Merchant cash advances can sometimes garner a bad reputation. The reality of it is, a merchant cash advance offers fast funding to businesses looking to grow with relative ease compared to a traditional bank loan. The advantages of a merchant cash advance are numerous, almost as numerous as the different ways they can be used. When used correctly, they can take a growing, or even a struggling business to new heights. There are many success stories out there that show the difference a simple cash advance can make. Before listening to the critics, it’s important to do your research. Here we will outline the many ways you can use your advance and also what makes them better than other forms of funding.
Advantages of a Merchant Cash Advance
While traditional loans will require you to detail exactly what it is you will be spending the money on, a merchant cash advance allows the flexibility to use your cash in any form you deem necessary. MCA lenders realize that in most cases a business owner knows what they need and are financially responsible enough to distribute their funds. The time it takes to be approved and start using your advance is also much shorter than a traditional loan. In most cases you can receive your money within a week. This eliminates costly down time or fees that you may incur for a past due expense. When it comes to repaying your loan, it’s as easy as can be. The repayment period is typically less than a year. Your payments are automatically deducted through your credit card processing system, and is based upon a percentage of the borrower’s daily sales. This eliminates the need for costly bookkeeping and provides you with the piece of mind knowing that your advance is being paid off. Another advantage is that the fees associated with the advance are at a fixed rate. This helps you to better align your budget and not have to worry about your repayment fees cutting into your bottom line.
Versatility of a Merchant Cash Advance
The different ways a cash advance can be used are virtually unlimited. If your business happens upon hard times due to unexpected expenses, a merchant cash advance is a quick and easy way to get your books back in order and allow you the time to right the ship. Having the security of knowing that inventory and payroll will still be covered in the event of a financial hardship is certainly a big weight off a small business owner's shoulders. Merchant cash advances also provide small businesses with the ability to remain competitive and grow. Every business at some point will need to make renovations or improvements. Whether you’re looking to make small modifications or a full scale renovation, a merchant cash advance can provide you with the funds necessary to grow your business. If your company happens to be losing its placement in your industry, a merchant cash advance can provide you the leverage to revamp your marketing strategy. Many improvements can require a large up-front cost to get the project started. Not every small business is going to have the capital available to make these improvements. While the return on investment could be substantial, a lack of funds often prevents owners from pulling the trigger on these types of improvements, which can be crippling for a small business.
How Quikstone Capital Solutions Can Help
Quikstone Capital Solutions has been providing small business owners with merchant cash advances to stabilize and improve their companies for over 10 years. If you are in need of a cash to cover unexpected costs, or if you’re looking to make long overdue improvements, a merchant cash advance could be right for you. With the ability to quickly qualify and get your money in a timely fashion, there is no more convenient option.
