A merchant cash advance is an innovative alternative finance product for the business. They have only been around for the last few years. But they are proving to be very popular, particularly with the leisure sector and retail businesses.
The ways a merchant cash advance works are simple. Using your card terminal you can ‘secure’ lending. This is ideal for any business that has few assets, but which may have a significant volume of card transactions each month.
Because repayments are taken as a proportion of revenue, this is an easy and quick source of funding for many SMEs.
Merchant cash advances are available to any business that takes payments with a card terminal. The way it works is that a lender will combine with the provider of the terminal so they can monitor what is happening. This enables the lenders to see how much money flows through your business. It means that there’s no call for credit checks or a detailed investigation into your accounts.
Because lenders can see what a business makes in an average month, agreeing a loan amount and repayment plan can happen much faster than with many other options.
If you tell Funding11 how much you are needing to borrow, we can find the most suitable lenders for you.