How a Merchant Cash Advance Works in Deerfield Beach and Pompano Beach, FL
What happens when you don’t qualify for a traditional business loan or can’t find a loan that meets your needs?
No, you don’t have to sell your collection of vintage Batman comics.
The answer may be as simple as these three little words: Merchant Cash Advance.
How do you deal with deal with unexpected expenses?
A merchant cash advance offers exactly what you need at the right time. Whether you need a small business loan for your retail operation or credit card processing for restaurants to expand your business operations a merchant cash advance is a convenient way to quickly secure the financial assistance your business needs.
Flexibility and Minimal Paperwork
Flexibility and Minimal Paperwork
A merchant cash loan does not require extensive paperwork, and it doesn’t have funding restrictions. You can expect less paperwork and more flexibility as well as a quick turnaround for funding. This is because lenders provide funding based on your credit card processing. MCA lenders simply look at your daily credit card processing sales. No need for fancy credit card processing equipment.
This is small business merchant processing at its best!
You Don’t Need Perfect Credit
Even if you don’t have a good credit score, getting a merchant cash advance is possible. That’s because the approval process isn’t based on your personal or business credit history. It’s based on the credit card processing volume of your business. The application process is extremely fast and simple, and you can usually have the money in your hands within five days or less.
To secure a loan with a traditional bank, you need to provide some form of collateral in case you can’t pay back the loan. When you work with a reputable alternative lender, though, your merchant cash advance is secured with your daily credit card processing.
This means you don’t have to put your assets on the line to get a business loan. Collateral isn’t required because the loan is paid back with the earnings of your business. A percentage of your daily credit card receipts automatically goes back to the lender.
Small Business Credit Card Processing and the Payback Process
Repaying the loan starts as soon as you receive the funds. The retrieval rate or “hold back” is the percentage that you pay back to the lender and depends on the amount you borrowed. This can be anywhere between 5 percent and 50 percent.
Terms of the payback period are also based on the size of your loan. It could be as short as three months or as long as 18 months. It really depends on your daily sales. Make more and you pay more. Make less and you pay less.
What this means to you is that there is flexibility in your payments. You’re not required to pay a fixed daily, weekly or monthly payment. This is the simple beauty and provides a small business solution that many regard as second to none.
Conveniently, your loan gets paid back based on the cash flow of your business. The more credit card transactions your business has, the faster you can pay back your merchant cash loan. If you have lower-than-usual credit transactions on any given day, the amount that you pay back is also lower.
Borrowing Limits Are Set High
You can get a merchant cash advance loan for a few thousand dollars, but if your needs are much bigger, you can get up to $2 million.
There are several types of merchant cash advances and small business loans in Florida available to help you through the next stage of your business.
There are no penalties or late fees, and you’re able to pay back the loan according to your daily and weekly cash flow.
With that in mind, a merchant cash advance is funding that can really help take your business to the next level.
Go to Sunwise Capital
or Apply Now