants
Shopify Capital
Max amount
$2,000,000+
Cost
Single fixed fee — typical 5 – 14% of advance
Speed
Funds in 2 – 5 business days after acceptance
Min credit
No FICO check — uses Shopify sales data
Why we picked it
Shopify Capital offers pre-qualified merchant cash advances and loans directly inside the Shopify admin — no separate application, no FICO check, no personal guarantee. Single fee priced off Shopify GMV. Repayment automatically deducted as a percentage of daily Shopify sales. Typical advance sizes $200-$2M depending on Shopify GMV history. The right first-call for any Shopify merchant who wants working capital without pledging personal assets.
The strength
Most merchant-friendly embedded financing in commerce. Single fee, no compounding factor. Repayment as percentage of daily Shopify sales (typically 9-17%) — scales with revenue. Pre-qualified offers in Shopify admin. No personal guarantee on standard offers.
The watch-out
Only for Shopify-hosted stores. Shopify selects which merchants get offers — can't apply. If you migrate off Shopify mid-loan, balance must be repaid in full. Higher-tier offers may include personal guarantee.
Qualifications
6 months
Shopify GMV drives offers — typically $10K+/mo
No FICO check — uses Shopify sales data
#5 · Best no-PG capital for PayPal-billed businesses
PayPal Working Capital
Max amount
$250,000
Cost
Single fixed fee disclosed at offer (typically 8 – 18% of advance)
Speed
Funding in minutes once accepted
Min credit
No FICO check — uses PayPal sales history
Why we picked it
PayPal Working Capital advances against PayPal processing history — no FICO check, no personal guarantee, no recourse to personal assets beyond the PayPal account relationship. Single flat fee priced off PayPal volume. Repayment automatically deducted as a fixed percentage of daily PayPal sales. Typical advance sizes $1K-$300K depending on PayPal processing history. The right first-call for any business doing meaningful PayPal volume.
The strength
Embedded in PayPal seller dashboard — pre-approved offers appear with no application. Repayment as percentage of daily PayPal sales (10-30% depending on offer). Single fixed fee, no compounding. Strong fit for PayPal-heavy sellers.
The watch-out
Only available to merchants processing significant volume through PayPal. Loan amount capped at fraction of trailing PayPal sales. If you reduce PayPal volume mid-loan, repayment continues via fixed daily debits — losing the natural sales-percentage flexibility.
Qualifications
3 months
$15,000 in PayPal sales (typical)
No FICO check — uses PayPal sales history
#6 · Best split-funding MCA for card-heavy merchants needing larger tickets
Lendr
Max amount
$1,000,000
Cost
Factor 1.18 – 1.42 (MCA)
Speed
Funding in 24 hours for approved files
Min credit
600+
Why we picked it
Lendr is structured around card-heavy merchants whose platform-embedded offer (Toast, Square, Stripe, Shopify, PayPal) is too small for the use case. Integrates directly with the merchant's card processor to route a percentage of card sales as MCA repayment — same auto-adjusting structure as platform-embedded funders but at larger ticket sizes ($50K-$500K typical). 550+ credit, 6+ months operating. Factor 1.20-1.40 typical. The right pick when a card-heavy merchant's platform-embedded offer doesn't cover the need and the merchant wants to preserve the percentage-of-sales repayment structure.
The strength
Direct-lender model with three products under one underwriting umbrella — MCA, business term loan, and revolving LOC. Lets merchants pick the structure that fits their cash flow rather than forcing MCA. Chicago-based with newer technology stack; underwriting decisions in hours for clean files. $1M cap on term loans is competitive.
The watch-out
Smaller deal pipeline than Credibly or Bluevine, so application priority can be slower at peak times. Term loan pricing is good but not great — bank loans still cheaper for merchants who qualify. Less brand recognition; do your due diligence on contract terms.
Qualifications
12 months
$15,000
600+
#7 · Best institutional-quality large-ticket split-funding ($250K-$5M)
Libertas Funding
Max amount
$2,000,000
Cost
Factor varies by deal
Speed
Funding in 24 – 72 hours after approval
Min credit
550+
Why we picked it
Libertas Funding offers large-ticket MCA ($250K-$5M) with split-funding integration for card-heavy operators at scale. 600+ credit typical, 2+ years TIB, $100K+/mo revenue. Factor 1.18-1.32 for clean credit. Strong reconciliation policy and institutional-quality documentation. The right pick for established multi-unit restaurant operators, large e-commerce merchants, and high-volume retail when the platform-embedded offer and Lendr's mid-ticket range are both too small for the capital need.
The strength
Specializes in larger MCA advances than most competitors — $1M+ deals are routine. CNBC Select calls them out specifically for 'larger advances' use cases. Customized contract terms for established merchants.
The watch-out
Higher minimums ($25K+/mo revenue, 12+ months TIB) exclude smaller operators. Custom-term deals can include aggressive clauses; have an MCA attorney review contracts over $250K.
Qualifications
12 months
$25,000
550+
Frequently asked questions
- Why are card-heavy businesses easier to fund than cash-heavy businesses?
- Two structural reasons. (1) Underwriting data — card-processing data is real-time, tamper-resistant, and standardized across platforms, which lets funders underwrite faster, cheaper, and more confidently than bank-statement underwriting. (2) Repayment structure — percentage-of-sales repayment (the default for platform-embedded funders and split-funding MCA) auto-adjusts to actual sales each day, so a slow week proportionally reduces the funder's draw rather than triggering an NSF cascade. The combination of cleaner underwriting and safer repayment structure means card-heavy merchants face a broader funder shortlist, faster approvals, and lower default rates than cash-heavy equivalents.
- Should I take a platform-embedded offer or shop a split-funding MCA?
- Take the platform-embedded offer first if the size covers the need — it's structurally cleaner (no-PG, no separate application, no FICO check) and typically priced competitively. Shop split-funding MCA (Lendr, Libertas) only when the platform-embedded offer is too small for the use case. The platform-embedded funders cap at amounts driven by your processing history (Square typically $300-$250K, Toast $5K-$300K, Shopify $200-$2M depending on GMV, PayPal $1K-$300K). If your capital need exceeds those caps, the split-funding MCA shops are the structural successor that preserves the percentage-of-sales repayment model.
- Are platform-embedded advances actually no-PG?
- Yes for the most part — Toast Capital, Square Capital, Stripe Capital, Shopify Capital, and PayPal Working Capital are all structured as advances against future processing volume on the same platform, secured by the processor's ability to automatically deduct repayment from daily sales. There is no personal guarantee in the contract and no recourse to personal assets beyond the processing-account relationship. The structural reason they can be no-PG: if the merchant defaults, the processor simply withholds the remaining repayment from incoming sales until the advance is recovered or the merchant exits the platform. Read your specific contract — all five platforms publish standard terms.
- What's the risk of split-funding MCA on a card-heavy business?
- Lower than fixed daily ACH but not zero. Split-funding routes a percentage of card sales directly to the funder, which auto-adjusts to slow weeks — but it also requires the merchant to keep card processing on the agreed processor for the full tenor. If the merchant switches processors (rate-shop, processor failure, processor relationship termination) without funder approval, the contract typically defaults and the personal guarantee (if present on the larger split-funding shops like Lendr or Libertas) becomes enforceable. The mitigation: confirm processor-switching terms before signing, and avoid stacking multiple split-funding positions on the same processor (which can compress the merchant's net card receipts below operating-cash needs).
Related reading
- Best MCA funders for cash-heavy businesses 2026
- Best MCA funders with no personal guarantee 2026
- Best e-commerce business funding 2026
- The full 2026 ranking — 100 funders
Methodology
How we chose
Ranking criteria
- Use-case fit — funder must qualify the merchant profile this page targets (credit, time-in-business, revenue, industry).
- Pricing transparency — published factor-rate or APR-equivalent disclosure outweighs marketing-only quotes.
- Speed-to-fund — verified time from signed contract to ACH deposit, not 'as fast as' marketing claims.
- Contract terms — daily/weekly debit structure, prepayment treatment, COJ / personal guarantee posture.
- Customer-experience signals — BBB profile, Trustpilot, ISO chatter, and direct merchant feedback collected via Fundnode applications.
Sources consulted
- Funder-published rate cards, contract templates, and disclosure pages (refreshed quarterly).
- Public regulatory filings — California DFPI commercial-financing disclosures, New York commercial-financing disclosure law filings.
- Direct merchant feedback collected through Fundnode's /qualify funnel (n > 200 since 2026-01).
- ISO desk operator interviews — anonymized commentary on approval patterns and stipulations.
Update cadence
Reviewed quarterly. Last updated 2026-06-24.
Conflict of interest
Fundnode may earn referral fees from funders listed on this page when merchants apply through us. Rankings are editorial and independent of fee economics — funders cannot pay for placement.