What exactly is a Merchant Cash Advance and how can it be used to benefit my business?
A Merchant Cash Advance is
an alternative to a traditional business loan. In exchange for cash up front,
your business agrees to pay back what you owe as a fixed amount from your daily
credit card sales until the debt is settled. This is also referred to as
“credit card receivable funding” or “credit card factoring”.
Merchant
Cash Advances pump quick cash into your business to give you the resources you
need to grow, create fast output, complete a large-scale job, or update
whatever you need. Once you are approved, what you do with the cash is up to
you. Apply for a Merchant
Cash Advance Now!
How
can a Merchant cash Advance Benefit My Business?
A
merchant cash advance is a business loan alternative that provides you with
flexible finance in the event of an unforeseen emergency or sales slump. Think
of it like a financial reboot — a way to kick-start your finance in the
short-term. Here's how a merchant cash advance bridges the gap between now and
your next big payday.
A
Merchant or Business Cash Advance as they are sometimes called can be used for
any purpose. Pay Back Taxes, Purchase Equipment, Hire Employees, Take a well-earned
vacation. It’s your money to be used in any manner you see fit,
Businesses
need help sometimes and we understand that it’s hard to ask for help. NorthWest
Finance makes the application and funding process as simple as possible.
Typically a business fills out our 1 Page intake form. From there we determine depending
on several factors how much financial information will be needed. In most cases
all a business would have to supply is 3 months current bank statements and 3
months current credit card processing statements.
If
a business has bad credit or has existing cash advance outstanding there may be
additional months requested but that is unusual.
Once
the information is submitted to underwriting a proposal is drafted. This
proposal outlines the amount the borrower can receive and how long they have to
pay is back.
MerchantCash Advances are not loans so there is no interest rate. The cash advance
company will take a daily percentage of the card processing batches until the
advance is paid off.
This
gets you the funding you need and still allows you to have access to the
majority of your daily card processing proceeds.
There
are some companies out there that require you to switch your card processing
services to them so they can
Take
over that process from your existing vendor. This can cost you money in
cancellation fees new equipment etc.
With
NorthWest Finance that is not the case. We do not need your card processing
business to grant your funding request. In fact we strongly suggest you keep
your current card processing vendor to save money!
If you are in need of a alternative to conventional loans for your business contact NorthWest Finance, Merchant Cash Advances Nationwide.
NorthWest Finance
612-615-8196
www.merchantcashavanceus.com
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