subject: Make Use Of Advance Business Cash For Your Business Growth [print this page] These days, advance business cash is used by a lot of businesses. This is a kind of financing that is given to small businesses for a variety of uses. You could request this kind of advance to spend in what ever way you deem fit. This might include advertising, expansion, renovations, working capital or purchase of business equipment among others.
A cash advance has several similarities with a small business loan since the trader is given funding to spend on various business needs. At some point, the cash has to be repaid also. The main difference is the fact that advances are unsecured. Merchants are not therefore subject to scrutiny and investigations that other lending institutions subject borrowers to like asking for collateral and checking their creditworthiness. Merchants do not have to show their business plans also.
Any type of business could qualify for such cash advances as long as it accepts credit cards as its payment mode. The amount of money advanced will normally depend on the monthly cash flow of the business from its credit card sales. Some percentage of the total monthly credit card transactions is normally deducted plus some small interest till repayment of the cash in full. The deductions are therefore automatic.
The advances are processed fast as no collateral is required. This is made possible since there are no lengthy application processes or bureaucracy. This process may thus be over in a matter of days. Since deductions are on a continuous basis from credit card purchases, there are no fixed payment schedules.
Traders do not have to pay late fees charges, administration cost charges or upfront fees. Since the cash advanced is not a loan, it is not reported to credit agencies as is the case with bank loans.. The merchant may thus still borrow from other institutions when need arises.
There are many firms offering this service and they have websites through which they can be contacted. They also have application forms which can be filled online. Some may also be reached via telephone or fax. Most of them usually have a frequently asked questions section where potential customers can get clarification. Their response to inquiries is usually within 24 hours after submission.
Advance business cash offers businesses quick financial solutions. All kinds of businesses can get this funding including those that have been denied funding by banks for various reasons. As payment of the initial cash advance continues the trader could still get more advances to make the business excel.
by: Carolyn Holland
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