At some point in time, a lot of small business owners need to raise additional working capital for their enterprises. This is when the question, “Where will I get the funds?”, arise. Some individuals borrow from their friends and family, while some of them apply for a small business loan from a bank or private lending institution.
If you are in need of additional funds for your growing business, this article will provide you with some useful information as to how you could get the money that you need.
Merchant Cash Advance
To sustain cash flow for your business, one great option that you can have is the so-called merchant cash advance. This is applicable if you are accepting credit cards.
How does this financial product work? You will get part of your future credit and debit card receipts in advance. The provider will give you a cash lump sum, and will also set a specific amount that you need to pay in a specific period of time.
The total amount of money that you can get in advance depends on how much credit and debit card sales receipts you get. The higher the receipts, the more money you can get in advance. However, it is not advisable that you get the maximum amount as this may also give you a hard time later on. In short, you should only get the amount that you really need, and something that you are able to repay without much struggle.
Easy Application Process
Getting a merchant cash advance is quick and easy, unlike the other types of business loans. You can even fill up and submit the application form online. As a tip, you should be accurate when indicating the information that describes your business as this will be the basis for approval.
As long as you fill up the form correctly, you should hear from the merchant cash advance providers within 24 to 48 hours. Some may even get back to you in just a few hours.
Since the application process is fast, you will be able to get the money that you need quickly. You can then fund your business needs and go on with your daily business operation or activities.
No Need to Improve Your Credit Score
Technically, getting a merchant cash advance is not a loan. It is merely selling your future credit and debit card sales receipts. With that said, you won’t have to worry about improving your credit score just so you can get approved. As long as you have constant flow of credit and debit sales receipts, rest assured that you will get a cash lump sum.
As a business owner, it could be quite stressful if you are in a financial crisis. But with merchant cash advance, this will be all gone. The additional funds for your growing business is going to be within your reach. This will help you a lot in expanding your business and increasing its sales and revenue.