Merchant Cash Advance
Merchant cash advances are one of the most innovative products in alternative business finance. The concept has only existed for a few years, but it’s already proving very popular with retail businesses and the leisure sector. Put simply, a merchant cash advance uses your card terminal to ‘secure’ lending — perfect for businesses without many assets, but who have a good volume of card transactions every month. Repayments are then taken as a proportion of your revenue, making it a quick and easy funding solution for many SMEs.
Because cash advances are unsecured, your home is not at risk. There are no restrictions on how you spend your funds either. We’re here to help boost your cash flow, not tell you how to run your business.
Types of business where a merchant cash advance could help
High Street Shops
benefits of a Merchant Cash Advance
There are many benefits to a cash advance, which includes:
- Apply in minutes and get a decision in as little as 24 hours
- You pay back only when you earn
- Clear cost agreed upfront (no APR)
- No hidden fees, charges or costs
- No monthly penalties as there is no such thing as a late payment
- High approval rate based on current card turnover
who is eligible?
Any business that uses a card terminal to take payments from customers will have a card terminal provider — the company that processes transactions for them. With a merchant cash advance, the lender works with the terminal provider so they have visibility on what’s happening, and how much money is flowing through your business. That means that unlike other types of lending, there’s no need for credit checks or a detailed look into your accounts.