when a merchant cash advance makes sense

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2

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when a merchant cash advance makes sense

Merchant cash advance, also referred to as factoring, is the new ‘traditional bank loans’ as it comes as one of the alternatives to the bank loans. It has existed for a period of ten years and has really eased the stress of getting loans as one can get money in advance very fast.

A point comes where a trader wants to expand his business. With no adequate finances, one may rely on merchant cash advance as it provides quick access to cash flow, as compared to the lengthy process one is subjected to when seeking a bank loan. Bank loans may need qualified credits and guarantees before being granted one, and this may create a hitch, but luckily, this is no news for the merchant cash advance. Therefore, a trader can successfully expand his clientele network, personnel as well as service delivery.

A merchant cash advance, acting like a remote bank which can easily be accessed with no many formalities, can be a business security. This becomes a solution to financial problems of a business where one is faced with a challenge of finances, so you can easily overcome it through the merchant cash advance. Isn’t it just a ‘savior’?

Is merchant cash advance good for your business?

A merchant cash advance should be regarded as a ‘savior.’ Savior in the sense that it provides financial assistance when one is in desperate need of one and maybe faces unqualified credits for bank loans. Therefore, this form of cash advance links one to his/her business ideas, ambitions, goals and through a proper financing system, one can achieve the needs and wants of the clients, making the business thrive.

Advantages

One can easily access money as compared to traditional bank loans.

Collateral is not required.

The qualifications are very easy to achieve

One can put such finances into any use.

The payment method is automatic.

Disadvantages

A merchant cash advance can affect the cash flow of business since payments are gotten from daily sales.

It can also be expensive to acquire

It is good to note that you shouldn’t use one merchant cash advance to offset another merchant cash advance. One should look for alternative ways of offsetting the debt.

How does it work?

It is very necessary to know how something operates. One would not really want to commit to something that you have no idea what it entails. This is how MCA works:

Factoring is neither partly nor wholly dependent on guarantees or credits. It does not require collateral as it is a process that involves purchasing of future sales in terms of credit. A credit card check is not important as personal credit is not really a requirement in merchant cash advance. No good credits are necessary for acquiring merchant cash advance therefore when one weighs the process of either getting a traditional bank loan or merchant cash advance; it goes beyond doubt that one would easily opt for the cash advance as it is the easiest, fastest way of getting finances when required.

The process

As we have earlier noted, the process of acquiring this cash advance is quite simple. A trader fills in a form that is gotten online which is very straightforward. Once the form is filled, the business owner waits for one or two days for his application to be approved. Once it is approved, one gets the money and can use the money for any purpose.

Payment scheme and how it is determined

The common source of payment method is through credit sales or debit sales. In addition to this, a fee which is determined before the online form is also charged.

How is the payment determined?

One looks at the profitability of a business since this determines the charge rates for payment. Also, there will be a fixed payment that is made daily or a percentage that will be incorporated into your earnings.

The payment method is automatic therefore relieving the business owner a whole burden of stress. In cases where a business is facing a downfall or a crisis and is unable to pay, a business owner is not subjected to the payment scheme, until the time when he makes some earnings. Isn’t this just great!

Also, the fact that the profitability of one’s business gives the payment rates to be charged makes the payment method flexible.

Therefore, it is with no doubt that merchant cash advance is the easiest and simplest form of getting money and helps in business expansion. Who therefore wouldn’t love such an option?

https://www.fundera.com/business-loans/merchant-cash-advance
https://fitsmallbusiness.com/

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