Are Merchant Cash Advances Any Good?
A merchant cash advance can be a great tool for growing your business, but it's not the right fit for everyone. Here's how to know if this financing option is a good fit for you.
What is a merchant cash advance?
A merchant cash advance is a short-term financing program that allows you to grow your business. It's repaid through the credit card processing transactions you collect from your customers. There are programs with set daily payments against your business checking account as an alternative.
How to get a merchant cash advance
Merchant cash advances are often used to fund day-to-day operations or working capital. They’re quick and easy to obtain and based on future revenue.
Merchant cash advances are typically used for working capital, but they can also be used to fund other types of business expenses. When you apply for a merchant cash advance, you’ll need to provide evidence of your company’s ability to repay. Most funders require that your business has been in operation for at least six months and has a steady cash flow.
How much can you get with a merchant cash advance?
How much can you get with a merchant cash advance? The amount that you can get will depend on several factors, including your business's credit history, the type of business you own, your monthly revenue, Your average daily balances, and your personal credit history. On average, we provide funding to our clients in the range of $10,000 up to $1,500,000. If you have been in business for some time and have already demonstrated strong payment trends with us (such as no returned payments), then we can provide funding beyond this range. Having good pay history allows for further funding opportunities.
Is a merchant cash advance right for you?
A merchant cash advance is a good option if you need funding but, have a low credit score. .
If you don't have enough cash flow to repay a loan, a merchant cash advance may not be suitable for you.
You should also consider factoring if you have unpaid invoices from commercial clients.
If your business needs funding, consider using a merchant cash advance to grow your business.
If you have a business, you should look for ways to grow it. If your business needs funding, consider using a merchant cash advance to grow your business.
A merchant cash advance can provide the cash flow that your business needs to expand. They are easy and quick to apply for and flexible in terms of what they are used for.
A merchant cash advance can be an excellent tool for your business. It’s not just about the funding—it’s about the flexibility, too! You can get your money fast without waiting for an invoice from every vendor who wants their fair share of payment. Plus, since it is based on a factor, there are no surprises on payback. If this sounds like something that could benefit your company, visit our website to learn more about how merchant cash advances work and how we can help.