How a Line of Credit is Different than a Merchant Cash Advance
Albert Einstein defined insanity as doing the same thing over and over but expecting a different result each time. It’s not a very smart way to conduct business, either. For example, if you get a merchant cash advance to get your business out of financial trouble, but still often find yourself in a bind, you might need to try something different.
You may have heard that a merchant cash advance is the same as a line of credit, but they are different. Once you learn more about each option, you can make the choice that is right for your business.
The Differences between a Line of Credit and a Merchant Cash Advance
A merchant cash advance is a cash advance against future receivables. There is typically a set payment for a period of time, such as 6 months. It works best for businesses that have a substantial amount of credit card purchases.
A line of credit is a flexible funding line which allows a business to get as little or as much cash when and if you need it. You only pay when you actually use the money.
The Best Place to Go for a Line of Credit or Merchant Cash Advance
Financing Solutions (www.financingsolutionsnow.com) offers both. Their approval decision is based on the owners’ credit score and company financials.
At Financing Solutions, they offer a fast and easy application process. You can get started with just a 15 minute phone call.
Unlike a bank, they will give you an approval answer instantly. Once approved, you can have the short term business funding in your account in less than 48 hours.
Ways to Make Your Business Different
No matter what field you are in, you have competition. The secret is finding ways to get customers to choose your company or product instead of your competitor’s. To do that, you must highlight the things that make you different or better. Even if you all offer the same services for around the same price, there are still aspects of your company that can set you apart from the rest.
One thing you must do is to narrow your target audience. You may believe that you have to be all things to all customers but this does not always work. Being the best at one thing will serve you better in the long run. Think of it this way: Kentucky Fried Chicken doesn’t sell burgers or fish. They have found their niche and they are sticking to it.
Once you have honed in on your focus, be innovative. Offer your product or service in a way that others do not. For instance, you can offer a money-back guarantee or a free trial period. Keep an eye on the competition, find areas where they might be lacking and capitalize on that.
The best way to make your business stand out is with fast business funding from Financing Solutions. They offer the financial products you need to take advantage of opportunities and grow your business.