Are you looking to boost your business cashflow?
Merchant Cash Advances
What is a Merchant Cash Advance?
A merchant cash advance (MCA) is a fast and flexible way to receive funding, and repay through a percentage of your monthly card sales.
No fixed payments, terms or security required.
When it comes to a standard business loan, your business has to make scheduled, set payments - whether it can afford to or not. However, with a merchant cash advance, repayment terms are stress-free.
How do Merchant Cash Advances work?
The merchant cash advance is provided to you by the lender, and you pay this (plus the factoring rate) back overtime. The lender receives repayments by deducting a percentage of your card terminal sales until the loan is fully paid off. This means that your business only pays back what it can afford each month.
It is important to note that, unlike standard business loans, merchant cash advances have no fixed monthly repayments or interest rates.
Is an MCA right for my business?
- If your business receives payments through a card machine then you can access a merchant cash advance
- You need a minimum of 3 months card transaction history to be eligible
- If you can't wait long to access funding then an MCA is a way to get funding faster
- Repayments are taken automatically, meaning you don't have to do anything
- The repayment amounts are flexible and can vary each month depending on how busy your business is
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FAQs
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MCA can be used for various business needs, including inventory purchase, expansion, marketing, and managing cash flow.
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The approval process is typically fast, with funds often disbursed within a few days of approval.
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The percentage varies but is typically between 5% to 20% of your daily credit card sales.
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MCA is best suited for businesses with consistent credit card sales, such as retail stores, restaurants, and online businesses.
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Yes, there are fees associated with MCAs. It's important to review all terms and conditions with your lender.