Merchant Cash Advances
In simple terms, a merchant cash advance is a lump sum payment that is given to a small business owner in exchange for a share of their future revenues. Typically, a lender advances a business owner a lump sum of working capital; the lender then collects a fixed percentage of the business's credit card sales until the advance is repaid in full. Merchant cash advances are great options for business owners who need easy unsecured cash right away. Like anything else, however, there are a few drawbacks involved.
Merchant Cash Advances are Not Small Business Loans
The most important thing to keep in mind when considering a merchant cash advance is this: It is not a loan. Rather, it is the purchase and sale of your business's future income. Unlike traditional small business loans, you will not have regular, fixed payments to make. Instead, a predetermined percentage of your credit card sales will go directly to the lender. The process of getting approved for an advance is much easier than getting approved for a small business loan, too, which is why they are steadily growing in popularity.
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The Top Benefits of Merchant Cash Advances
The biggest stumbling block that goes along with the typical merchant cash advance is it's overall costs. While you won't be paying interest on a loan, you will be paying back a larger amount than you initially received. When compared with typical small business loan interest rates, the fees for merchant cash advances can be somewhat steep. Still, they are great options for businesses that simply can't qualify for loans but need money fast.
A few of the top benefits of merchant cash advances include:
They are Easier to Obtain In most cases, all that you need to get approved for a cash advance is a few months' worth of credit card sales receipts. The lender just wants to see that they will receive a steady flow of money in return for the advance. You won't have to produce mountains of paperwork, as you would when applying for a small business loan.
Bad Credit is Not as Problematic If you have bad credit, you can forget about getting a small business loan. Merchant cash advances do not require pristine credit, though, so they are much more viable options.
Fast Approvals Equal Fast Cash There is not a long or involved process when it comes to getting approved for merchant cash advances. In most cases, you can be approved and have easy unsecured cash in your account in a day or two.
Obtain Working Capital with Less Risk Since the lender takes a percentage of your credit card sales, you don't have to worry as much when a slow sales month rolls around you don't have a fixed payment to come up with each month. On top of that, you share the risk with the lender, which helps to reduce the stressfulness of looking for easy unsecured cash.
Put Merchant Cash Advances to Work for You Today
If a merchant cash advance sounds right for you, there's no reason not to apply for one today. In no time flat, you can obtain easy unsecured cash for your business. Whether you use it to make much-needed renovations or to pay a few past-due bills, the funds are sure to come in handy. At the end of the day, keeping your business afloat has to be your number-one priority. Apply now in the form up to the right on this page or click here for more information!
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Posted in Community Post Date 12/30/2016