That being stated, there are some types of businesses that work especially well for MCAs. Here are some of the best businesses for making good use of merchant cash advances, along with some reasons why they work so well.
The regular daily sales of restaurants usually make qualifying for a merchant cash advance easy. Restaurants can use MCAs to upgrade or replace failing kitchen equipment, to renovate in order to attract new customers, or to expand and add seating.
2. Clothing Stores
Merchant cash advances work best when they are used to help businesses grow. Expanding into a larger space, making updates to improve the customer experience, or investing in a marketing campaign to attract new customers are ways a clothing store could maximize the benefit of MCAs.
3. Specialty Boutiques
Marketing is important for specialty boutiques, most of which need to create demand and attract customers to their unique or specialized products. Merchant cash advances can be useful in mounting a marketing campaign, and the growth that follows will keep the business thriving long after the advance is repaid.
4. Medical offices
Medical practices aren't always recognized as businesses, but in fact, they are. MCAs can help with marketing, moving to a more advantageous location, or upgrading to electronic billing or medical records (which should show savings in staffing going forward) or even for the purchase of medical equipment.
Like restaurants, cafes can use MCAs to expand, upgrade, or market. Although cafes are smaller than restaurants, they can often still qualify for enough cash to make the needed changes.
Bakeries are typically all about an attractive display as well as equipment that works well to create delectable products to sell. A merchant cash advance can provide means to purchase display cases and equipment to keep cranking out the breads and pastries.
7. Internet businesses
Internet businesses need updated, effective websites and also require digital marketing campaigns so that people know they exist in cyberspace. A merchant cash advance is the perfect means to help online business owners generate more revenue and build their online customer base.
8. Service businesses
There are many different kinds of service businesses from spas and salons to cleaning services and so many more. The main reason for a service business to get a merchant cash advance is to expand the business with marketing or adding infrastructure.
For all these businesses and so many more, merchant cash advances provide opportunities to help with growth and large expenses that normal cash flow doesn't cover. Learn more about our financial products to see whether a merchant cash advance can work for you!