As a new business owner you will run into situations where you need capital to get your business off the ground. Many merchants need some type of funding before their business can develop and start becoming lucrative. While many merchants will turn to business loans others will turn to merchant cash advance services in order to get the working capital they need for their business. A merchant cash advance is becoming a popular alternative to a traditional business loan and many merchants are finding it is the ideal solution that they need for their company. Understanding the unique benefits that come with merchant cash advance programs will help any merchant in today’s market decide if this is the right option for their company.
One of the most notable benefits of using a merchant cash advance solution is that they are usually funded much quicker than traditional business loans. Many times a traditional business loan can take months to transpire. With merchant cash advances you can often get approvals within 24-48 hours and you will usually be able to get the working capital that you need within seven business days.
Other benefits are more lenient requirements to apply. Typically all you need to have is proof of credit card sales within the past three months of business. There are no application fees associated with most merchant cash advance programs and there are no lengthy pre-qualification processes. Once you have been approved for a merchant cash advance, there are no fixed payments. If you have lowers sales; your payment on these services will be lower.
Many business owners prefer merchant cash advance programs because there are no restrictions on how they can use their advance. You will be able to get the cash you need for improvements, expansion, pay off outstanding debts, or anything else you may need to improve your business. This is has become an ideal solution to begin cash flow while your company grows.
