First-Position Advance
The primary merchant cash advance against a business, with the first right to collect from daily revenue ahead of any additional, later-stacked advances.
When only one advance is active, it’s automatically in first position, but once a business takes a second advance, the original one generally retains priority in collecting its holdback, with the newer advance collecting from what remains.
First position is typically the lowest-risk, and lowest-cost, slot for a funder, which is part of why a first-position advance usually carries better terms than a second or third-position advance on the same business.
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