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Business cash advances pave the way to new and better types of funding opportunities for merchants and business owners. The industry of business cash advance is growing at a rapid rate. This ever increasing growth is happening because the traditional bank loans are not meeting the demands of small business owners. Merchants need money quick in order to respond to their pressing needs and business issues. The traditional bank loan process is not very responsive to the needs of the typical merchant. The process is long and because of the underwriting requirements it can also be very intimidating.
Business cash advance is a unique funding method and not a loan. It is nothing but a purchase of future credit card sales from the merchant. A cash advance company purchases a portion of the future credit card sales of the merchant at a discounted rate.
One of the the biggest advantages that the cash advance business offers is that it involves no collateral and no guarantee. Instead of using a personal guarantor to get a business cash advance the owner can sell his future credit card receivables at a discounted price to the cash advance business companies.
A business cash advance provider will give a certain amount of cash advance to the business owners. In exchange, the business owner agrees to pay back the full amount and the fee, by giving the provider a daily percentage of their visa and master card sales until the payback is completed.
The daily payback percentage will not be greater than 10% of daily gross sales. This daily percentage is based on parameters like, the monthly credit cards sales volume and the amount of cash advance required. The payback time frame is usually structured for a 6-9 months term, but it’s not a fixed term. Also, there will not be any penalties if the time frame is exceeded.
Business cash advances differ a lot from the traditional bank funding programs. The application process of business cash advance is usually quick and simple. Generally, the cash advance providers do not have a fixed repayment amount like banks, as the repayment is directly related to the amounts and dates of credit card transactions of the merchant.
Obtaining immediate cash from the bank can be a difficult task for most business owners which include retail businesses, restaurants or store franchisees. These business owners mostly use credit card
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Get a Business Cash Advance Against Your Future Credit Card Sales !
By: genie | 13/03/2008 | FinanceGenie Cash is an excellent funding solution for restaurants, retailers and service industry merchants. We provide A business cash advance for your business.