Financial Information

Are you losing out on business opportunities due to scarcity of capital? Are you tired of waiting for days on end to get your business loan sanctioned? Are you being asked to furnish hordes of unnecessary financial documents? Do the countless inconvenient questions annoy you? Are you looking for a speedy and trouble-free way to acquire funding for your business and get ahead of the competition? If yes, then a business cash advance, also called a merchant cash advance is just what you’re looking for.

Business cash advance is a financing option that is revolutionizing the world of business. While a conventional loan application can take weeks or months to process, business cash advance available to you within a week, sometimes in just about three days. The application can be filled and submitted online. The form is quite simple and takes little time to complete. Further, you don’t have to furnish loads of proofs to get your application accepted.

This is how business cash advance application works:

1. Establishing an account with an approved credit card processor

Business cash advance is not a loan, it is a purchase of your business’ future credit card sales. Thus, to receive a business cash advance funding, you set up an account with a major credit card processors. Open an account with the accepted credit card processing service and start processing credit card payments at least six months before submitting your application.

2. Submitting an application for an advance

Business cash advance providers ask you to submit your credit card processing statements with the application. Your application is vetted based on two criteria - time in business and average monthly credit card sales volume. Most providers will expect you to be in business for at least 6 to 9 months with average monthly credit card sales of $5000 or more to be approved for a business cash advance.

3. Signing the contract for business cash advance

If you are approved for the business cash advance, the provider will send you a contract. This will lay out four crucial numbers.

• Amount of credit card receipts purchased: This specifies the volume of the credit card receipts that you sell to the provider in exchange for the cash advance. It is in fact the total cost of the advance.
• Cash advance amount: This is the actual funding the provider will advance to you.
• Percentage of daily credit card sales: This gives the percent of credit card sales that will be paid out to the provider every day. This percentage should not change till the advance is paid off. Watch out for imprecise clauses that can be used by dishonest providers to change this percentage at a later stage.
• Penalty terms: The terms are specified to apprise you of possible actions in case of contingencies.

Scrutinize the contract with a fine toothcomb. Make certain you understand each term and condition mentioned in the agreement. Remember that business cash advance is not a loan. Your contract is the only legal defense against fraudulent providers. Once you sign on the dotted line, the advance will be transferred to your account within a week or less.

Business cash advance is a quick and painless financing option. Make the most out of your merchant advance funding by familiarizing yourself with the prerequisites for approval. Daljeet Sidhu is the author of this article.

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