Most merchants have needed a loan at one time or another, and many have issues obtaining those loans. This is because these merchants are looking at the wrong funding option. The worst thing a merchant can do is to get a loan from a bank. This can lead to a lengthy repayment, and it can even end up with you in more of a financial crisis than before. Luckily for merchants, merchant cash advance loans can give you the funds you need without the headache of a loan.
A merchant cash advance loan is not a loan. In fact, it is an investment in your business. Consider it a buy-in to your future sales. You can obtain a merchant cash advance loan from your merchant account provider. The process and application are easy, since your merchant account provider already has most of your information. In addition, because a merchant cash advance loan is determined on your sales intake and not your credit score, merchants with lower credit scores are eligible for this service. As long as you have been in business for at least six months, you can apply. Another plus of the application process: Most merchants receive their funds in three business days!
Paying back your merchant cash advance loan is just as easy as the application process. Instead of having to remember large, lump-sum payments every month, your payments are taken out of your merchant account at the end of every business day. A percentage is agreed upon by you and your merchant account provider, and on the days which you make sales, that percentage is taken from your sales. This gives you one less thing to worry about. It also gives struggling merchants an opportunity to keep profit, instead of using it all on one big loan payment every month.
Searching for a loan is tough, and paying one back is even tougher. The solution for all merchants isn’t a bank loan, but rather a merchant cash advance loan from your merchant account provider. The application is simple, as is the payback method. Be sure to contact your merchant account provider to discuss your options today.