What is a Merchant Cash Advance Company
Many important breakthroughs in business begin by asking the right questions. What are the biggest hurdles you need to jump over? Could you have done things differently? What is a merchant cash advance company and can it help your business?
When it comes to obtaining fast business loans for a small business, the choices are limited. Banks are notoriously difficult so some entrepreneurs turn to a merchant cash advance company for help. It’s vital to find out more to make the decisions that are right for your business.
The Advantages and Disadvantages of a Merchant Cash Advance Company
A merchant cash advance company is a financing company that provides funds in exchange for a percentage of your credit card payments. This idea started over 10 years ago.
However, you must be careful about the merchant cash advance company you select. Some may charge annual percentage rates in the triple digits. This can lead to a cycle of debt, where you are forced to continually refinance in order to make the payments.
Repayment periods usually range from a few months to a year. The more credit card sales you make, the faster you may be able to repay this kind of quick business financing.
Other than a Merchant Cash Advance Company, What Are Your Options for Business Funds?
The concept has now evolved into other products, like cash advances on your account receivables, lines of credit (LOC) and debt consolidation. Your best options are cash advance companies like Financing Solutions (www.financingsolutionsnow.com), which doesn’t require that you use credit cards.
Financing Solutions provides you with quick business funding and an easy process. You can just set up an automatic withdrawal from your bank account that repays whatever type of financing you choose.
Its LOC product was one of the first in the industry and remains its most popular offering. In the past, if you wanted a LOC you had to go to a bank but now you can turn to an alternative lender for better results.
At Financing Solutions, they will approve you for a predetermined amount that you can use for any business purpose, like making payroll, managing uneven cash flow or purchasing supplies. You can then repay the whole amount, or a portion of that amount, at any time with no early payment penalties.
If you don’t use any portion of your preapproved line there is no charge. This makes it a great backup plan for a business.
What Questions Should Every Entrepreneur Ask for Increased Success
- What should you be doing today to ensure your survival tomorrow? Talk to your customers. Find out what they really want. As their needs and expectations change, you will be the one to meet their challenges.
- Where do you want to go? When you started your business, it may have been for increased independence or big profits. Nevertheless, goals change. Now, you may want to make a difference in your community or offer sustainable solutions. Without a clear understanding of where you want to be, you will be pulled in several directions and you can’t focus on growth.
- How can you get immediate business financing? Contact Financing Solutions for the best financial products to help your business grow and thrive.