Merchant cash advances are great for many types of companies. From traditional to high risk, companies benefit from the ease of access and ease of payment ability. In the aftermath of the banking collapse, banks are not being cautious of traditional companies in terms of business loans. This can but a damper on plans for expansion, increased inventory, or even extra staff. With a merchant cash advance, you do not have to worry about being turned down, as there is a high acceptance rate amongst small and medium-sized businesses that have been active for over six months.
Small and medium-sized business are often left out in the cold when it comes to finding extra funding. Of course, there are government grants, but you must either be a brand new merchant, or you must fit into a certain demographic. For those who do not, it can seem like a dead end. Luckily, a merchant cash advance can help small and medium-sized merchants obtain the funds that they need for an expansion, increased inventory, or additional hiring needs. Any business need that needs to be funded can use the funds that come from a merchant cash advance.
If you are new to the concept of a merchant cash advance, you may think that there is a catch somewhere. There is not. The application process is streamlined, easy, and the vast majority of merchants are approved within 72 hours. Collateral is not needed, since this is not a “loan”, but rather an investment in your company. Also, credit scores above 550 are accepted, though this varies with the company offering up the merchant cash advance. With FAM, 550 is number, and with others, it may be slightly higher. Repayment is easy, and there are no checks to be written. The funds are simply taken out of your business account when repayments are due.
A merchant cash advance is a great tool for small and medium-sized merchants. While a traditional loan is well-known, it is hard to obtain and the terms can sink a company. Be sure that you research cash advance merchant providers before settling, as not all terms are the same.Get Started Now