Every business needs cash to support its infrastructure. No business can run without cash. Be it maintenance of inventory, payment of suppliers or growth of the business- all the aspects need cash for the entire business to operate smoothly. With recession hitting the credit market severely, businesses are looking for other viable options to get cash. Cash advance solutions have become one of the primary sources of getting quick access to funds.
How does it work?
These solutions do not have the intricate details of a bank loan. On the contrary, it involves the procurement of a fraction of a business future credit card sales at a discount. The business gets the money at the onset of the agreement. In return, the provider purchases the right to regain a part of the business credit card sales each month. A lot of finance funding firms, ATM service providers or ATM machine providers also provide such services. This has led to a rise in ATM merchant services provided by such merchants.
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What are its benefits?
The benefits include:
No credit or collateral
Commercial loans can affect your business credit rating. But a merchant cash solution being merely a sales transaction stays off the credit report, thus doing no harm to your credit accountability. You also stay away from the risk of losing a collateral when you opt for a cash advance for your business.
Simple application
These are relatively simple and convenient procedure. While commercial lenders will go through your financial statements, tax returns and business plans, the cash advance providers are only concerned about the monthly credit card returns and period of time in business; nothing else. It makes the application process straightforward and less cumbersome.
Fast access
Because of very little paperwork, cash advance solutions act as immediate relief. While loans can take months to get cleared, the cash advance funding will be readily available to you within a few days of applying.
Approval rate
It only considers business performance to assess applicants, not credits. So even if your business is small yet 'stable', you can get an advance for your business. Advance amounts vary on your business average monthly credit card sales volume in the previous quarter or year.
Revenue based collections
While a business loan puts on the compulsion of paying a definite amount every month even if the business undergoes a loss. This makes the situation worse for any business which is already suffering from a financial debacle. But the cash advance approach allows you to pay fluctuating amounts to the cash advance provider as per the state of your business. In busy seasons, the merchant cash advances are repaid more quickly when you are making big cash. While in less profitable times, the repayment follows the slow payment path. This approach is intended to support your business rather than just drain your funds.
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