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| Business Loan - Three Painless Steps to Get a Business Cash Advance |
By:
Daljeet Sidhu |
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Are you missing out on business growth due to lack of funding? Are you tired of waiting for weeks or months for loan approval? Is your bank asking for an array of redundant financial documents? Are you frustrated by all the outlandish questions surrounding your business loan proposal? Are you looking for a quick and painless solution to secure funds for your business and get ahead of the competition? If yes, then a business cash advance, also called a merchant cash advance is just what you're looking for.
Business cash advance is a financing alternative that is changing the the face of the financial industry. While a typical loan application can take weeks or months to process, business cash advance available to you within a week, sometimes in as few as three days. The application is available on the company's website. The form is quite simple and can be filled in a few minutes. Further, you don't have to furnish loads of proofs to get your application accepted.
This is how business cash advance application works:
1. Creating an account with an approved credit card processor
Business cash advance is not a loan, it is a purchase of your business' future credit card sales. Thus, to receive a business cash advance funding, you should have an account with a major credit card processors. Open an account with the accepted credit card processor and start accepting credit card payments at least six months before submitting your application.
2. Applying for an advance
Business cash advance providers need you to submit only your credit card processing statements with the application. Your application is qualified based on two criteria - time in business and average monthly credit card receipts. Typically, you should be in business for at least 6 to 9 months with average monthly credit card receipts amounting to $5000 or more to be accepted for a business cash advance.
3. Finalizing the business cash advance
If your application is accepted, you will receive a contract from your provider. This will specify four critical pieces of information.
* Amount of credit card receipts purchased: This is the value of the credit card receipts that you sell to the provider for receiving the cash advance. It is in fact the actual cost of the advance.
* Cash advance amount: This is the total funding the provider will advance to you.
* Percentage of daily credit card sales: This gives the percentage of credit card sales you will repay to the provider every day. This percentage should not change till the advance is paid off. Scrutinize the fine print thoroughly for imprecise clauses that can be used by dishonest providers to change this percentage at a later stage.
* Penalty terms: The terms are specified to apprise you of likely actions in case of contingencies.
Scrutinize the contract very carefully. Make sure you understand every term and condition included in the contract. Remember that business cash advance is not a loan. Your contract is the only legal safeguard against dishonest providers. Once you sign and accept the agreement, the advance will be transferred to your account within a week or less. Business cash advance allows you to receive funds speedily and easily without drawn out waiting periods. Make the most out of your business cash advance funding by learning about the approval cycle.About Author:Daljeet Sidhu. Merchant Advance, Business Cash Advance blog. Buy leads.
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