Merchant business loans have become all the rage today and have become very much popular among business owners as a source of financing their businesses. This is all due to the sweeping phenomenon of Merchant Cash Advance, which is riding on the top of the new wave of financing methods. And so, is dominating the market today while washing aside the traditional methods of finance such as banking institutions.
While on the other hand, banks are more likely to lose to these alternative methods due to the following reasons:
- Heavy bureaucracy system: Banking system is one of the most enduring systems of our times. But unfortunately, it is too enduring and so has not changed in the past hundred years. And that is the reason why it is unable to compete with today’s rapidly changing market and so is frustrating the business owners.
- Varied restrictions: Banks are known for their strict policies that they adhere to. But that makes them restrict the usage of their money and creates several problems with business owners, something which is not the case with Merchant business loans.
- Collateral and credit history: The biggest reason why business owners now detest banks is because of their reliance of asking for hefty collateral, which can create added tension upon the business owner. Following that, they also give special treatment to the business owner’s credit history. While a good credit history gets business owners great terms, having a bad credit history gets them disqualified.
And so, the world is looking at Merchant business loans for better options. And let’s find out how better they are by finding out their advantages.
Merchant Cash Advance
Merchant Cash Advance is a special method that has been created for business owners. It allows business owners and Independent lenders to come together and make financial deals with complete transparency. Merchant business loans have the following advantages:
- Faster process: The whole process of Merchant Cash Advance is designed to be time savvy because it understands the importance of time for every business owner. In fact, the whole process is so fast that it can be completed in just twenty-four hours!
- Zero restrictions: Merchant Cash Advance comes without any restrictions on how patrons should use the money that they attain. There is no need to pay any collateral in Merchant Cash Advance. And even bad credit history is not something that business owners should worry about. It also allows business owners to negotiate on their own terms and only sign the agreement when they are completely satisfied.
- Innovative payment methods: Merchant Cash Advance allows its patrons to repay their loans with innovative payment methods such as ACH withholding. This allows financiers to attain credit card information of the business owners and take out their portion of the business owner’s earning regularly till the loan is paid in interest. This method eliminates the hassles associated with loan repayment.
And so, Merchant business loans are one of the best methods of attaining business finance to take businesses to the next level.