Establishing your own work certainly takes inner strength, innovation and drive. It isn’t unlikely for new companies to find themselves in need of funds, quickly, and a merchant cash advance can definitely help aid their inherent financial shortcomings.
Locating the best options when searching for a merchant cash advance needs a bit of legwork, but the merchant cash advance can really make the difference between shutting down and getting by through lean times.
Those in the industry of merchant cash advances have helped entrepreneurs with millions of dollars over the last few years of economic hardship. The entrepreneur arranges to pay a portion of his credit card remittance every day until the merchant cash advance has been paid back. Since the repayment figure is ultimately pegged to credit card processing account revenues, the total repayment capture percentage adjusts to accommodate durations when the small business does good or poorly.
Unlike conventional banks, companies that give merchant cash advances don’t enact stipulations upon the method businesses use the funds that was advanced. This gives a merchant significantly more flexibility about which things they choose to spend on. Surely, this also means that the lender is taking on a larger degree of risk which they recoup through potentially more expensive interest rates
With an approval rate of up to 10 times that of normal lenders, merchant cash advance agents don’t condition their applicants to show their assets or pass tough credit pulls. Nevertheless, some requirements need to be met. Applicants must take in a sufficient amount of credit card sales to qualify, as repayment is tied to these sales. Credit card processing statements dating back 3-12 months will be requested and proof of at least 6 months in business is necessary under most circumstances.
Since early 2008 Daniel Samoohi has helped 1000′s of business owners in finding credible providers in order to compare quotes for a merchant cash advance. By making providers compete with each other, Daniel also helps businesses in finding great deals for merchant cash advances.
