Cash is something of the past; people have moved to plastic – credit cards/debit cards or ATM cards. According to the survey done by one of the most popular American credit card processors, Total System Services, from 1,222 participants, 26% of the population uses the credit card, and 54% opts to use a debit card, and the rest 14% prefer to make the payment with the cash. Although the number has decreased over the past years, it is significant enough to be the most popular way of payment among the customers. A lot of small businesses are entertaining clients with extra rewards and perks that make the payments with their credit cards. Moreover, if you are financially stuck and need to take help from a small business loan but a Merchant Cash Advance is the ideal option, especially if the small business runs on the credit card sales.

Technically speaking, a Merchant Cash Advance, is not a loan; here the borrower receives the cash in the lump sum from the potential lender and to clear the debt the lender takes the scheduled amount of your future credit sales. A Merchant Cash Advance saves you from the hassle to remember to make a monthly repayment. On the perks of the Merchant Cash Advance is the lender takes out the debt payment in regards to your ongoing credit cash sales. So, if your business is suffering from the slow season, the potential lender won’t take all of your sales, the number will vary depending on the sales. So, small business industries such as restaurant, retail business, construction companies, hair salons, and repair stations have customers paying with credit cards. A Merchant Cash Advance is the most suitable option for small businesses revolving around these said industries.

So, if you are earning your livelihood by running any of the following businesses, at the time of financial crisis you and your small business can benefit from a Merchant Cash Advance.

  1. Retail Stores

Managing a retail store is not always a piece of cake. Sometimes, business owners fall into the financial abyss. It is challenging to cover payroll and rent during an off-season. To keep the wheel rolling, most small business owners turn to institutions to cover the financial gap.

Most of the retail stores prefer to receive payments via credit cards because they think of it as a safer option. Plus, more customers prefer to pay with plastic instead of paper. Keep the credit card sales in mind; a merchant cash advance would provide enough cash flow so that you are financially stable enough to purchase the inventory or hire another employee to deal with the customer flow. Make sure to invest the money in a wise manner. For example, more stock will engage in more customer, and with a new addition to your staff, you will get additional help in the organization and customer service. Both these steps will increase the sales; hence, you don’t need to worry about the lender taking a chunk out of your future credit sales.

  1. Restaurants

People love to eat, and most of them use the credit card to pay for their food, especially if they are fine dining. So, if you are putting smiles on the people’s faces by offering them food, then whenever you are in a financial crisis, a Merchant Cash Advance is an ideal funding option. You can use the funds in multiple ways to increase sales.

For starters, if you don’t offer the delivery service, use the advance to purchase a food truck and start delivering food at people’s doorsteps. A vast majority of Americans is buying food from the food trucks. So don’t lag behind and increase the sales of your restaurant by getting a food truck. In addition to this, if you think your restaurant is doing great, you must utilize the additional resources to open your restaurant at another location. And after a thorough study of the market, you can use the funds to hire another chef and introduce a different cuisine as per the demand of your customers. These are a few ways your small business can benefit from a Merchant Cash Advance. From stocking up on inventory, purchasing fresh ingredients, to paying the building rent, you can do anything with a Merchant Cash Advance.

  1. Hotel Business

Whenever customers book for a room in the hotel, most of them make the payment with a credit card. So if you are looking for a business loan to remodel the lobby or construct more rooms on the upper room, apply for a Merchant Cash Advance. With consistent incoming cash flow, you would hardly notice the lender taking away a small percentage of money from the future credit cards. So, you can do all the upgrading and renovation without the constant worry of making payments on time. Simplify your life and apply for a Merchant Cash Advance.

  1. Salons

If you are running a salon as a small business, we assume that most of the customers coming in for facials, haircut, hair dye, pedicures, and manicures pay via the credit cards. Besides the security of the money, through credit card payments, you can easily apply for a Merchant Cash Advance. With the extra cash flow, you can buy a new seat or stock on all the beauty products and hair gels. In addition to this, if you are running out of space, you can expand your salon as Merchant Cash Advance is covering all the costs. Nobody likes to wait for more than a second than necessary, so, if think your customers are frustrated because there is no helper to attend them, then use the funds to hire and train your helpers. Increase your number of employees, so that your small business can make more sales.

Lastly, if you don’t have to do any renovations, and you need funds to cover operation costs, a Merchant Cash Advance is the right funding option for you!

  1. Repair Stations

If you run an auto repair shop, and you need to purchase the new trending machine on the market. Applying for a traditional loan is an option but then; that comes with stringent loan approval and very selective approval process. You can also apply for an equipment financing, but as the new equipment is acting as the collateral, so if you default on any of your payments, the lender has the liberty to seize all of that very equipment or any other valuable that you have offered as the collateral. So, which is the most suitable funding options?

As most of your incoming customers are making payments via a credit card, so a Merchant Cash Advance is an ideal solution to uplift your business and gets rid of all the financial glitches. You can use the funds to design a marketing and advertising campaign and get more customers. The borrower has the complete autonomy to use the cash advance as he or she pleases.

So, if you think an advance up to $500,000, with a factor fee of 1.25 – 1.20 can help your business, then a Merchant Cash Advance can help you get rid of all the financial worries. For more information about the eligibility criteria and rates of a Merchant Cash Advance, head over to our official website. In addition to this, for tips, tricks, and ways to use a Merchant Cash Advance to its fullest, follow us on Twitter (@Onlinecheck) and Facebook (@Onlinecheck). Feel free to call us on our toll-free number at (833) 827-4412. To entertain your queries and help you with the financial documents, our financial advisors are always are ready!

Small Business Financing News │ Merchant Advisors | blog
5 Industries That Benefit from A Merchant Cash Advance
5 Industries That Benefit from A Merchant Cash Advance
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Merchant Advisors
Merchant Advisors