Today, businesses do not require a brick and mortar location…
No Bank Statements
NO BANK STATEMENTS MERCHANT CASH ADVANCE
Are you looking to get a merchant cash advance, but don’t want to give up your bank statements? We might be able to help! Delancey Street understands that business owners, for one reason or another, may not be willing to surrender their statements. Some owners want to protect their privacy, and don’t want to give them. That’s not a problem.
Many business owners often give us their credit card process statement – in lieu of their bank statement – in order to show us their gross revenue. In some cases though, if you’re a primarily credit card sales based company – it’s ok to not give your bank account statements and just give your credit card statements. As long as you can provide some evidence that you generate revenue – it’s totally ok. The only situation where you will need to send in your bank account statements is if your business primarily does deposits.
Securing funding for your small business is vital with it difficult to secure funding that will not hurt your line of credit. This is especially true when attempting to find a source of cash flow that will allow you to pay for such things as:
– Basic Expenses
– General Investments
An excellent way to secure funding is with the use of a merchant cash advance. Some things to know about merchant cash advances are how they work, their benefits, and how to secure a merchant cash advance in Los Angeles with Delancey Street.
What Is A Merchant Cash Advance
A merchant cash advance is a common financing option where a financial services company gives a lump sum of money to a business. The business and financial service then enter into an agreement where financial services company will take a portion of credit or debit card sales to pay back the sum. The merchant does not charge interest on the cash advance. Instead, they charge a flat rate fee for the advance. The merchant can collect their money in a couple of ways including:
– Taking A Portion Of Credit And Debit Card Sales Split By The Bank
– Processing Payment Then Transferring The Remainder To The Business
– Debiting The Businesses Checking Account After Reviewing Processing Information
These three methods of collecting money from the cash advance means that your small business does not need to manage the repayment process. In addition, it means that the repayment process is only a small portion of sales, and you will not need to plan for a large monthly payment to the merchant.
Benefits Of A Merchant Cash Advance
A merchant cash advance has a number of advantages over taking out a small business loan. A cash advance will not hurt your line of credit. This means that you can keep your line of credit open for major investments such as purchasing property and equipment.
A cash advance is very desirable for small businesses with little or no credit or bad credit. This is because the merchant collects money through the billing process, and so they will advance you money based upon your revenue. The merchant will often look at your clients’ credit when evaluating you for a cash advance.
A merchant cash advance is a quick way to secure a large sum of credit with merchant cash advances generally being geared towards short term funding for less than two years. This means that you can use a merchant cash advance as a quick way to secure funding for payroll and hiring.