Merchant Cash Advance to the Rescue Times are tough for small business. Businesses have been closing their doors at an alarming rate. What makes this a particularly rough time for businesses is that they are getting it from both sides;

,li>Customers aren’t purchasing their goods or services like they used to.
1. Banks aren’t lending them the working capital to get past these tough times.

This is what is known as a “double whammy”. This current financial crisis is causing a lot of sleepless nights for many small business owners. I have come into contact with people who are being forced to close their business that they have owned for over 30 years. I can’t express the amount of pain that these people are going through.

For many, a business loan could have saved their business. But the banks are unwilling to loan money to any business that may show any sign of financial trouble. What is maddening is that these large banks were given our tax money to do just that; loan us money.

Fortunately, there is a business loan alternative called a merchant cash advance (or merchant loans). They aren’t perfect; but they come awfully close.

The advantages of a merchant cash advance

There are many advantages to a merchant cash advance. One of the most important is that they will give you money even if you’ve been turned down by the bank. Other advantages include;

• Good credit is not a requirement
• There is a 95% approval rate
• Approval takes about 24 hours
• You business is typically funded within 7 days
• No collateral is necessary
• Flexible payback structure
• Quick, easy application process
• You can get funded up to $500K

As you can see, there are many benefits to merchant loans. The only advantage bank loans have is that they cost less. But that doesn’t do anyone any good if they can’t get a loan.

One of the unique aspects of a merchant cash advance is the flexible pay back structure. Here’s how it works;

In order to receive a cash advance; you need to enable your processor so that a percentage of your daily credit card sales are automatically used to pay back the merchant loan. Because they only use a percentage of your credit card sales; the payback is dependent on the amount of business you do for that day. That means you pay back less on slow days and more on busy days. They do not touch your cash sales at all. This takes a lot of stress off your business and creates an environment that is easy to pay back your advance.

Merchant cash advance providers is a growing industry. They have advanced hundreds of millions of dollars to thousands of small business.

It is always in your best interest to stay informed and to keep your options open. I have provided a link below so you can learn more about how a merchant cash advance can help your business.