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While small business loans can take a month or more to put together, merchant cash advances generally move very swiftly. Some providers can disburse funds in as little as seventy-two hours while here at merchantcashadvancers.com we typically take about seven business days.
Cash advances are relatively easy to obtain, but you'll still have to gather some information and documentation before you apply. The basic steps to qualifying for an advance are selecting an approved credit card processor, submitting your application for the advance, and reviewing the contract.
Select an Approved Credit Card Processor
Some cash advance providers require that you use an affiliated credit card processing company. At Merchant Cash Advance Nation, we merely have to approve the processing company of your choice. This is to ensure that their system is compatible with our products, as well as to confirm that you're working with a stable and reliable credit card company.
Submit your Application
While the application for a merchant cash advance is far less complicated than those for business loans, there is still some information you must provide. Most often, you will need to answer some basic questions about yourself and your business, and supply credit card statements to support your ability to repay the advance. Then, the merchant cash advance provider will evaluate your information, paying careful attention to the average monthly income of your business and the average monthly credit/debit card sales. The required monthly average differs from provider to provider, but typically your business must have at least nine months of operation history, and average $5,000 / month in credit/debit sales.
Review the Contract
If your application for a business cash advance is successful, you'll receive a contract that specifies the amount of your advance, the total amount of future credit/debit card receipts that you've sold to obtain your advance, the percentage of daily receipts that will go toward repaying the advance and any terms that exist to address things like what happens if either party fails to uphold any part of the agreement. All if this information will help you understand exactly how much you will pay for your advance, and for how long.
Assuming that there is nothing unexpected in your contract, you will sign it, return it to your merchant cash advance provider, and await receipt of your funds.
Timing is crucial, and that being able to obtain liquid capital quickly and easily can mean the difference between a boom or bust year for your business. We look forward to helping you as your business continues to grow and expand. http://merchantcashadvancers.com