If you are a struggling merchant, you may look for extra funding. These options seems endless, from crowdsourcing, to borrowing from relatives, and even bank loans. All of these methods fail. With crowdsourcing, you sometimes owe the donators something in return, which can hinder a business’s progress. With family and friends, they usually want something in return as well – their cash. A bank loan may be the worst out of these choices.
With a bank loan, not only do you have to pay large interest rates, but they have the added fear of losing collateral. Be it your home, or other large item that you own, failing to payback your loan puts this collateral in a bind. Also, payments are due in large sums on the same day every month. This can place stress on your business account, and sometimes even your personal account. These methods are the go-to for many merchants for familiarity, but there is another way that many find useful – and stress free.
A First American cash advance can help put your business back on track, without the added stress of a loan. A cash advance is not a loan, nor is it a payday loan. With a cash advance from First American Merchant, you can have cash in your merchant account is as little as three business days. The paperwork load is virtually non-existent, because your merchant account provider already has your financial paperwork. If you have a low FICO score, have no fear: FICO’s below 500 can get a merchant cash advance. Since this is not a loan, you may be wondering when payments are made, and how. Payments are made at the end of every business day, in agreed upon increments. When you make a sale, a little of that sale is paid to your merchant account provider. Your repayments are slow and measured, which is much better than large payments that can cripple your company.
For a merchant in need of cash, consult your merchant account provider today to see if they can provide you with a merchant cash advance.Get Started Now