Merchant Cash Advance: Alternative Business Finance
You might be looking for a way to obtain business finance but having a tough time doing so. If this is the case, then you know by now that you need to go through many obstacles just to be able to get your small business loan applications approved by banks and other similar institutions. You also know that you need to be able to meet different sets of conditions that may be unpractical for you to agree. If you are having a hard time trying to get access to business finance, you should consider a merchant cash advance.
You might now be wondering what a merchant cash advance is and how to obtain business financing with it. Simply put, a merchant cash advance is among the most hassle-free means of obtain financing for your business. It’s already well-known in the US but is relatively new in the UK. Generally, all types of businesses, whether small or large, will be able to avail of one as long as their main method of doing sales involves credit card transactions. It works as a cash advance that is determined largely by the volume of your credit card sales, that is, the amount of your cash advance is dependent on the average volume of your business’s credit card transactions each month. This is what makes it unique.
There are a lot of benefits that a merchant cash advance can offer. These benefits normally cannot be matched by business loans from banks and other similar institutions. The best ones are the following:
1. You can have your merchant cash advance application approved in just 24 hours. When you try acquiring a loan from banks, you would need to wait several days up to several weeks in order for them to even consider approving it. Getting it approved is another tiring wait.
2. Generally, you will be able to receive the approved amount within 10 working days.
3. A merchant cash advance is flexible in nature, that is, you can use it any way you please. Traditional bank loans, once approved, can only be used for the purpose specified on your loan application.
4. There is absolutely no need to pay a fixed lump sum monthly once you go for a merchant cash advance. You will barely feel the repayments as they are based on the average volume of your daily credit card sales. The lower your credit card sales are, the lower your merchant cash advance repayment will be.
5. Getting another merchant cash advance on top of your current one is easy as long as you have already paid a certain percentage. You need not re-apply if you are planning to do this.
6. You need not worry about it having a negative effect on your credit score.
7. You do not need to have collateral in order to get a merchant cash advance.
If you still aren’t convinced how your business can greatly benefit from a merchant cash advance, you just need to talk to a merchant cash advance specialist. Route all your concerns through him or her and for sure, your doubts will be erased. To be able to experience its advantages, all you need to make sure of is to be in business for at least a year now at have some credit card sales!
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