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MERCHANT CASH ADVANCE: A BETTER ALTERNATIVE
Merchant Cash Advance, sometimes called a Business Cash Advance is a way where you can get cash for your business within 3 to 7 days.
A merchant cash advance is not a normal business loan, but rather an advance based on future receivables of the business.
Who qualifies for a Merchant Cash Advance?
Merchant Cash Advances are offered to businesses that generate a daily turnover. You need to have a successful trading history of at least six months, as well as a turnover of at least R1 000 000 (one million rand) per annum to qualify.
Online Application Form
When you need a quick, safe cash infusion for your business traditional commercial loans might offer long-term, low-interest business funding, but it usually is a long drawn-out process before you are approved.
Merchant Cash Advances are great alternatives to a traditional loan, giving you a simple and flexible solution while allowing you the space and time to grow your business on your terms. The economy goes up and down and a small to medium sized business owner you have to act now.
A Merchant Cash Advance allows small and medium sized business owners in the retail sector with fixed or non-liquid assets to finance their company’s short-term operational needs (e.g. purchasing stock for the holiday peak period, optimising marketing campaigns for the quieter periods or acquiring fixed assets like equipment).
High approval rates:
Working capital loans rely on your actual business performance rather than your credit rating, which allows almost any stable business to qualify for funding. Your loan amount will be based on your average monthly revenue from the previous 6 months.
Fast, simple application process:
Applying for a merchant cash advance is painless and straightforward. We’ll evaluate two criteria: the revenue from your monthly turnover and length of time in business.
Quick solution to cash flow problems:
Merchant cash advances offer a fast turnaround time because of the simple application process. Commercial loans can take weeks or even months, whereas a business cash advance can be processed within approximately five or less working days after receiving your application and all required documentation.
This responsiveness can help you pay a creditor in an emergency, or seize a once-in-a-lifetime opportunity as it arises. Merchant funding is a great way to grow a small business.
Your repayments are tailored:
A merchant cash advance keeps your repayments affordable. You won’t necessarily need to risk any collateral or assets, giving you peace of mind. Unlike traditional loans, which require a fixed monthly payment, working capital payments are based on your sales volume. This collection policy supports small businesses through tough months as opposed to draining them.
What Happens Next
We will review your application and get in contact with you by phone to discuss your options and clarify all questions you might have. Your application will then be forwarded for processing and if approved you will receive your cash within 3 – 5 working days.
Merchant Cash Advance Edenvale – Business Cash Advance Edenvale
Merchant cash advance (MCA) Edenvale provides you with a great way to procure funding for your business in Edenvale without the hassles of traditional bank loans. Read on to find out why you should choose an MCA over expensive and slow conventional loans.
Business cash advances Edenvale are a unique funding method. It’s a purchase of future sales, not a loan, so we have to use specific language consistent with purchase of future sales, like payback rate and discount rate instead of commonly used interest rate on bank loans. Merchant cash advances are a lot like factoring but are based on a sale that hasn’t happened just yet.
A business cash advance lender in Edenvale gives business owners a sum of cash advance up front. In exchange, the business owner agrees to pay back the principal amount plus the fee, by giving the lender a daily percentage of their visa and master card sales until the payback is completed.
Fast Processing and Turnaround for MCA Edenvale
Unlike conventional loan applications that take weeks and even months to get processed, your merchant cash advance application is processed within 2 to 7 days. If sanctioned, your merchant cash advance funding will be released within a week, sometimes even within 48 hours.
Business cash advances differ a lot from the traditional bank funding programs. In essence a merchant cash advance lender purchases a small percentage of future sales, and the business owner pays back this as a daily percentage or a fixed amount of such sales.
The money is available much faster than it is with a bank loan in Edenvale. Unsecured merchant cash advances are specially a great option for retail and restaurant merchants, not only because these types of businesses can hardly be funded by the traditional bank, but also because of the immediate liquidity and simple process.
High Approval Rate for Business Cash Advance Edenvale
Unlike banks, merchant cash advance (MCA) providers are not fussy about approving applications. Your application is judged only on two factors alone, number of months in business and monthly credit card sales. A poor credit history holds little value.
Approval isn’t as difficult as it is for most bank loans, few cash advance providers will approve new merchants without a history of credit card transactions. Even fewer will approve sums larger than what merchants can reasonably expect to earn from credit card transactions in a year.
The provider of the merchant cash advance Edenvale takes all of the risk, the risk is high, but since it is paid out of projected future sales, it is typically a risk worth taking. Seasonal businesses that need cash to carry them through lean seasons or merchants who have an unexpected downturn in business (say because of road construction, building repairs or extended illness) might find a need for a cash advance until business picks up again.
Term of the merchant cash advance Edenvale
Merchant cash advance providers expect their money to be repaid within the preset payment term. While loans are repaid with interest, the advance is paid back with a fee that is calculated as a percentage of the credit card sales of the business. Just as the interest rate for long-term loans is higher than short-term loans, the fee charged for the advance also increases with the term of the advance.
It is advisable to repay the advanced cash as soon as possible, as the overall cost of the advance increases with time. The advance that is repaid in six months is cheaper than that paid back in one year.
There are several benefits of getting merchant cash advances Edenvale
Rapid turnaround time – Even though when the amount a business pays merchant cash advances is more than the principal and interest they would pay on a conventional bank loan, the short time within which the loan is approved makes this a particularly handy credit facility when cash is required urgently. Many businesses consider the high cost of the advance to be a less significant problem than the urgency of accessing cash for the business.
Merchants place little importance on your credit history – For conventional loans, you must demonstrate a clean credit history. If you have a low credit score, the chances of approval for a loan are slim making borrowing difficult. With cash advances, you need only demonstrate that your business has been receiving credit card sales over the past 60 days. When it comes to merchant cash advances, evidence of cash flow is much more important than credit history.
Little or no security required – Merchant advances Edenvale only need receivables for your credit cards as security. Contrast this with the rigorous requirements when applying for a conventional business loan – you will not only have to submit proof of ability to pay but also provide security such as business equipment and property.
Less risk to your assets – In case you are unable to pay back the cash advance, the merchant has to absorb the loss. This is unlike a conventional loan where the lender can possess all items you provided as security and proceed to take you to court to compel you to pay up the outstanding amount.
Merchant cash advances are a lot like factoring but are based on a sale that hasn’t happened just yet.
Unlike banks, merchant cash advance providers in Edenvale are not fussy about approving applications. Merchant cash advance providers expect their money to be repaid within the preset payment term. Just as the interest rate for long-term loans is higher than short-term loans, the fee charged for the advance also increases with the term of the advance.
Evidence of cash flow is much more important than credit history when it comes to merchant cash advances.