Most merchants will need a business loan, be it for bills or added stock. While a loan is not a problem with those having a good credit rating, those with a poor credit rating can have an issue. Most banks will not loan funds to an untested – or poorly tested – business, and those who will typically offer the loan with a large interest rate. For today’s merchants, bank loans are not the way to go, even for a merchant with a good credit rating.

Bank loans have so much baggage attached to them that it seems like you are setting out to fail. From the collateral to the payment schedule, and the interest rates, bank loan repayments are a struggle for all businesses. Some turn to payday loans instead, which is an equally bad idea. A payday loan tacks on interest – up to 200% of the loan amount – so that you are in a never-ending debt spiral with the lender. This debt creates a funding crisis for all, leaving many weary of lending anything to any merchant. There is a better option – without the risk of never ending debt – and all you need to do is call your merchant account processor.

An ACH business cash advance can help you get the funds you need – without the downside of a loan. For merchants in-store, or online-based merchants, this is the best method available for fast cash and a painless repayment system. If you already have a merchant account, the paperwork is not an issue because your paperwork is already in your merchant account provider’s file. You are simply given the funds in your merchant account, and repayments are simple: A small percentage of daily credit card sales are taken from your merchant account as repayment. It’s that simple! If you are not selling anything on a certain day, you will not have funds taken out, unlike a bank loan or payday loan where payments are needed regardless of your business performance.

Loans are a necessity for most merchants at some time or another. Be sure to check out your merchant account provider’s cash advance options before signing on the dotted line elsewhere.

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