The benefits are not only amazing, but they are downright astounding. Look out financial institutions, here come’s common sense. Why would you choose a small business loan or a cash advance from a merchant account servicer? Well, not only does it sound a lot easier, but it also has a human element to it. How cool is that?
Instead of the loan part of the whole situation, they are buying a percentage of your sales at a discounted rate. These Cash Advance Lenders have made this so simple, how could you fail?
Instead of you making a monthly payment, they take a percentage off of the credit card sales each day. You agree to the amount before anything happens. Most do a 1% to 9% repayment plan. That works out to about $25.00 a day on a $500 dollar credit and debit card sales day. That is very reasonable, if your repayment is around 5%.
Bank verses Merchant
Banks ask for specific things. Strict credit requirements, long wait times for funding, complicated contracts and extensive documentation. The merchant cash advance will work with credit score lower than 500, you receive your funds 72 hours from the application time, simple flexible programs, and no tax returns or financials are required.
Performance verses credit
These are performance based loans rather than relying on credit reports. Those don’t tell the whole story to begin with. You have fast funding and easy renewals. If you are in need when you have the advance paid 50% off, you can ask for more. It has a simple no hassle payback with your daily sales.
If the day is bad
If you have a slow day of sales, so does the repayment on the cash advance. They will not take advantage if you are having a rough month. You also have to put up no collateral for the advance. They don’t want your grandchildren, your home or your first born. They just want that percentage agreed upon with your daily sales. Easy Peasy.
If you haven’t
If you don’t have a merchant account, now is the time to go shopping for one. Find the one that works best for your business and be certain to feel comfortable with the one you chose. Most have a ‘live chat’ area and you need to take advantage to research what you are after.
No you didn’t
After the crash of our economy, and the way it slowly drifted across the country, why would you give a bank your trust back. They systematically dropped a bomb on our infrastructure and then turned tail and ran. They really don’t want your business, they just the stock holders and shareholders to think that they got things turned around. YOU don’t matter.
However, on the merchant account business front, they care. Don’t go looking for the too easy to really be true deals. Those really are a scam. Find the one’s that will back up what they say. Look at forums to see what the public is saying about them. Find reports on their business before you ever sign. But after you do, know that you are better off than you would be with the loan sharks at the banks. Good luck!!!