More Info About Merchant Cash Advances
Many businesses today have challenged credit,which makes it difficult for them to get approved for a business loan.The big banks have very strict criteria, with FICO score being the number one item that they look at. They typically want to know the amount of time in business and require at least a 700 credit score.
The best solution for businesses that don’t meet these strict requirements is a merchant cash advance this type of funding doesn’t rely solely on your credit score, instead the focus is on the strength of the business. Basically they look at sales.
The requirements are very minimal.
- business needs to process credit card payments from its customers.
- The business should have a merchant account for 6 months or more in order to qualify for a fast cash loan.
The funds can be used for any purpose. The lending firm gives the business owner a lump sum payment upfront in exchange for future credit card sales. The payoff period is pretty short anywhere from 4 to 12 months.
Why a Merchant Cash Advance Is Better Than Other Types Of Loans!
- The amount of the loan can be as little as 5000.00 up to 600,000.
- High Approval Rates. 87% Average.
- Repayments are made daily Monday thru Friday automaticially from merchant account or ACH.
- Merchant Cash Advances are non secured and not personally guaranteed.
- Funds are direct deposited into business accounts within 3 to 7 days.
What Businesses Can Qualify For A Merchant Cash Advance?
Any small business operating 6 months or more with a merchant account that has monthly sales of 10,000 or more.
Some Examples Of Businesses That Qualify For A Merchant Cash Advance
- Night Clubs
- Bed and Breakfast
- Liquor Stores
- Take Out Meals
- Coffee Shops
- Smoothie Shops
- Honey Baked Ham Stores
- Ice Cream-Yogurt Stores
- Candy Stores
- Cheese Stores
- Cookies By Design In Bloom
- Edible Arrangements
- Food Gift Basket Stores
- Gourmet Popcorn Stores
- Cafes In Fitness Centers
- Gourmet Food Stores
- Mrs Fields Cookies
- Auto Repair Shops
- Barber Shops
- Beauty Salons
- Bicycle Shops
- Book Stores
- Bowling Alleys
- Camera Stores
- Car Washes
- Cigar Stores
- Drug Stores
- Dry Cleaners
- Gift Stores
- Grocery Stores
- Aunt Annies
- Jewelry Stores
- Luggage Stores
- Pet Stores
- Photo Studios
- Quick Copy
- Electronic Stores
- Shoe Stores
- Sporting Goods Stores
- Video Rental Stores and More!
ANY BUSINESS THAT ACCEPTS CREDIT CARDS
What Can A Merchant Cash Advance Be Used For?
- Expansion – Some Business Owners Use A Merchant Cash Advance To Open Up Another Location,or Take On More Space Next To Them.
- Remodel – Some Merchants will use the money to fix up,and make their place more modern.
- Equipment – Merchants can use the money to buy more or update current equipment.
- Inventory – Merchant will use the cash to buy more inventory.Buy doing so they may pay less money for the items because they are buying in larger quantities!
- Working Capital – Merchants use the money to keep up with payroll, put more employees on, and hold onto money for unexpected expenses.
- Taxes – Merchants can use funds to pay their taxes so they don’t fall behind and get penalized.
- Advertising – Merchants can use the cash for advertising which helps bring in new business.
- Marketing – Merchants use the money to get a website,run ads,and display upcoming promotions.
- New Product Development – Merchants can use the money to bring in more items and products to increase their sales.
- Debt – Many businesses can use the money to pay off their business debts,creditors,rent,etc