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Whether starting a new company or focusing on the growth of an already existing company, you may be surprised to learn you now have two
A merchant cash advance (MCA) isn’t technically a loan, but rather a cash advance based upon the credit card sales of a business. An MCA is an option when a business needs access to capital quickly to take advantage of an opportunity to purchase inventory at a discount, a special marketing opportunity, or other short-term capital need.
An MCA provider looks at the daily credit card receipts to determine if the business can pay back the funds in a timely manner. Basically, a small business “sells” a portion of future credit card sales to acquire capital immediately.
Because credit requirements are less stringent, it could be an option for a business that does a lot of credit card transactions, but might have less-than-perfect credit.
The time it takes to get approved for a merchant cash advance could be anywhere from hours to a few days. Once approved, a business could receive the funds within 2 days.
The application process isn’t as complicated as a traditional loan, which typically makes the merchant cash advance approval process a faster option. Here are the usual steps:
Think outside the bank. Give your business a boost with strategic financing.
Whether starting a new company or focusing on the growth of an already existing company, you may be surprised to learn you now have two