There is no secret trick, just hard work.
Businesses that have daily pay advances often ask, "how do I get something more traditional." It is not as easy as some brokers have made it sound, but Rome was not built overnight. With the current state of our economy, it should be remembered that keeping an average of 10% of your monthly deposits as your average daily balance is a great place to start. Paying down your balances on your credit cards, and maintaining on-time payments to everything is also a vital move. You also will want to pay off your advances before you start the process. Granted, an advance shows an ability to pay to the other funders in the merchant cash advance space, they will not help you at the bank. Only private lenders may consider the payment history and those are getting harder and harder to find. So, what do you do?
Find additional ways to make money doing what you are already doing.
Keep reading, I am sure you thought that sounds crazy, but did you know that many YouTube creators and TikTok creators get paid from these platforms? On YouTube, once you have 1,000 subscribers and 4,000 watch hours you qualify for the creators' partnership program. This is when you get paid by the ads that are shown before or after your video. TikTok has the same program, just with 10,000 subscribers but half the watch time because the platform is set for short videos or live streams. Get on these platforms and see what businesses that are similar to yours do to come up with ideas, or contact us because we have done this on a multitude of platforms. There is more than ad revenue, there are brand sponsors and affiliate channels too. I have two construction company clients that have both received free tools because they say "I use my DeWalt saw to cut this piece of wood." over just cutting it. I have 4 restaurants that now have sponsored salt and pepper shakers on their tables, that may not seem like much but it adds up.