Merchant Cash Advance
Merchant cash advance is the type of business funding recommended for small businesses. MCA offers an easy and quick processing of money so that business owners can immediately fund their establishments thus to keep their operation going. With MCA, business owners do not need to present collaterals or any personal guarantees.
The benefits you can get from MCA do not stop there. Below are all the benefits you can get with a merchant cash advance:MCA offers a fast approval process for all small business owners. The moment you submit all the needed requirements, underwriters will quickly evaluate your application. If you complete the requirements, your application can be approved in as quickly as six days. After that, the money will be forwarded to your account within the 48 hours. MCA providers only ask for minimal documentation. It is understandable that small businesses do not yet have lots to present in terms of documentation which is why there are only simple documents required. You may use the cash advance anyway you want. MCA is not like bank loans where there are limitations to how you may spend the money. With a merchant cash advance, you can use the money for payroll purposes, product development, inventory, renovations, expansion and growth, the list goes on as long as it is business-related. Your reason in applying for a business cash advance may be because you are low on funds. With MCA, you can still be eligible for a cash advance even while you are currently experiencing financial struggles in your business. This offer is unlikely to be found on banks where you are required to have a good credit history. It is not a requirement when it comes to business cash advance loans. Thus, you can get funded anytime no matter what your business’ credit status is.
After the MCA provider forwards you the money, your credit card account will be transferred to their machine; although not all providers require this. Each month, the provider will take the agreed repayment percentage from your credit card sales until you pay the entire cash advance amount. Usually, it will take about 6 to 12 months to pay the cash advance, but because there is no fixed payment, it can be extended.
Now even small business can have the change to get funds just like the big corporations. You can also get the chance of developing and improving the sales of your company after getting the capital.