subject: How do I get merchant cash advance for my business [print this page] How do I get merchant cash advance for my business
A merchant account cash advance allows you to mobilise cash by selling a percentage of your future credit card transactions. If you need new equipment but can't afford it or have no way of getting a loan then this is the perfect solution. It was pioneered in the USA and took off in the UK as soon as it was launched. It is perfect for buying equipment that will expand your business and increase sales as you only pay back out of future sales.When sales are slow, you pay back less, so it never puts a strain on your business. Below are some of the reasons why you should consider business cash advances for your cash requirements.No collateral requiredA business cash advance does not require you to provide collateral or personal guarantees. The advance is granted based solely on your past credit card transaction records. How Much Can I Have ?The total amount advanced is based on your recent credit/debit card turnover. A typical advance is between 10,000 and 20,000, but we have advanced as little as 3,500 and as much as 100,000 - it all depends on your turnover from credit and debit cards. How Do I Repay ?Repayment is made by automatically debiting an agreed percentage of your card sales. There are no fixed payment schedules; you pay when your customers pay, which means you can buy new equipment for your business and pay out of the increased sales. What Is The Repayment Period ?Your repayments are taken as an agreed percentage of the amount of business you do on your card transactions. You pay when you earn. If you don't earn much, you don't pay much. it basically works alongside your ups and downs so that it never puts a strain on your business. Clever huh ?Quick approval process The process of getting a business cash advance is very easy and it only takes 1-3 business days. All that's needed for a business cash advance is that your business receives payments via Visa, MasterCard, or American Express.The cash is usually in your account within 10 days.Funding when you need it Business cash advances help in making the most of sudden opportunities even when cashflow is low. These advances allow your business to cope with sudden changes in cash requirements, helping you to buy mission critical equipment. A business cash advance can help you to buy that new equipment that you need to strengthen your business against your competition. No personal liability Unlike a loan from a personal credit card, where the borrower is personally responsible for paying back the loan, a businessperson who takes a cash advance is not personally liable to pay back the advance. In fact, there is no loan agreement, just a schedule of terms of what percentage of sales you agree to using to repay the advance. Small businesses are able to mobilise cash by selling their future credit card earnings at a discounted price.
