4 Steps for Applying for a Merchant Cash Advance
A lengthy loan application can take away valuable time from small business owners. Don’t wait around for your loan to be approved, but learn how a merchant cash advance can leverage your working capital and give you the cash you need to take your business to the next level. Here are four easy steps to start your application today.
Carefully Research Your Options
First, you need to look at each option available to you. There are a number of financial institutions who provide this service, so compare terms and conditions carefully. Some may require far more transactions that you’re currently processing, so you can save time by choosing only lenders who are the right fit.
Choose a cash advance that fits your needs. Typically, a cash advance is held against future credit card sales. If you process a routine amount of credit card transactions daily you can use that consistency to receive a loan. The payments from this loan will be based on your credit card sales, so you never have to worry about making enough to reach your monthly payments.
Select an Approved Processor
A merchant cash advance is a partnership between you, your funder and your credit card processor. Because your funder works with your credit card processor, they’ll have a list of approved companies to work with. Be sure you’re using a processor that is reliable and allows you to take full advantage of a cash advance, otherwise you may want to consider finding a new credit card processing company.
Complete Your Application
Once you’ve selected a shortlist of qualified cash advance institutions, you can fill out an easy application. Because of the safety provided by working with a reputable credit card processor, your cash advance application will be far more straightforward than typical bank loans. You’ll need to submit your financial history, total income, and your company structure. You can expect a prompt decision based on your application.
Finally, you can weigh your options again once the approval letters start coming in. Compare and contrast your merchant cash advance contracts to determine the best course of action for your company. Multiple acceptance offers allows you to choose the best terms, lowest fees and highest cash advance amounts possible to maximize your flexibility and promote long-term business growth. Find out today if you can benefit from a cash advance to gain access to your credit card sales quickly.