Bar owners looking for ways to add new income avenues without moving to a new space should consider upgrading to a sports bar. And the fact that you can get a sports bar merchant loan without much ado makes it something you really want to try.
A ready market
Russia hosted this year’s FIFA world cup that ended only a few weeks ago, and to many retailers, it was an excellent opportunity to make profits out of the event that attracted fans from different nations. Sports bar owners are among the retailers who benefitted from this event as fans who couldn’t grab spots in the stadium turned up in numbers to cheer their countries as they enjoyed drinking together.
Back here in America, sports bars are a long-established culture. And apart from soccer, there are many other games like American football that fellows would rather watch while taking drinks at a bar than alone at home. In other words, sports bars are a favorite chill spot for all ages, from the young who are keeping the tradition alive to the old who have been holding it for decades.
The Challenge
However, like the Bar and nightclub business, getting commercial funding is a major problem a for sports bars. Most banks won’t approve you because the business may face several merchant account problems when taking credit card payments. As a result, they classify you as high-risk. Matters like unclear policies on returns for matches that were booked earlier and not attended may lead to several chargebacks. Plus, the fact that alcohol (a controlled substance) is part of the equation makes it a no-go-zone.
This means you won’t also get the financial back up you may need when sales are slow.
Merchant Loan solutions for sports bar owners
And now, contemporary financial providers like FAM are working together with sports bar owners by not only supporting them with the merchant accounts they need to run thriving businesses but also giving them commercial loans they need to move forward. Whether you are looking for the money to get a life-size screen, add the number of chairs in your bar, manage cash flow crises or meet any other demands, it is possible to get approved even with bad credit.
All you need to have is proof that your bar is a legally registered business and meets a few requirements. Most account issuers will get back to you in 24 to 48 hours. Another advantage of working with most new-age vendors is that they form personal relationships with businesses.