Small business owners looking for funding are starting to realize the advantages that a merchant cash advance has over traditional bank loans. Some of these include a streamlined application process, faster access to your funds and a payback system based on a percentage of daily credit card sales. With their rising popularity, more lenders have started to appear on the market. There are many things to consider when deciding whom to choose as your funding partner.
Longevity and Experience
When looking for a lender, the first thing to consider is the amount of experience they have. A long track record of being a trustworthy company will give you the comfort you need to know you’re not dealing with a fly by night business. You’ll want to review your potential lenders using reputable websites. Take into account how long they have been in business and who their testimonials are coming from. If a lender has done business with other local merchants, it may be a good idea to reach out to those businesses to learn about their experience with the lender.
Industry Specialization
Working with a company that deals with your specific industry is in your best interest. If a lender has experience working with other companies in your field, they will be able to provide you with advice and consultation that can help you to spend your money wisely. They will be able to make suggestions based on real life occurrences and ensure you get the most out of your funds. A merchant cash advance lender that specializes as a funding partner in your specific industry will help you maximize your new capital.
Continued Support
If you are going to get a merchant cash advance you want to make sure that the company you are going to be working with has a good support system. That will ensure your success and you will be able to have answers your questions. It’s best, of course, if you have your own agent that works with you during your entire experience with them. You want to steer clear of companies that have outsourced support since that could lead to complications with your advance and the communication lines you should have with your lender.
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Transparency
Any trustworthy company is going to be up-front and transparent with you about their terms and conditions. If a lender is hesitant to provide you with documentation, detailing costs and all of the specifics about your transaction, that should be a big red flag. Don’t let a significant need for funding persuade you into signing on for a bad deal. Make sure you have a clear understanding of exactly what you’re getting into and work with a lender that is willing to explain everything to you without apply pressure to commit.
Flexibility
Owning a small business is hectic and can change drastically in a short amount of time. From unexpected expenses to lulls in business due to seasonal changes, a lot can affect your bottom line and how well you business functions. You want to make sure you are working with a cash advance company that understands that aspect of small business. They should offer options for second loans and even early pay out options. They should work with you so everyone in the situation comes out of it better and more successful.
Simplicity
Working with a merchant cash advance company should be straightforward and relatively painless. The approval process and expectations should be clear. Being able to receive your funds should be a simple process, as well the process used to pay the advance back.
Don’t Use a Broker
When seeking out potential lenders, it is in your best interest to deal directly with the people providing the money and not through a broker. You will want to ask to look at your contract before submitting your application to ensure you are dealing directly with the lender.
Read the Fine Print
This may seem obviously, but with any business transaction it’s important that you read the fine print of anything that you’re signing. Make sure you’re aware of all of the fees involved and any type of potential penalties you could incur. If you don’t clearly understand something in the fine print, make sure you are working with a lender that will take the time to explain it to you.
Why Choose Quikstone Capital Solutions?
When you choose Quikstone Capital Solutions for your business cash advance, you get a silent funding partner that cares about your success. We’re here to help you find the right solution to help your business profit and thrive. We control both the credit decision and the funding process, so we can respond to your needs quickly. However, merchant cash advances are not for everyone. As your funding partner, you can count on us to:
Tell you the truth - we’ll always act in your best interest, even if it costs us business
Find solutions - tell us your issues or problems, and we’ll work with you to find solutions that protect your interests
Help you plan - maximize your return on your cash advance with solid ideas to generate more sales and profit
