Looking to obtain business financing but finding it hard to do so? If you are, then of course you already know just how many obstacles you need to struggle with just to be able to get your way when applying for small business loans from banks and other similar institutions. It can really be an arduous task, especially if you need to meet conditions that are close to impossible. If you are experiencing these hardships, a merchant cash advance can be the best solution to your business finance dilemmas.
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.
Merchant cash advance offers so many benefits that banks and other similar financial institutions will normally be unable to match. They are generally 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. You can already have the money within 10 business days upon approval of your merchant cash advance application. This will give you plenty of time to realize your expansion dreams.
3. Flexibility is one great advantage you can be able to have with merchant advances. You can use the funds you will be receiving in any way you wish, unlike small business loans wherein the funds can only be used for a specific purpose.
4. Worrying about paying a fixed lump sum monthly is something that you can do away with when you go for a merchant cash advance. Why? Your monthly repayment is dependent on the volume of your average daily credit card sales. The less you have, the less you to repay.
5. Getting your merchant cash advance topped-up is easy as long as you have paid some percentage of it. You can do it without re-application.
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.
Still not convinced about the great advantages that you can avail of when you go for a merchant cash advance? Try to talk to a merchant cash advance expert who will be willing to put all your concerns to rest. All you need to do is to make sure that your business is operating for at least 12 months and that you are dealing with credit card sales!
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