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What Is A Cash Advance?

If you need cash fast, then a merchant cash advance may be for you. What does it mean though? The easiest way to explain what a cash advance is an alternative source of business funding. This is usually for entrepreneurs who either don’t have the credit rating or cash to get a commercial bank loan.

Contrary to popular belief, merchant cash advances are not a loan. To break it down, it’s considered an advance which is based on the future revenue of a business. It’s a fast way to get cash fast as small business can apply for one and have the money deposited in their account fairly quickly.

Main Benefits of a Merchant Cash Advance

Safe Way of Receiving Cash- A merchant cash advance is a safe way to obtain cash. For example, commercial loans can negatively impact a business credit rating whereas a merchant cash advance is considered a sales transaction which isn’t included on the credit report.

Fast cash and Easy to Apply- The process to obtain a merchant cash advance is a relatively quick process. Lenders will evaluate a business’s financial statements, tax returns and business plans. Now, because the process is easy, this make the money from the advance quicker to access. Commercial loans can take a very long time, sometimes even months to process. Usually, the advance is available within a week of the business submitting the process.

The Approval Rate Is High- Merchant cash advances rely heavily on the performance of a business rather than credit. This means that of a business is stable they’ll be able to qualify for an advance.

A merchant cash advance is a great way to receive cash in a fast and safe way. If you're looking for small business loans or need more information on merchant services, contact the team at Merchant Tree today. 

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