The flexibility that is associated with cash advance providers for merchants makes it possible for several stable businesses to qualify for funding. Advance amounts may be based on the revenue that businesses earn each month or credit card sales that were recently made.
Flexible Payment
One of the key features of merchant cash advance is that the lender receives payment according to what you are paid. The percentage of the sales that is paid to the lender is fixed but is dependent on the company’s sales volumes.
When high sales are made, the lender is paid more and when sales are lower, the share is reduced accordingly. The concept of percentage based repayments enables lenders to play a supportive role and promote business success.
Easier Approval
• Economical challenges and stringent commercial loan requirements often make it difficult for business owners to get financing for their ventures. Cash advances are an attractive prospect for merchants who may not be able to get loans from other sources or have an immediate need for cash.
• Qualifying for business loans can be difficult if you your credit rating is not excellent. Conventional sources of funding are not suitable for many businesses and cash advances give business owners a viable option worth considering. Several business owners choose merchant cash advance because approvals are fast and funding s undertaken within a short time.
• A quick application and a few submissions are all it takes to establish average processing volumes and confirm the advance amount. Even without excellent credit or high profitability, business owners can gain approval and look forward to timely funding. Local Lenders does not require collateral and monthly payments are not fixed.
Simple Payback System
A simplified and sustainable payback system is implemented to accommodate both profitable and slow months. Repayment is proportionally increased or decreased along with the sales made. When you borrow cash through a merchant advance, you can use the cash without restrictions.
Funds can be used for a variety of needs ranging from working capital to expansion. There is also the prospect of renewals and additional funds can be provided according to the terms and conditions of the agreement between the lender and borrower.
Never Miss a Business Opportunity
More small business owners have become aware of the benefits of cash advances. When your business needs increase, it is important to be able to have cash available to accommodate your changing needs. Timely access to working capital can help your business grow by enabling you to invest in various lucrative opportunities.
If you have business concepts that can result in growth and expansion, such concepts can be implemented when you have adequate funding through cash advances. When you want to prepare for peak season or have more business to handle, borrowing lump sums will ensure that you have enough money to cover any extra costs.
Save Time
Funds are quickly transferred by the funding provider to your business account in a few days to facilitate your business plans. The success of your venture depends on being able to access funding and using your cash advances wisely. Busy business owners can cut down on the amount of time that is usually used to get a loan by obtaining a merchant cash advance.
Bio
Stephanie Miler is a finance enthusiast and she enjoys writing about different finance topics. Read more about Local Lenders here.