Grow Your Business with Merchant Cash Advances
Even successful businesses sometimes require additional funding to take growth to the next level. However, traditional loans from banks can be difficult and time-consuming to obtain, and you may need to take advantage of your opportunities now. Merchant cash advances make it possible for you to acquire upfront amounts of cash in return for a percentage of upcoming credit card sales. Here are some of the advantages of this form of financing.
Receive Funding Quickly
It may take months for approval and funding of traditional loans. In contrast, the application, approval, and transfer of funds for a merchant cash advance is a very quick and easy process. You can borrow as much as you need, up to a limit predetermined by your lender, and use the money as you see fit to grow your business.
Apply Easily
When you are applying for a merchant cash advance, you don't need a top credit score, long credit history, or abundant assets for use as collateral. It is only important that a significant amount of your business's income is derived from credit card sales. You will need to prove your ownership of the company, how long it has been in business, and the amount of its monthly revenue.
Repay the Advance Based on Sales
Unlike the payments for a traditional loan, which remain fixed regardless of your company's sales volume, the payments for a merchant cash advance comprise a percentage of the sales you make each month. When sales increase, your payments will be higher, and when sales are down, you pay less. This allows your cash flow to remain stable and decreases stress about payments.
Use the Funds for Whatever Your Business Needs
The terms of some bank loans stipulate what the funds need to be used for, but you can use merchant cash advances for whatever will most benefit your business. For instance, you can increase your inventory, boost marketing, hire more personnel, or expand to further locations.
For more advice on using merchant cash advances to grow your business, contact Evolt Capital.