Cash is king for all types of businesses, starting from small to large-scale business. Business capital is the core component of maintaining inventory, paying your business suppliers and enhancing the business. The easiest way to get cash for your business is receiving merchant loans.
Merchant loans are merchant cash in advance, which is a very common method used by small- to medium-scale businesses to get their capital as soon as possible. Merchant loans are a source of quick cash because you can get same day approval and next day funding.
Merchant loans are given to business enterprises or communities to tide over their financial losses due to various reasons. Merchant loans are structured as lump sums of cash payable to businesses in exchange for debit or credit card sales agreed upon at a certain percentage.
A few more advantages of getting merchant loans are:
No credit – A merchant loan is a safe way to access cash. Traditional loans can affect a business’ credit rating, but a merchant cash loan is a sales transaction that stays off a credit report. Businesses which opt for merchant loans also avoid the risk of losing collateral.
Easy collections and applications process – Taking out a merchant loan is a very easy and straightforward process from start to finish. Commercial loan givers evaluate financial statements, tax returns and business plans. Merchant loan providers consider only two simple things: monthly credit card returns and length of time in business. This makes it a very easy process for getting business capital through same day approval and next day funding.
Fast access to business capital – Because there is very little paperwork, merchant loans allow for quick access to business capital compared to other commercial loans. Generally, other commercial loans take two to three weeks to be processed. The demand for merchant loans is growing day in and day out because you can get your money within a day or two through same day approval.