Why A Business Cash Advance Is A Wise Option
There are a remarkable number of CEO's who have not heard of a business cash advance
. This form of business "loan" is actually becoming even more admired as financial institutions are closing their pockets and making it tougher than ever to get a bank loan.A merchant cash advance is an easy agreement you make with a business cash advance broker or funding company. The difference is in the products being offered. A cash advance broker is usually not limited to the guidelines of one company. They are able to help other companies similar to yours with locating working capital. They are closing deals and obtaining funds for their clients using a merchant cash advance every day. They are making sure companies throughout the US have the capital they need for their establishment. The procedure is fast and can be underwritten in no more than 7 days. They can additionally supply you with a savings on credit card processing.
Dealing with the daily obstacles of operating a business
Business ownership is full of unknown hurdles and rewards. When you see that your business is in need of a fast influx of cash, the bank is not the place to go. Unless, you have extraordinary credit and plenty of collateral, qualifying for a bank loan can be a painful and an extensive process.
On the other hand, your merchant advance is factored upon your month to month sales average. If you have been processing credit card payments for no less than six months, you will likely qualify for the advance. This advance is based upon your future revenue expectations, sold at a discount. You pay your advance with a small percentage of your credit card receivables on a daily basis.
Where you can spend your money
There are many things you may decide to apply your money toward. You could enlarge your store into the space next door. You could clear up some past debt or past invoices with your business associates. You might decide to create a new marketing campaign to attract more business. The decision is truly yours.
While I would never recommend that you apply for a merchant advance just for the experience of doing so, it is a smart idea to have a conversation with a merchant cash advance broker before you need the cash. figure out what they need, what kind of conditions they provide, and how quickly they can turn around an application. That way, when you need the capital, you will know precisely how to proceed.
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