With the rapid disappearance of traditional middle class America, more and more consumers are opting to keep their older model cars for a longer period of time. This makes good economic sense. The vehicle has been paid off and repairs cost much less than purchasing another car. Maybe you have seen an increase in business but you could be doing more if you had another bay for another qualified mechanic. Have you ever considered merchant funding for your car mechanic shop?
These same customers who are coming into your shop for repairs rare pay the bill by cash or check. They will be paying by credit and debit card. It is an easy transaction for them and it is more convenient and secure for you. This is especially true when repairs go over the $300 or $400 range. Who has that much cash on hand in case of an emergency? The average person living paycheck to paycheck certainly does not.
If you need rapid cash for any reason: expansion, new tools, repairs to your waiting area – or even for meeting payroll because of slow cash flow, you know it can take weeks if not a month or more to attempt to get a loan from your bank. In addition to requiring every document that they can possibly think of, they make you wait for a decision. This is not going to help for Friday’s payroll.
However, if you apply for merchant funding for a car mechanic shop at First American Merchant Funding, you could have your decision in 24 hours and the cash in your account within seven days. It does not matter if you need $5,000, $50,000 or even $1 million. Merchant funding for a car mechanic shop is not like a traditional loan. You do not need collateral and there are no pre-set monthly payments that could put you in a bind down the road.
With First American Merchant Funding you are selling a portion of your future credit card and debit card sales at a discount. For example, you could need $5,000. When you negotiate terms, you agree to pay 10% of your future sales towards the principal and interest. In the first month, things may be slow and you only collect $1,500 in credit card receipts. In this month you would only pay $150 which is automatically taken from your card processing. You do not need to write a check or worry about due dates. In a month where your receipts are $4,000, you would be paying back $400. It’s just that easy.
For a merchant funding for a car mechanic shop at First American Merchant Funding the application process is easy. We will not ask for years of tax returns and year end financials. We will want to see how much your shop is processing in credit and debit card sales. You do not need a stellar credit rating. We can even help business owners who have applied for bankruptcy and the case has been discharged.
To get approved for merchant funding for a car mechanic shop in 72 hours or less, click on the button below
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