So your business needs money. That is nothing new for most businesses. It might be for expansion, marketing, inventory or just catching up on bills. The question is; how do we go about getting the money?
If your credit is good and there is no eminent need; you could try getting a business loan from the bank. This approach is one of the least costly methods of securing working capital for your business. It is also one of the most difficult and most intrusive methods.
Another approach is a credit card advance (or merchant cash advance). The application process is much simpler than a bank loan and you are funded in a fraction of the time it takes to get a bank loan. Another key difference is that a credit card advance does not require collateral. This is a huge benefit for businesses that are just starting off.
In fact; money is the only advantage that a bank loan has over a merchant cash advance. The cash advance is the more expensive form of financing of the two.
What generally happens is; a businesses will attempt to get a bank loan first and if they are turned down; they start looking into alternative forms of financing and end up getting a credit card advance.
They are typically surprised at how simple the process is and how fast they receive their funds. In fact, most of the businesses that get a cash advance return for another.
Other advantages of a credit card advance are;
Quick funding; usually within 7 days or less
High Approval rate
No collateral required
No application fees
Easy, flexible payback schedule
You are free to use the funds any way you like
No UCC1 filing
Excellent customer service
More on the flexible payment structure
In order for a business to get a credit card advance; they need to enable their processor to automatically take out a small percentage of their daily credit card sales to pay back the advance. Because they use a percentage of your credit card sales; the amount of your payback fluctuates along with your sales. On days your business is slow – you pay back less. On busy days – your payback is more.
This helps to insure a successful payback without putting too much strain on your business.
Please use the following link to see if a credit card advance is right for your business.
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