subject: Business Cash Advance - Three Simple Steps To A Business Loan [print this page] Are you missing out on business opportunities due to low capital? Is the long wait for loan approval hurting your business? Are you being asked to furnish hordes of unnecessary financial documents? Are you tired of all the intrusive questions surrounding your business loan proposal? Are you looking for a fast and hassle-free way to secure funding for your business and get ahead of the competition? If yes, then a business cash advance, also called a merchant cash advance is just what you're looking for.
Business cash advance is a financing alternative that is changing the world of business. While a typical loan application is approved in weeks or months, business cash advance is obtained within a week, sometimes in as few as three days. The application is accessible on the internet. The form is quite straightforward and takes little time to complete. Further, you provide a multitude of financial documentation to get your application accepted.
The business cash advance application process works in the following manner:
1. Creating an account with an approved credit card processor
Business cash advance is not a loan, rather an advance purchase of your business' future credit card receipts. Thus, to receive a business cash advance financing, you should have an account with a major credit card processors. Open an account with the approved credit card processing service and start processing credit card payments at least six months before submitting your application.
2. Submitting an application for an advance
Business cash advance providers ask for your credit card processing statements with the application. Your application is qualified on the basis of two criteria - longevity of business and average monthly credit card sales volume. Typically, you should have been in business for a minimum of 6 to 9 months with average monthly credit card receipts amounting to $5000 or more to be accepted for a business cash advance.
3. Finalizing the business cash advance
If you are approved for the business cash advance, a contract will be drawn out. This will specify four crucial pieces of data.
* Future credit card receipts amount: This specifies the total of the credit card receipts that you sell to the provider for receiving the cash advance. It also gives you the actual cost of the advance.
* Cash advance amount: This is the actual loan amount you will receive from the provider.
* Percentage of daily credit card sales: This specifies the percentage of credit card sales you will repay to the provider each day. This percentage should not change till the advance is paid off. Scrutinize the fine print thoroughly for imprecise clauses that can be used by unscrupulous providers to hike up this percentage at a later stage.
* Penalty terms: The terms are specified to apprise you of likely actions in case of contingencies.
Upon receiving the contract, read it carefully. Make sure you understand each term and condition specified in the agreement. Remember that business cash advance is not a loan. Your contract is the only lawful protection against deceitful providers. Once you sign and accept the agreement, the advance will be released to your account within a week or less.
Business cash advance allows you to receive funds speedily and easily without drawn out waiting periods. Make the most out of your business cash advance funding by familiarizing yourself with the prerequisites for approval.
by: Daljeet Sidhu
welcome to Insurances.net (https://www.insurances.net)
