Is A Merchant Cash Advance Right For You?
A merchant cash advance is a little utilized financial method that provides necessary working capital to merchants from their credit card processor. Few business owners realize that they have this choice and go directly to family or a bank when they need cash to pay for expansions, repairs or upgrades of their stock and equipment. If you are a business in need of money fast, you should look into factoring as well.
The concept behind factoring is a bit like selling futures. You, as the business owner, agree to sell future credit card receivables at a lesser price to the factoring company. The working capital is provided now in exchange for anticipated receipts in the next several months.
These arrangements are most commonly for the short term, rarely more than one year, and are a viable way for a business with a verifiable credit card sales track record to attain needed funding.
Unlike a traditional loan, in which the repayment schedule is set for the duration of the loan, a factoring arrangement takes into consideration the truth that in almost every business there are busy months and slow ones. Your payment is directly tied to your credit card receivables, as a percentage, not a set payment.
If you have chosen to pay a ten percent daily capture and you take in $8,000 one month, your payment that month comes out to 800 dollars. In the next month you may take in $10,000 and pay 1,000 dollars. This flexibility is a wonderful thing for a growing company.
An additional benefit of a merchant cash advance is the quickness,short time in which the money turns up in your bank account. While a bank may take several months of deliberation and dictate how you use the money when and if they give it to you, with a factoring arrangement, you will have the working capital in about a few business days, and you can apply it to whatever you see fit.
Dating back to early 2008 Daniel Samoohi has assisted thousands of business owners in finding credible lenders in order to review offers for a merchant cash advance. By making lenders compete with each other, Daniel also assists businesses in finding great deals for merchant cash advances.
categories: Small Business Loan,Small Business Loans,Business Loan,Business Loans,Credit Card,Credit Cards,Business Cash Advance,Merchant Cash Advance,Credit Card Processing,Merchant Account,Loan,Loans,Business,Small Business
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