Many small business owners have already taken advantage a merchant cash advance and all the rewards that come with it. For those who don't know; it is a business loan alternative that is much easier and faster than a business loan and does not require collateral or good credit.
What is a merchant cash advance?
Unlike bank loans that depend upon your good credit history and collateral; it relies more on your business's proven sales performance as the main determining factor. In fact; if you meet the criteria (explained below) there is a 95% approval rate.
Another key difference between a merchant loan and a bank loan is rather than paying a fixed monthly payment with interest, you pay back using a percentage of your daily credit card sales. Because they use a percentage of your credit card sales, it creates a flexible payback structure that uses the natural ebb and flow of your businesses sales. Basically, you pay less on days that are slow and more when business picks up.
Who qualifies for a merchant cash advance?
All that is needed to qualify for quick access to working capital are these three things;
1. You need to be a business owner for at least 4 months
2. You must accept Master Card and Visa
3. You must process at least $2,500 in credit card sales each month.
As you can see, it is not very difficult to qualify for a merchant loan.
What are the benefits of a cash advance?
Although more expensive; there are many benefits to getting a cash advance as opposed to a loan from the bank. Some of these benefits include the following;
An approval rate of 95% - A better price means nothing if you can't get funded.
Get approved in less than 24 hours - If you need funding in a hurry, there is no better option.
Get funded in less than a week - It is very common for a business to get cash deposited directly into their account in 7 days or less.
No collateral required - Your personal property is safe if for some reason you are unable to pay back your advance.
Good credit not necessary - Your sales performance is the main considering factor in approving your advance.
Easy application process - No cumbersome forms or intrusive background checks. Just a simple 2 page form is all that is needed to start the process.
No restrictions on how you spend your money - Many banks will want to know how you plan on spending the money before they loan it to you. They will often make you sign a statement agreeing that you will not use the funds for any other purpose. With a merchant cash advance, you are free to spend the money any way you see fit.
There you have it. I hope this gives you some insight as to the benefits of a merchant cash advance. I invite you to learn more. Use the following link if you would like more detailed information about a
merchant cash advance, or perhaps get a free quote with exact numbers.
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Christopher Ronk writes articles about business finance and merchant cash advances for
http://easymerchantcashadvance.com
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