Most people that hear the term credit card advance think of a cash advance used by individuals to get short term loans from their credit cards.
A credit card advance for businesses works much differently. Sometimes referred to as a merchant cash advance or merchant loan; businesses can receive up to $500K in about 7 days without collateral.
You pay the cash advance back by using a small percentage of your daily credit card sales. This percentage is usually less than 10% of your daily gross sales. Because the payback amount is based upon a percentage of your credit card sales; you will end up paying back less on slow days and more on busy days. In other words; the payback happens automatically and goes with the natural flow of your businesses.
There are many benefits to getting a cash advance as opposed to getting a business loan from the bank. One of the main advantages is that there is a 90% approval rate. Other advantages include;
No collateral is necessary.
Bad credit does not disqualify you from getting funded.
Approval takes between 24 and 48 hours.
You get your funds deposited directly into your business account in approximately 7 days.
The application process is quick and simple, and there are no application fees.
There are no restrictions on how you spend your money.
Flexible payback structure is done automatically and carries no penalties for late payments.
That leaves the question; if you had $10K, $20K or $100K to invest in your business, how would you spend it? With a merchant cash advance you can spend it any way you like. You can;
Expand your marketing
Replace outdated or faulty equipment
Catch up on outstanding debt
Buy out a business partner
Open a new location
The possibilities are endless. I must warn you that these funds should only be used for investing into your business. Using it to buy a new car or go on vacation is strongly cautioned against.
I advise you to use the following link to get a quote or to lean how a credit card advance could fit into your business strategy.