So, why should you consider a merchant cash advance for your business?
A merchant cash advance is a sale. 1st American Merchant purchases your future sales at a discounted rate. Both parties agree to the discounted cost and the amount of sales being purchased. A merchant cash advance is not a short term loan or advance.
Wondering why you should choose a merchant cash advance in lieu of a small business loan?
Here are the differences. A small business loan has strict credit requirements, long wait times to obtain funding, complicated contracts, and requires extensive documentation. A merchant cash advance has simple flexible programs that don’t require tax returns or financials. Also, credit scores below 500 can be approved and you could receive funds in as little as 72 hours from the time of the application.
Still not convinced that our Merchant Cash Advance is right for you? Read about the top five benefits of a merchant cash advance.
First, a merchant cash advance has a high approval rate with the basis being business performance as opposed to personal credit, the time the business has existed or any other financials.
Next, the funding process is fast and it is easy to renew. Our business funding programs can make funds available in your bank account in as little as 72 hours. Also, once approved it is easy to renew your advance after 50% of your balance has been paid.
Third, is the simple no hassle payback. Payments are automatically held from credit card transactions with no fixed monthly payment and no need to write a check each month.
Fourth, our merchant cash advance has a revenue based collection system. Payment is a percentage of your daily sales which provides the flexibility to allow your business to always be able to afford payments. Put simply, we get paid when you get paid.
Lastly, because a merchant cash advance is a sales transaction it isn’t reported to credit bureaus and doesn’t impact credit reports. Also, there is no collateral required unlike a business loan.
We can even fund your business with our “Bank Only” ACH program if you haven’t got a merchant account. Approval for your business is based on the total gross deposits into your business bank account. For more information on this program visit our “Bank Only” ACH Funding page.
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