For a viable company, cash flow is essential. This is very true for small and medium-sized businesses that do not have the coffers that larger companies have developed. Businesses that are looking for cash may want to consider getting a merchant cash advance (MCA). This is an alternative type of funding that can be used, and it is a popular option because it can offer a range of benefits.
No Need for Collateral or Credit
One of the most significant advantages of the merchant cash advance is the fact that it’s a safe way to get the cash you need. A regular loan would affect your credit rating and rely on your credit. The MCA, on the other hand, will rely on your future sales. Also, you do not have to worry about losing any collateral.
The Speed of Merchant Cash Advance
One of the other benefits is the fact that funding occurs quickly with MCAs. The process of applying is simple and straightforward. A lender will look at your tax returns and financial statements and will then determine whether you qualify. The length of time you have been in business and the monthly returns through credit cards are important factors in getting an MCA. The approval rate tends to be high, and you will then have fast access to the cash your business needs.
Another major benefit is that the collections are based on your revenue. Repayment happens when you make money, so you don’t have to worry about having issues making the monthly payments. These benefits help to make MCAs a solid solution for many businesses today.
Those who want to know more about getting a merchant cash advance will want to consider checking out Impact Commercial Capital. Get in touch today to see how the company might be able to help your business.