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Lending Options for Risky Merchants

Most merchants will need some type of financial help at one time or another. While most of us do not have wealthy relatives, we do possess the ability to apply for funding. From business loans to crowdfunding to second mortgages, the options seem endless in ones quest for business funding. However, all of the aforementioned options usually fail, thanks to the risky business of, well, owning a business.

Money is a risky thing. From earning it to borrowing it, there are many paths that merchants can go down. Most fail when it comes to borrowing money. Traditional loans usually come with a high interest rate, and an uncomfortable payment schedule. Borrowing from relatives can often take a turn for the worst when someone is not paid back as quickly as they would like. A second mortgage or refinancing of a personal property can be tragic as well, especially if your business fails or grows slower than you expected. Crowdfunding sites can work for social media driven small businesses, but some may want something in return for their donation. Likewise, some crowdfunding sites require you to give away something in exchange for a monetary donation.

The above-mentioned funding methods can become overwhelming quickly. Instead of searching for an unproven funding method, turn to your merchant account processor. Many merchant account processors offer cash advance programs for their clientele. The benefits of a merchant cash advance are many: Quick funding in as little as 72 hours, no fixed monthly payments, and a high approval rate. Little paperwork is required, since your merchant account provider already has the majority of information needed. The high approval rate is because a merchant cash advance, unlike a loan, is not based upon credit ratings. It is based upon business performance.

While not all merchants currently have a merchant account, those who do need to reach out to their processors when they are in need of extra business funding. Whether you need funds for new equipment, new stock, or new employees, a cash advance can help get you and your business out of a bind.