Every business needs financial assistance at some point. Funds are required to run, expand or renovate the business. At the initial stage of the business, you have many plans and strategies in place but slowly and gradually you realize that they need funding.
This is when business cash advance is required. Business cash advance is the best option to choose when you need to finance your company. Banks may not provide loan to every business and may not be the right institution to contact for funding.
Why Merchant Cash Advance?
Merchant cash advance is the most suitable and easy to access small business loan for the small and midsized businesses. There are some more important points that you must know about the merchant cash advance before opting for it, these are as follows:
• 90% Approval Rate
Many small businesses qualify for the 90% of the merchant cash advance. With this you will buy a predetermined amount of your future credit card receivables at a discounted rate. You get a good amount of working capital in return.
• Flexible Repayment
The repaying process of the merchant cash advance is very easy and flexible. Your daily credit card sales are sent to the cash advance provider. The repayment course of action can take more than one year. It depends on the volume of sales of your company on the daily or monthly basis.
• No Detailed Documentation Required
Merchant Cash Advance does not ask for detailed documentation. Only a few application forms are required by the provider. You do not have to present the credit checks to the cash advance provider. But still, credit checks are important if any dispute arises with the payments. A credit check is a proof that you have paid the installment.
So, choosing the merchant cash advance is the wise decision for financing your business without any hassle, even if you have a bad credit history.