Just like human beings can’t live on bread alone, a business can’t survive without working capital. In today’s tough economy, banks are not lending. As a result, many small business owners are strapped for cash. Without capital, a business can go bankrupt. Thankfully, there are alternatives. Business owners don’t have to go out of business for not having a sufficient amount of cash to run their business.
If you’re a business owner who accepts credit cards or electronic checks, you can actually get the cash that you need. As a merchant, you can get an advance on the amount that you expect to process in credit cards or check conversions in the future. You can use your merchant cash advance for emergencies, purchase new equipment, purchase inventory, hire new employees, pay off outstanding debts, etc. Unlike bank loans, the qualification process is easy. Here are typical requirements:
• You must be in business for at least one year
• Have a credit score of 500 or better
• Process at least $4000 in Visa/MC/Amex/Discover volume per month
Typicallyl, there is no charge to apply for a merchant cash advance. Plus, you don’t have to pay it back all at once; you can pay it back little by little with a portion of your daily credit card settlement batch. All you have to do is supply copies of your last four monthly merchant statements (in most cases your bank statements). Once your documents are received, the funder will make an offer according to the terms and amount—there is no charge, no obligation.
Even though the interest rate on a bank loan is much lower compared to a merchant cash advance – the chances of a business owner getting approved for bank loan is very slim. Even if you have a perfect credit score, getting approved for a bank loan in today’s economy can prove to be a challenge. A merchant cash advance is the perfect solution for business owners during tough times.
For details or questions, email amspcs@juno.com or call 1-877-689-1691.
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