Business cash advances are a type of funding that can be a great way for small businesses to get the capital they need. But before you apply, be sure to understand how this type of financing works.
With a merchant cash advance, your provider gives you an upfront sum of money and you repay them with a percentage of daily debit and credit card sales, plus fees, until the advance is paid in full.
Getting the funds to grow your business is top of mind for most entrepreneurs. A cash advance is the best way to go about it. A quick online application can get you funded in a hurry. Unlike traditional bank loans, there are no strings attached. You can keep the advances for as long as you like, as long as you can make the payments. The best part is you won’t be paying a penny in fees.
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Flexible Payment Terms
One way to help boost your B2B e-commerce sales is by offering flexible payment terms. Providing customers with more time to pay for their orders can increase ease of purchase and improve customer loyalty.
In many cases, B2B e-commerce wholesalers see major growth in their sales volume and average order size by implementing more flexible payment terms. This is especially true for product-based businesses.
A business cash advance, also known as a merchant cash advance (MCA), offers flexible repayment options. Instead of a fixed repayment term like a business loan, MCAs require monthly or weekly payments that are based on a percentage of future credit card sales.
No Credit Checks
When it comes to getting a business loan, there are a variety of options available. Some of these options require credit checks and others don’t.
In addition, some lenders may require collateral in order to secure your financing. Collateral can include equipment or real estate.
However, these loans often come with higher interest rates than traditional business loans.
They also tend to have shorter repayment terms, which can make them difficult to manage if you’re tight on cash flow.
As a result, these loans are not the best choice for every small business. It’s important to compare your options and find a loan that’s right for you.
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Convenient Online Application
Unlike traditional loans, a business cash advance can be applied for and funded within hours. This makes it a useful tool for businesses that have to deal with frequent cash flow shortfalls and unexpected expenses.
The online application process is fast and easy, and most providers offer free downloadable forms to simplify the task of filling out the paperwork. The best part is, you can use the money to fund almost anything your small business needs.
Getting a business cash advance is a great way to improve your business’s financial health. It can help you grow your sales, avert a crisis, or cover an unanticipated expense.
However, it is important to weigh the pros and cons of a particular funding solution before you decide which option is right for your business.
For example, a small business cash advance may not be the best solution for a company with significant credit card sales or a high turnover rate.