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Top 10 Reasons Why Your Business Should Take The Merchant Cash Advance.
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A merchant cash advance (MCA) is a financing option that allows businesses to get an infusion of *cash in exchange for a percentage of their future credit card sales. MCAs can be a helpful option for businesses that need quick access to cash and may not qualify for traditional loans from banks or other financial institutions.
Here are the top ten ways an MCA can help grow your business:
Quick access to cash: One of the biggest advantages of an MCA is that it provides businesses with fast access to cash. This can be especially useful for businesses that need to make purchases or investments quickly and may not have the time to wait for a traditional loan to be approved.
No collateral required: An MCA does not require collateral, which means businesses do not have to put up any assets as security for the loan. This can be beneficial for businesses that do not have a lot of assets or are not willing to put their assets at risk.
No fixed repayment terms: With an MCA, businesses do not have to worry about fixed repayment terms. Instead, the lender takes a percentage of the business's credit card sales until the advance is paid off. This can be helpful for businesses that have fluctuating sales and may not be able to make fixed payments each month.
No minimum credit score required: Most MCA lenders do not have a minimum credit score requirement, which means businesses with poor credit can still qualify for an MCA. This can be a helpful option for businesses that have struggled to get traditional loans due to their credit history.
No fixed interest rate: An MCA does not have a fixed interest rate, which means the cost of the advance can vary depending on the lender and the specific terms of the agreement. This can be helpful for businesses that want to shop around and compare different lenders to find the best deal.
Flexibility: An MCA is a flexible financing option that can be used for a variety of purposes, including making purchases, hiring new employees, or expanding the business. This can be helpful for businesses that need funding for a specific project or goal.*
Short application process: The application process for an MCA is typically short and simple, which means businesses can get the cash they need quickly. This can be especially helpful for businesses that need fast access to cash and may not have the time to wait for a traditional loan to be approved.
No fixed repayment schedule: With an MCA, businesses do not have to worry about making fixed payments each month. Instead, the lender takes a percentage of the business's credit card sales until the advance is paid off. This can be helpful for businesses that have fluctuating sales and may not be able to make fixed payments each month.
No prepayment penalties: Most MCA lenders do not charge prepayment penalties, which means businesses can pay off the advance early without incurring any additional costs. This can be helpful for businesses that want to pay off the advance as quickly as possible.
No impact on credit score: An MCA does not appear on a business's credit report and does not affect the business's credit score. This can be helpful for businesses that want to maintain a good credit score or may not want a traditional loan to appear on their credit report.
Overall, a merchant cash advance can be a helpful option for businesses that need quick access to cash and may not qualify for traditional loans. It offers flexibility, fast access to cash, and does not require collateral or have fixed repayment terms.
** edits were made to ensure that people understand that an MCA is not a loan
** This program is based on the MCA program based on credit card sales, not the ACH daily payment fixed payment program,
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