A lot of small business owners face problems with regards to getting additional funds for their growing establishments. There are many options that you may consider when seeking for a working capital but these options don’t guarantee quick funding. However, you still have a chance of getting the funds you need with the help of a merchant cash advance.
Merchant cash advance (MCA) may not be that widespread yet these days, but it is a more ideal funding option compared to the conventional type of loans. MCA is actually different from the traditional bank loans. It is the process of selling a percentage of your future credit card sales to merchants or business owners. This method of funding gives the merchant cash advance lender obtain a daily credit card income as you get paid through your business credit card account.
Additional Facts about Merchant Cash Advance:This type of business funding gives a more flexible process of checking and handling the cash flow especially during slow business seasons. The payment for the MCA from the merchant cash lender is not stable. It may differ depending on your sales. So if your business is currently earning high, then the merchant cash advance lender will get paid faster. In case your business is earning slow, it does not affect the MCA at all and you are without any risks.
One great thing about the merchant cash advance is that the process is very quick. You can get your establishment funded in as quickly as seven days prior to your application. All you need is to complete the requirements asked by the MCA provider for your small business to be qualified for a cash advance.
What you need to qualify for a cash advance?Your establishment must be operating for at least six months before you can apply for a cash advance. Your business must be accepting credit card payments from customers. Present three to six months credit card processing receipts. Your establishment should have no open bankruptcy or tax liens issues.
Upon presenting the needed requirements to the merchant cash advance provider, your application will be immediately evaluated. It will take less than a week for the MCA lender to approve your application. After that, the cash advance will be forwarded to your credit card account within 48 hours. If you’re like one of those small business owners who are in need of quick funding, then merchant cash advance is the best option to take.