How does a merchant cash advance work?
If you are a business looking to grow then a loan from a bank is usually the first port of call.
Securing finance for your place of work can sometimes be a difficult task, particularly if you are looking to fund a new business, if you have a poor credit score or if your business has been struggling. Even if these issues do not apply to you, getting your hands on the cash to take your enterprise to the next level can be difficult. Banks and traditional lenders have become stricter with loans in the last ten years. The arrangements can also be strict and leave your hands tied. So where do you turn?
Luckily, there is another option. A merchant cash advance is the best way to inject finances into your business, whether you are a small business in its early days or a large corporation who wants to grow even larger. Unlike a traditional loan, there are no fixed repayments, no strict ties, no unrealistic demands or restrictive limits. Instead, a merchant cash advance gives you and your business full control over how much money you lend and how much you repay. It is the ultimate, flexible and fuss-free loan and is already being used by startups and big businesses across the globe.
The flexibility afforded by a merchant cash advance comes from the latest in credit card payment technology. By closely monitoring credit card and online transactions run through your business, a merchant cash advance can calculate the maximum amount of money you and your business could borrow. This means that you will not be lumbered with a loan you can never afford to repay, or be struggling to get the amount of finance you deserve. The loan is directly tailored to the needs of your workplace.
This monitoring system also allows for the merchant cash advance to offer a flexible repayment system. Payments are based on credit card and online sales on a monthly basis. So if your business is booming in July as summer custom floods in, you will pay back more of your loan. However, if November is a tougher month and staff turnover is high, you pay back less of your loan. This versatile and flexible arrangement means that you will never suffer for investing in your business.
Best of all, a merchant cash advance is open to anyone and everyone. If you suffer from poor credit, if you have become bankrupt in the past or if you do not have collateral, fear not: a merchant cash advance could still be available to you. Because the loan is based on the money coming into your business, personal finances are not taken into account. This again makes a merchant cash advance an attractive proposal compared to a loan from a traditional financial institution or bank. You can also use the money in any way your business needs. So unlike a bank loan, a strict business plan is not necessary.
A merchant cash loan is as simple as working out how much you can borrow, a quick approval and then a flexible repayment schedule that suits you and your business. It really is that simple. If you want the freedom to build your business better, a merchant cash loan is the easy solution. Get in touch today to find out how it could push your business further.