As the owner of a small retail store, you know how hard it is to source quick retail store financing from a bank or any other traditional money lender. A merchant cash advance can be your solution to access immediate business funding that you need to stay competitive in your niche. Take a look at some of the benefits of a merchant cash advance for retail store funding.
High Approval Rates
Financing your retail store is easier with a merchant cash advance because of high approval rates. Unlike banks that take your credit score to sanction a business loan, merchant cash advance providers look into your incoming revenues and take into account future sales projections to assess eligibility. You can qualify for a merchant cash advance even if you have a less-than-perfect credit score. Retail store owners are good candidates for merchant cash advances provided they can prove good incoming revenues.
Fast Approval And Disbursement
Merchant cash advance providers offer easy and efficient retail store business funding processes. Your eligibility for a merchant cash advance can be ascertained very quickly after you submit an online application form. If you qualify and agree to the terms of the contract, the upfront lump sum amount can be transferred to your business bank account within hours or a few days. In exchange, you pay a percentage of daily or weekly revenues as well as applicable fees until the amount is paid back in full. When dealing with banks, it can take weeks or months before you see the loaned amount in your bank account.
Flexible Repayment Structuring
Technically, a merchant cash advance is not a loan. A merchant cash advance is an unsecured retail store financing solution that comes with a great deal of flexibility. This means that you do not have to put up assets such as your home or any business asset as collateral. Merchant cash advances are tied to future sales and repayments can be adjusted based on how your retail business is performing – you can pay off more when business is booming and you can remit less when business is slackening. Instead of making set payments every month over a fixed number of months as is the case with a bank loan, you have the flexibility to repay at a faster or slower pace, depending on the volume of business.
No Restriction On Use
There may be many reasons for financing your retail store. You may need fast financing to purchase inventory at discounted prices. You may want to use business funding to improve the décor and interiors of your retail store. You may have plans to open at a new location or implement an advertising campaign. You may want working capital to hire new staff and cover payroll. All these activities can help improve operations and increase business revenues. You can use a merchant cash advance for any of these business-related activities – there is no restriction as to how you can use the advanced amount.
There are countless ways you can use a merchant cash advance for your retail store business. To find out if you qualify, fill out an application form now!