How Merchant Financing is Changing the Face of Small Businesses

merchant financing

When it comes to small businesses everywhere, merchant financing is changing the face of the industry through Merchant Cash Advance. Not only are small businesses always looking for funding, but they’re unsure of where to get it when the large loan lending banks are not able to provide them with what they want. Their rules have become more strict, leaving a lot of businesses in the dust behind them. Those that are new, smaller and may not have a lot going on because they haven’t grown in size may not be able to get the loans they’re looking for. This is why MCA loans have taken over the loan industry and started a new small business loan craze.

There are many reasons why one would need a loan for their business. Learn more about why someone would want a merchant cash advance instead of the traditional bank loan and why your business might want to choose it because of the benefits that it is able to provide you with. You might be surprised to find that these loans are an ideal choice in the industry.

Read More: 5 ways to Tackle the Problem That Kills One in Every Four Businesses

The Face of Business Funding Made Easy

When it comes to the funding that each business gets, it is made one way or another. When it comes to getting the most out of what is being provided, a lot of people think that traditional bank loans are the way to go. While this might be true for some, it is not true for all. A lot of times business owners find themselves getting denied from these big banks. They either have not been in business for long enough, do not have enough credit or perhaps do not make enough overhead to cover the costs or large payments that come with the bank loans.

When this happens, the person has to be sure to find other ways to fund their businesses. This can be done through the use of the merchant financing that works with small businesses that are unable to get these big loans or just do not want to deal with the financial institution which is common. It can be a pain in the butt to work with them, so skipping the process and choosing merchant financing is an easier, more streamlined process.

The Process of Merchant Financing

The process that comes with merchant financing is much simpler than that of the bank. You’re also in control of the lenders you work with based off of their stipulations. You have to make sure that you fill out the application entirely. It will take a few minutes, but it can be done right from the comfort of your office right on the internet. This makes the process much simpler for so many that are busy actually running the business and do not have time to go and sit in a bank.

Once you fill out the application online for merchant financing, you’re going to be sent an email within 24 to 48 hours. This will provide you with a way to choose which lender you want to work with. The broker has found these lenders for you based off of the information that you put in your application. Almost everyone is accepted. You just have to make sure to meet these qualifications:

  •    Be in business for 6 months or more
  •    Have income that is generated every day

That is it! You do provide your social security number for credit information, but this is not used to accept or deny you for the cash advance. Instead, the lenders use it to provide you with an interest rate based off of the credit information. This is one of the best things that come with merchant financing. You don’t ever have to worry about being denied for the loan.

Payment Terms Explained

When it comes to paying the advance back, everyone is going to have to. You’re borrowing money, they want to make sure they get their investment back. One of the best things about merchant financing is that paybacks are done through credit and debit card payments made at your shop. They take a percentage out of each payment so that you can rest assured knowing that the loan is being paid back.

Another great thing about this is that they work with you throughout the entire process. You know you’re covered, they know they’re covered. Once the loan is paid off, including interest, if you need another loan, they will work with you to provide another one. After a time, you not only get a better credit rating but you also get a better interest rate from the lenders. It is a win-win situation for everyone!

Keep Your Business Afloat

You want to make sure that you keep your business afloat and the best way to do this financially is through the use of merchant financing. They provide the benefits and no downfalls that traditional bank loans would provide. This is something to think about when it comes to your business and all you get with what they have to provide.

Many of the businesses that have used them before state that this is the only way they fund their business from now on. Even though they can qualify for a bank loan, they choose not to because this is a much easier, more efficient and better way to get the funding they need. With no hassles, it is ultimately the best option on the market.

Loans are important when it comes to a business. You want to make sure you have your loans handy. This can be done through the use of merchant financing that provides everything the business needs and nothing it doesn’t.

Don’t work with those big bank loans again. Make sure to work with a company that has you covered from start to finish. They can provide the exact things you need so that you can feel more confident about everything that they do in the end.

Sign up for your own merchant financing today to see just how easy a MCA loan can be to obtain and use for the costs of running your small business.

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