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How Does A Cash Advance Work?
A cash advance program is a convenient small business loan alternative. You can frequently apply right online and upon approval you'll receive an upfront cash advance payment against all future electronic processing including credit cards. With a cash advance program, you have the opportunity to receive money quickly for a variety of business expenses such as:
- New equipment
- Business expansion
- Marketing and advertising
- New product development
- Renovations
Most merchant cash advances do not require a background check or a personal guarantee, subject to fraud. The process of obtaining a cash advance is quite simple and you'll typically receive funding within 5 business days. Applications can be filled out online, and the information required covers personal, employment, and bank account details. Upon approval, the amount is deposited in your bank account.
What Other Ways Can I Benefit From A Cash Advance Program?
Not only do cash advances provide working capital for many business expenses, they can also help you:
- Pay your vendors and suppliers on time and avoid late payment fees and bounced check penalties
- Meet cash flow needs during your off-season
- Take advantage of vendor discounts
- Avoid negative marks on your credit score
What If I Have Less Than Perfect Credit?
Cash advances are available even to those who have bad credit. The requirements for availing a cash advance include a minimum annual company revenue of $2M.
What is the Repayment Process?
The payments are made back via your credit card sales. If your business slows, so too do the payments.
Interested? Want to learn more? Contact us or call 888-410-5358 today to see how a merchant cash advance program might help you grow your business and reach and exceed your goals.