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Need Cash For Your Business? A Merchant Cash Advance May Be The Answer!

April 27th, 2011

You own a small business and it’s been going well for several years. Compliments of the economy and other factors beyond your control, business has become a little—stagnant. Now that summer is here and the economy is turning around, people are beginning to spend a little more money and you want to hit the ground running. You know exactly what you need to do and how you want to do it. Now all you need is a little extra cash to make it happen.

Unfortunately, even though the banks have plenty of money to lend, their lending practices still make it quite difficult to get the money you need. Not only are banks looking for stellar credit, they’re typically looking for collateral to place a lien against. Plus, it could take months for you to finally get your money—if you are approved.

Luckily, there is a great alternative to bank loans. It’s called a Merchant Cash Advance. The approval process is FAST—typically with a response in less than 48 hours and money in your bank in less than 7 days! The best part about a Merchant Cash Advance program is that poor credit is usually not an issue.

Here’s how it works… The company providing your advance will review your last 6 credit card processing statements. They are generally looking for an average monthly volume greater than $3000. Depending on your business type, time in business, consistency in monthly volume and personal credit, they offer an advance of anywhere from one to two times your average monthly volume. Most advance companies are looking for a payback period of 6 – 8 months. You pay back the advance by way of an agreement with your credit card processor that entitles the advance company to receive 10% – 20% of your daily credit card processing revenues. Half a year later… you’re in the clear.

Only paying a percentage of money you receive each day instead of a set monthly payment makes the process of paying the advance back painless and simple. Plus, unlike traditional bank loans, there are no limits on what you can use the money for.

So whether you are looking to increase sales with a solid marketing blitz or simply need some cash to get you through a tough time, a Merchant Cash Advance is a simple, fast, and effective way to get the money you need.

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Entry Filed under: Advice

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