With the era of startups on a rise, there is a continuing need for methods to avail funding especially for small businesses. One such effective method to get quick and easy access to speed cash for running your business, is merchant cash advance.
It was originally structured as a lump-sum exchange in business where for agreed upon future credit. Today, it is used for small-term business needs where unlike loan payments from banks, this one includes smaller or daily payments.
Merchant cash advance includes providing funds to businesses, in exchange for a percentage of the business’s daily income. This helps a lot, because even with companies which don’t have a great credit score, can apply for this.All that a business needs is a predictable credit card sales volume discount.
There are some clear benefits of opting for merchant cash advance –
- Quick access – This is the biggest benefit of going for a merchant cash advance. Unlike traditional bank procedures which take a longer time, this accepts your application immediately and many companies even provide it within a few hours of submission.
- No paperwork – One doesn’t have to go through the cumbersome tasks of filling piles of papers before getting approval. This increases the turnaround time for the business to get the merchant cash advance even quickly, which does not happen in the case of a traditional bank loan.
- No collateral – Since the small business cash advance program doesn’t work like traditional bank loans, the businesses don’t have to give any collateral. Funds are given on the basis of their past credit card sales or gross sales.
- No fixed repayment – This means that the business doesn’t have any set repayment rule. It depends on the sale profit of the business over that month, which eases the pressure.
- Prefect credit history is not required – This by far is the biggest advantage. Majorly because the dwindling rates in the market can have an impact on the business’ credit, especially the smaller ones. So even if a business doesn’t have a perfect record of sales in the past, it can still be eligible for a merchant cash advance.
All said and done, this is a growing choice for small businesses, which means a lot of companies are offering it. However, there are many which offer funds on the highest of interest rates. This is why it is important to make the right choice. There are many companies such as inspirecs.com that are making a mark with their exclusive and motivated merchant cash advance live transfer leads and their programs are helping merchant cash advance companies achieve their dream sales without having to look for prospective business owners who would be interested in a business cash advance as an additional capital for their business since Inspirecs.com finds them those prospective business owners.