What can a merchant do when there’s a need for quick operating cash? It’s always possible, of course, to borrow money, though even the mostefficient process will take up valuable time. In addition, there are situations in which a business doesn’t want to go through a traditional loan process or get a cash advance from a credit card.
But a business that accepts credit card payments or has documented receivables can generally obtain cash quickly with an advance from a provider of this special program. The cashprovider bases the decision on risk and credit criteria, though the analysis is different from that used by a traditional bank. This can be a welcome source of operating funds that will carry the business to a specific date in the near future.
Not a Loan
If you believe that a merchant cash advance in Surrey is what your company needs, you can learn more when you visit the website of a company that will look at your daily creditcard receipts to determine if timely repayment of the advance will be made. Essentially, you are selling part of your future card sales so you can get needed cash right away. This means that the cash is not a loan and rates can often be higher than other loan options offered to small businesses.
This is a quick and flexible alternative to going through the process of getting a small-business loan. It’s an unsecured cash advance based on your average monthly creditcard numbers. For example, if you have growth plans but know that you might reach beyond your current financial sources, you can get this ready cash with no hidden fees and no charge for applying. If you need to renew in the future, there are no charges for that either.
One of the best benefits of this type of cash advance is that you don’t have repayment deadlines. The company simply recovers the funds with an agreed percentage of future creditcard revenue until the advance is repaid. You might make use of this process for refurbishing work space, purchasing new equipment, expanding your operation, providing training to employees, or expanding your marketing efforts.
Some Important Details
The cashadvance company generally bases the amount of an advance on monthly cardrevenue history with repayment made on a daily percentage. Once you make contact and provide the required information, you can usually get approval in seven days or less. Application approval with most reliable cash providers is in the 90% range. This makes the merchant cashadvance a popular source of needed funding.
Thanks to the convenience of Internet technology, a small business can even receive a quick quote by requesting contact from a cashadvance specialist. If you haven’t yet used the cashadvance method to acquire necessary funds, now may be the time to try it.