Contrary to popular belief, merchant cash advances are a very sound and financially responsible way to fund your small business. As a brighter light has been shined on the industry as a whole, most of the less than trustworthy cash advance operations have been pushed out. For small businesses who need a fast and efficient way to fund their business initiatives, a merchant cash advance is a great choice. Here are five reasons why.
Unlike a bank loan, you do not need to have a stellar credit score or put up collateral to receive a merchant cash advance. Funding decisions are based primarily off of your average monthly credit card sales and the strength of your business.
Free Application Process
Banks require sometimes substantial fees just to apply to receive a loan. This can be extremely harmful to small businesses who are seeking out funding simply to stay afloat. There are no application fees from the majority of merchant cash advance lenders.
Waiting on a bank loan can seem like forever. For businesses who are in need of immediate funding, a bank loan simply won’t work. Merchant cash advances can be approved in as little as 48 hours, allowing you to get the cash you need, when you need it.
Flexible Repayment Terms
Repayment terms can be between three and twelve months. Most bank loans will require you to pay back your loan over the course of many years, which can cripple your small business with hefty interest charges.
Many merchant cash advance companies specialize in a few industries, which allows them to lend their expertise on how to most effectively spend your advance. Banks deal with every industry and in most cases will not be able to provide you any kind of insight to ensure a healthy financial future.
Let Quikstone Capital be your small business funding partner!