Having a merchant cash advance might help your company to acquire equipment, expand your operations, solve seasonal shortages, and manage your payroll. One of the great things about a merchant cash advance is that it’s not really a loan, so there’s never any amount of money you have to pay back to a bank or other lender.
Instead, a merchant cash advance puts cash in your hands immediately, which you would pay back either daily, weekly or monthly, based on the volume of your sales during those periods. Perhaps best of all, once you have been set up with the alternative lender, you can get your merchant cash advance in as little as one or two days.
Advantages of a Merchant Cash Advance
If your business is one that has a high volume of credit card sales, then you might be ideally positioned to apply for a merchant cash advance. Your repayment would be based on your future credit card sales during an agreed-upon period, which means you would not be obliged to pay a fixed monthly sum as repayment.
This can be extremely beneficial to your company, for instance, if you happen to have low credit card sales during a specific month. In that situation, the same percentage would apply to the lower volume of credit sales, so that a lesser amount gets repaid. Then in a more profitable month, the percentage would be applied to a higher volume of credit card sales, and more money would be repaid to the lender.
As opposed to taking out a traditional loan with a bank, this has some tremendous benefits, since you would get cash in your hands very quickly, and that would provide you some financial flexibility you might never have had before. You might also be able to take advantage of a business opportunity which has arisen, in which you would need to act quickly on in order to take advantage.
Interested in a Merchant Cash Advance for your Business?
A merchant cash advance is a great way for your business to obtain funding without actually taking out a loan. Contact us at Ambition Funding Solutions so we can explore some options for setting your business up with a merchant cash advance.