There are times when you are happy with your merchant provider but they won’t offer you a business loan, whether to expand your business or just to pay some unexpected bills. It is important to understand there are other options that might meet your needs without changing your merchant supplier.
The ACH, Automated Clearing House loan from another merchant account provider might be the answer. First American Merchant offers ACH loans to clients and they don’t even need to be the business’s merchant supplier.
There are some conditions, which they will need to meet and these are based on the sales the business makes each day; these figures are used to ensure there is enough turnover in the company to warrant the ACH business loan. First American Merchant then has two different options for the daily repayment of the loan, with the first option monitoring the business account daily and working out a payment by looking at the sales for the day and taking a percentage of this.
Alternatively, you can have a fixed daily payment based on the sales you have made in the past. This doesn’t take into account the current trading position of your company, for those that have good and bad days it could be difficult to meet these conditions.
However, if you have an increase in revenue the possibility of paying more off could mean less interest payments long-term. What is important to any business is the time that it takes to secure the funding. Whilst many businesses find that while banks are there at the beginning to offer their support, if there is ever a problem when it comes to a bad credit they appear to remove that much needed support. This is easy in the business world, it only takes one late payment to affect your credit score, they then turn you away for further credit.
Therefore, if you have become high risk, a business loan with your current merchant provider or your bank might not be the place to turn. You might have to look at options in the ACH loan area to get the best deal for your business.
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