Merchant Cash Advance Process And Review
As a intelligent CEO, you know that there are moments when you need to come up with some cash and you need it quick
. Going to the bank may be your first thought, but with a merchant cash advance, you are more than likely to get the money you want, more rapidly.
When you apply at the bank, you are obligated to provide a lot more than a "little paperwork". A business plan, financial statements, profit and loss spreadsheets, a stellar credit score, and a formal plan citing the desired use of the funds, are all . If the loan officer is displeased with any of your documents, they can deny your loan, hold up the process, or demand more proof of your need and ability to repay the loan. What a hassle.
A Business cash advance provider takes a better approach. They already understand that you are a minimal risk for them because they have reviewed your credit card sales for the last several months. They believe that every company sees natural ups and downs and that your overall intake will remain profitable. Based upon those numbers and an OK credit score, they will enter into a factoring contract with you.
This contract involves you selling, at a discount, a percentage of your future credit card sales. Before you start tormenting about the working capital provider taking a big amount of your profits without warning, understand that the contract involves a set percentage.
If you enter a factoring agreement that takes 8% of your credit card proceeds each month, know that this number never changes. Even if you have a poor month, you won't be paying more than 8 percent of your credit card sales, leaving plenty of capital for other items.
Not only do you need less documentation, the procedure is much swifter. It is not uncommon to have an approval letter in 24 hours and the cash in your bank in about 1 week. When your establishment has an emergency, it is good to know that you can contact your merchant cash advance professional to get capital fast and safely.
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