The Use of Factoring in Financing your Business
People who are in the business world have one common subject to talk about, and that is “capital”. With the current state of economy that we have today, getting the capital or funds for our business may be a bit tight and difficult to get. That is probably the reason why people have become more and more innovative when it comes to business funding.
Get Funded through Credit Card Factoring
The latest and most reliable source of funds for small businesses these days is through credit card factoring. This is possible with the help of investors and private lending institutions that will provide cash advances to merchants as an alternative to a traditional bank loan.
This type of short-term business funding is unsecured which is why it is highly recommended for small businesses.
There are times when small business owners get into a situation where an emergency funding is needed in order to continue giving out their services. However, when the establishment currently has bad credit and struggling with financial issues, the merchant cannot just get a loan from the bank.
Now, you can easily get the funds no matter what your credit sales status is, through your credit card. If your establishment is accepting credit card payments from customers, you can be eligible for a merchant cash advance.
What is a Merchant Cash Advance?
Merchant cash advance (MCA) is a type of business funding that is easier and a lot more reliable than traditional bank loans. Small businesses that are in need of funds yet currently have bad credit are encouraged to get a business cash advance loan instead. The funding is done through credit card factoring where in the funds will be paid through your future credit card sales.
How to get a Cash Advance?
First, you need to choose a trusted cash advance provider like Our MCA Funding Company Cash Advance. You need to submit the needed requirements such as: your establishments’ credit card receipts for the last 6 months, one more year lease from your landlord, a record of sales stating that you earn at least $5,000 per month and a completely filled out application form from our site.
Quick and Easy
Right after our underwriters have evaluated your application and you got approved, the cash will be forwarded to your account in as quickly as 48 hours. It’s that easy.
Upon applying for a cash advance, you will agree to sell a percentage of your future credit card sales to the MCA provider. Thus, the repayment cash will be deducted from your monthly sales until the cash advance is completely paid. Usually, the amount for repayment is between twelve to twenty percent of your monthly credit card sales.