You need (fill in the blank) for your small business. You need the funds to purchase (fill in the blank). So you call your bank and it doesn’t go the way you thought it would. It’s not as easy as it use to be to get the money you need. Banks are more hesitant to lend today than they were a few years ago. The process can take weeks, months or more.
If you are like most small businesses these days with little time and an inability to obtain traditional bank financing, then we might have a solution – Merchant Cash Advance. It’s not for everyone, but may be for you (for some of you, a Reliant business loan may be a better fit, click here for more information).
Simply put, a Merchant Cash Advance gives you a lump sum of money in exchange for a share of future sales. The approval process is simple, typically takes less than 24 hours and requires much less paperwork than a bank would. Funding takes place in as little as 5 days. There are no up-front fees, no required pledged assets (like your house, car, etc…) and it is not based on your personal credit.
Many small to mid-sized businesses like Reliant’s Merchant Cash Advance because repayment is based on your sales. As a result, a slow day, week or month is a slow repay period WITHOUT any penalties or increases in cost. In other words, it allows you to repay less when sales are slow and more when sales pick up. The money is paid back through future credit card transactions on a daily basis. This is a benefit to many who receive funding this way because small daily repayment is much more palatable than writing a big check at the end of each month.
So, what’s the downside? If you want to know exactly what your payment will be with a specific payment on a set day, then this isn’t for you but our Reliant Business Loan may be a great fit – click here for more information. Also, the cost to pay back is generally higher than it would be with a bank but our clients believe our flexibility, speed and service more than make up for cost.
Before you make your decision about choosing a Merchant Cash Advance, make sure you are borrowing from a reputable funding source. Look for the Better Business Bureau certification. Most importantly, don’t borrow more than your capacity for debt. A reputable provider will be seeking a long term relationship, work with you on providing a full understanding of cash flow and cost. Most important, a source like Reliant will work to provide the best offer for YOU not the offer that works best for them.
If you have questions about Merchant Cash Advance, Reliant Services Group can help. We work with small to mid-sized businesses every day. We have experienced and easy-to-talk to account managers with solid answers to your business funding needs. Drop us a line if you want to talk about Merchant Cash Advance and other options, whether you need money today or in the future.
Merchant Cash Advance is the go-to funding solutions for a lot of businesses everyday. In fact, nearly 70% of Reliant customers return for repeat funding.