Liquor Stores can benefit from a Merchant Cash Advance
Enjoying cocktails or cold beers with friends
and family is popular here in the U.S, Many LOCAL liquor stores are privately
owned and operated by small business owners. In some communities, larger
wholesale liquor and wine retailers have moved in, making the market highly
competitive. Merchant Cash Advance Companies like Northwest Finance have been serving the financing needs of liquor stores for many many years.
Liquor stores offer there own set of challenges
Typically,
liquor stores have a large number of cash and credit card sales, meaning this
can be an ideal way to obtain working capital by taking merchant cash advances.
Liquor stores require a steady cash flow because inventory must be turned
around quickly to earn a profit, and fresh products must be brought in on a
regular basis to maintain quality. Small business loans can be a good way to
manage these expenses.
There are many licensing and health code
requirements to operate a successful liquor store. In some states, there are
limited numbers of full liquor licenses available,
costing as much as several hundred thousands of dollars to obtain. Most liquor
stores also require more sophisticated security systems because they are
frequent targets of robberies and other crime. It’s not an easy business, but
it can be highly rewarding and profitable.
Liquor Stores can benefit from a Merchant Cash Advance
With
these factors at play, merchant cash advances can be beneficial for liquor
store owners who need a steady source of income. If you are operating a liquor
store and need extra funds, here are the reasons why cash advances on merchant
payments can work well for you.
One page application minimum financial statements needed
Unlike
traditional small business loans, merchant cash advances don’t come with all
the massive amounts of paperwork to fill out, financial reports to share and
the worry over credit scores. Merchant cash advances are determined by how long
you’ve been in business and the amount of credit card payments your liquor
store accepts on a monthly basis. And you don’t have to worry about putting up
any collateral either.
Obtain financing fast
Because
the process to get approved for a merchant cash advance is so quick, money can
be in your pocket a lot faster than through other means. If you are facing an
unexpected expense or trying to pay down other small business loans and credit
cards, this can be very helpful. Future merchant cash advances will be easy to
get too as a pre-approved small business.
Payments that meet your schedule
It can
be worrisome to borrow money for any small business, especially with a liquor
store which may experience peaks in buying seasons and slow periods in between.
The good news is that merchant cash advance payments are determined on a small
percentage assessed on every credit and debit transaction you take, so the
money goes out in small increments you will barely miss. If you fall behind,
your lender can work with you to get caught up with more flexible terms than
any bank will ever offer.
Get approved and get funded
Along
with a fast application process, the approval rate is a lot higher than with
small business loans. This is because a lender like Northwest Finance is
evaluating the merit of your liquor store based on actual business performance.
Therefore, if your business is stable, there should be no reason why you
wouldn’t get approved. Banks tend to see liquor stores as risky so they may not
be as willing to approve your business for any loans. Keep in mind that
merchant cash advance amounts may be based on average revenues for the past 6
to 12 months.
Bad credit business financing
If
your liquor store has struggled with poor or bad business credit, but you have
a steady flow of sales for your liquor store, a merchant cash advance can be
the right solution for you. You will need to have a merchant credit card vendor
already set up to accept payments, for the best results. Over time, as payments
are made on time or early, a merchant cash advance can also help to improve
your credit rating.
Industry leading reliability
A few
years ago, there were few companies that were regulated by financial laws to
provide merchant cash advances. Today, however, financial organizations like
ours must prove that we are connecting small business owners with reputable
merchant credit advance programs that conduct fair and reasonable business
practices. So, there’s no guesswork or wondering if you are getting a good
deal.
Don't pay higher rates
As
compared to other types of small business loans and credit card programs,
merchant cash advances offer very competitive industry rates. A very small fee
is assessed with each payment, and this cost can be deducted as part of
business expenses. Your liquor store can stay in business and you don’t have to
raise your costs in order to afford a cash advance on your merchant account.
We work with many types of businesses
Whether
you are using a major merchant vendor or have chosen to work with a small,
less-known company, there’s no need to be concerned. Northwest Finance has
multiple relationships with merchant credit card vendors and their partners, to
make sure any business has access to these benefits. You won’t have to switch
to another vendor you don’t want to work with.
A finance Partner you can trust
Getting a merchant cash advance for your
liquor store means you have a partnership with your business for as long as you
wish. You will be able to borrow more money in the future to expand
operations, refresh your inventory with a new product line, hire
more employees, and market your business. This gives you an edge on the
competition and elevates you above the mom and pop liquor store status.
While we could go on about the extensive list of the benefits of a merchant cash advance, this should give you an idea of what you can expect when you connect when you apply for this type of financing.
Contact Merchant Cash Advance U.S today!
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