What financing options do small businesses have when they need fast access to cash? Traditional money lending sources put up several obstacles such as impossible approval conditions and procedural delays. Merchant cash advance financing may be the quick and easy funding solution you’re looking for. Read on to know what makes merchant cash advances so attractive to small businesses.
Simple Online Application Process
A merchant cash advance for business is a simple and effective funding solution for all kinds of existing businesses that need upfront money quickly. While applying, business owners only have to provide basic details such as how long they’ve been in business, total average monthly revenue, how much financing they need and when they need it. Applying for a cash advance is usually free of cost and the merchant cash advance funding request can be submitted online within a few minutes. There is no lengthy paperwork to submit which helps reduce wait time.
Receive Funds within Days, Not Weeks
Unlike when you’re dealing with banks and other traditional money lenders, you don’t need to put up any collateral while applying for merchant cash advance financing. Your funding request will be evaluated on existing sales/revenue volumes. In fact, even high risk businesses can apply for and get quick financing with this solution. If you qualify and agree to the terms and conditions set by the advancer, funds can be wired to your business bank account on the same day if required or within two to three days – it doesn’t get much quicker than that.
Flexible Repayment Schedule
The best companies offering merchant cash advances for businesses offer high approval rates. This is great news for small businesses that may have been turned down by banks and other lenders. If their sales are strong, they have a very good chance of qualifying for merchant cash advance funding. A merchant cash advance isn’t a fixed monthly amount – it is usually based on a percentage of future sales and repayment continues till the entire amount and applicable fees are repaid. Moreover, merchant cash advance solutions come with flexible repayment terms –business owners may be able to repay in smaller amounts in lean season if required.
Smart Ways to Use Funding
There is no restriction on how the advanced amount can be used. Business owners can use the cash advance to access working capital, tide over a financial crunch period, purchase additional inventory, cover unplanned expenses, expand to a new location, invest in a marketing or advertising campaign and much more. If you’re a smart business owner, you may want to use this finance solution to purchase additional inventory at deeply discounted prices or use it as a down payment for opening a branch at a new strategic location that’s just opened up. Small business owners who think they can’t compete with the big players because of limited financing options may seriously consider this solution to aim big and bold.
Do you have a plan on how to use a merchant cash advance? Just visit the website of a reputed company offering this funding solution and submit your application to get fast approval!