As an auto repair shop owner, it’s imperative that you have access to quick business financing so that you’re able to serve customers in the most effective manner and invest in your business. Merchant cash advances have become one of the most popular solutions for auto repair shop financing due to their easy accessibility and flexibility. Here are some of the many ways your automotive business can benefit from this solution.
Access Quick Funding When You Need It
Whether you need to urgently purchase additional spare parts to meet increased demand or you’ve come across an incredible opportunity to purchase much-needed equipment at attractive prices that could help upgrade services, quick automotive business financing is the need of the hour for most business owners. With stringent conditions and lengthy approval processes, traditional money lenders such as banks may not the best sources for funding. Merchant cash advances are a convenient solution for small business funding online. Approval rates are high for merchant cash advances and funds can be transferred to your business account within four to seventy two hours.
Implement Plans for Business Growth
There are many opportunities for auto repair shop growth and expansion that you may be missing out on due to lack of quick and easy automotive business financing solutions. If you have plans to open at a new location, create a franchise chain or increase the number of services you offer, you may use a merchant cash advance to pursue your growth plans. Merchant cash advances are attractive funding solutions that can be availed by established businesses with strong revenues. The advanced lump-sum amount is directly credited to your business account and you repay from future receivables. There is no restriction on how you can use the advanced amount for your business.
Tide Over Lean and Peak Seasons
In many areas, auto repair shops witness seasonal ups and downs in demand for services – for example, demand for repair services is usually high in areas with harsh winters. You may consider laying off some employees to reduce payroll obligations. However, it’s not wise to lay off employees during off-season if you want to provide a consistent level of quality service to customers throughout the year. Also, you may want to hire temporary additional staff during peak season to take on more work. A merchant cash advance is a simple online small business funding solution that allows you to have enough money to meet payroll expenses.
Repay Advanced Amount in Flexible Manner
Unlike with traditional banking instruments where you are expected to make monthly remittances regardless of incoming revenue, merchant cash advances come with a great deal of flexibility. With a merchant cash advance, you remit a percentage of the revenue you’re generating at the time. So, if you’re witnessing a sudden slump in demand or seasonality, you repay a smaller amount and vice versa – if you’re experiencing increased revenue, you repay a larger amount. This kind of flexibility in fulfilling your repayment obligation is not available with other auto repair shop financing solutions.
If you think a lump-sum merchant cash advance can help your automotive repair business thrive, visit the website of a leading provider and fill out a simple online application form!