The success and prosperity of any business are integrally related to its cash flow. You need cash on hand to cover employee payroll, maintain sufficient inventory, pay your bills, and fuel further growth. One method of financing your business is a merchant cash advance. This involves the sale of future credit card income in exchange for a lump sum that you can use to take care of your most urgent cash needs.
When you take out a traditional bank loan, the process of submitting all the paperwork and waiting for approval can take months. However, with a merchant cash advance, the application process is much quicker and easier. You can have the needed cash in hand within a week.
Be Confident of Approval
The approval rate for a merchant cash advance is high. It is not based on your credit rating or how long you have been in business. Poor credit can prevent you from obtaining a traditional loan, but even if your credit rating is questionable, you can still likely obtain a merchant cash advance.
Preserve Your Credit and Assets
Because a merchant cash advance is not a loan but rather a purchase of credit card sales, it does not show up on credit reports. Additionally, there is no collateral involved, so you are not at risk of losing any of your business assets.
Pay It Back Without Stress
The payback procedure for a merchant cash advance is based upon the revenue your business earns. This makes the collections process simple and stress-free. When your company earns more, you pay back more of the advance, and when business is slower, your payments are smaller. This allows for the organic growth of your company without crippling high payments.
For more advice on obtaining a merchant cash advance, get in touch with Grecco Capital.