subject: Merchant Cash Advance: A Quick Source Of Cash [print this page] As the owner of a distinctive restaurant, you have no doubt found that there are times when you require a little unexpected cash. Restaurant finance is chiefly tricky because of the perception that restaurants are more possible to fail than other business types. Although the numbers really confirm that this is not the case, it can still be incredibly difficult to get a bank loan when you must buy needed equipment or grow your facilities.
Cash is Available
You will be relieved to hear that cash is certainly available, if you know where to go. Banks may advance you capital, at their prudence, but your restaurant finance broker is apt to be an enhanced and more convenient resource for your working capital.
Restaurant finance specialists are able to obtain a business cash advance based on your sales from the credit card terminal sitting on your checkout counter. Because they have seen the kind of sales you do each month, they understand intimately how much you can afford to pay and how long it will take you to pay back the advance.
These contracts involving you and your finance company are called a factoring agreement. You effectively sell, at a discount, projected credit card sales to the processor in exchange for needed capital given out right now.
The Process is Simple
A rapid application, frequently available online, is all it takes to get started on your merchant cash advance. As long as you encompass an average credit score, an established account of credit card sales, and a signed lease, your chances of receiving the capital you apply for are especially good. The advance is repaid over the next several to a year as a percentage of your credit card take.
When obtaining restaurant financing is imperative and you need an answer rapidly, a credit card factoring agreement could just be the best thing going.
by: Rodney Rabah
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