Merchant Cash Advance
Are you looking for funding to help grow your business? If so, you’ve probably been looking at business loans. However, if you are a smaller firm that accepts debit and credit card payments by using a PDQ card machine or are taking card payments online, then merchant cash advances may be for you.
Get an advance based on your total monthly card sales turnover and payback via the machine. You then payback through an agreed fixed percentage of your future card receivables only. Here at Elite Business Funding, we will secure you a merchant cash advance for the best possible price available, as well as eliminate any stress from your behalf. All you need to do is contact us today to see if you are viable to receive one.
What is a merchant cash advance and how does it work?
A merchant cash advance is not a loan. Instead, it is an advance payment against your company’s future income. Once you have secured a merchant cash advance, your provider will give you a lump sum meaning you receive a single payment instead of separate instalments which are paid over a lengthy period of time. The amount you borrow depends on your credit card sales and you only pay the loan once you get paid by your customers.
What are the benefits of merchant cash advances
There are many highlights of Merchant Cash Advance and before you invest it is important to do your research. We’ve got you covered because at Elite Business Funding we put our customers first. Did you know that you can borrow from £2.5-£500k and get these funds transferred into your bank account within 24-72 hours.
For a merchant cash advance there is no need for a good credit score and in some cases adverse and bad credit can be accepted with some lenders. In addition, with a cash advance there is easier underwriting policies and procedures meaning there’s a chance of higher approval rates and quick turnaround times.
Once we have secured you with a merchant cash advance there will be a flexible with no fixed repayment terms or deadlines. You only payback what you can afford, which is the agreed small percentage of whatever sales you take via card. There are also no interest charges – you pay a fixed cost (which you will know upfront) no matter how long the advance takes to repay.
What is this type of funding typically used for?
Any business that utilises a PDQ card machine or accepts card payments online are eligible to use a merchant advance. However, corporations that commonly use cash advances include; MOT service centres, garages, seasonal or fluctuating turnover business’s: Garden Centres, hotels, Florists, events/festivals, any high card revenue business and retail business’: Newsagents, hair and beauty salons, restaurants and pubs.
If you think your business could benefit from using a merchant advance, contact us today and we’ll evaluate its suitability. However, there are specific requirements that you may need in order for your company to be able to attain one and if you do not meet these requirements, do not worry as our experts will be able to talk you through all potential finance options.
Are you eligible to get a Merchant Cash Advance?
Before even considering any type of funding option, you need to know if your business is physically eligible. There is a general criterion which we follow to review eligibility and in order to get involved in cash advance, there are a few important pieces of documentation we require.
The team at Elite Business Funding will need proof of 3-6 months’ worth of bank statements, 4 months of PQD card machine merchant statements, and a minimum of £3k total card sales per month and a minimal criterion due to ease and minimal risk product.
For any business, these requirements are very minimal, and we would recommend having the documentation in place and to speed up the onboarding process. Owners of businesses will be able to provide us with each of these pieces of documentation with relative ease and we need this for eligibility purposes.
What are your next steps
If you believe that your business will be entitled to receive Merchant Cash Advance, you can enquire on our website today to receive a quote from us! We’ll assess your situation and provide suggestions as to whether your business is eligible to receive Merchant Cash Advance as a funding option for your business.
For businesses looking to grow and expand, Merchant Cash Advance is the perfect funding option and by offering our specialist expertise, clients will be able to understand how each option could help their business in different ways.