Business Loans & Commercial Financing
Business Cash Advance
If your business loans miami processes at least $5,000 in credit card transactions a month, for three consecutive months, you may be eligible for what is called a business cash advance.
A short-term merchant cash advance miami is when you get a large sum of money, for whatever your business needs are, deposited directly into your business’s bank account. A payment schedule is then set up based on your company’s daily credit transactions to repay incurred debts. Most entrepreneurs need capital funding very quickly at some point in their company’s life. Unexpected costs tend to pop up without notice. A short-term cash advance will provide your business with much-needed funding to keep your operation going when you experience financial hardships.
Obtaining a short-term cash advance is an excellent method for obtaining short-term funding, and doesn’t rely on your business credit; which can be used for any expense your business has. With this type of cash advance, you face no late fees, no need for a perfect credit score, and minimum collateral is required upfront for the advance.
How Does A Cash Advance Work?
Cash credit advances work by purchasing a very small amount of your business’s future credit card debt for an upfront, discounted price. This type of short-term funding is also what’s known as a credit card receiving factor. A short-term cash advance isn’t a loan so that it won’t affect your credit score; it’s just the purchasing of future debt from your business.
How Will I Receive My Cash Advance?
All though it seems like a complicated process, if you want to receive a business capital advance, all you must do is provide the company with the necessary documentation to see if you qualify. Then your application is ran, and if approved, your funds are usually deposited within a few days.
The cash advance application process isn’t as in depth as a traditional financial loan, which makes the cash advance process a quick, efficient option for a source of fast, emergency, working capital. Here is a comprehensive guide on how a cash advance works.
Most applications are one or two pages in length and require the applicant’s social security number and the business tax ID number.
Provide All Relevant Business Documentation
Applicants will be asked to provide several months of credit card ledgers, payment processing data sheets, the previous three to six months of your businesses merchant processing statements, and bank statements.
Wait For Approval
Most cash advance applications only take about 24 hours, or one business day to process. You will find out if your business is approved quickly.
Set Up the Credit Card Processing Plan
Depending on business credit and what type of credit card processor you have, you might have to switch to an all new credit processor. It can be a stressful and complicated process to switch processors, but you might have to depending on which cash advance provider you choose.
Review the Finalized Details
After all of the details are worked out, it’s an excellent time to stop and review the details before you submit your application. Make sure you understand how much money you will be borrowing and how much of your company’s debt is purchased. It’s also very important to understand how much your business will be expected to repay over a short period of time. Take a few minutes to cross all your T’s and dot your I’s before submission of your application.
Receive Your Cash Advance Funds
The lump sum of funds will be directly deposited into your company’s bank account to be used for whichever reason your business needs. Delivery of your funds will be processed and delivered within 48 hours.
How Much Do Cash Advances Cost?
Unlike most fast capital sources, we don’t charge our applicants for running their application fee. We are here to keep you in business and successful in every way. Every advance we receive is screened and remitted based on a predetermined, fixed rate percentage of your businesses credit card sales. Remittance is an easy process to grasp, which adjusts itself to meet your business’ quick capital funding needs
Business cost includes equipment rentals, facility expenses, employee payroll, insurance, and so much more. If you need short-term capital advances, a quick cash advance will provide you with the necessary capital to keep your business running efficiently; merchant cash advance miami lenders are here to help your business, not sabotage it. If your business is experiencing a temporary financial hardship, we are here to help you stay afloat!
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Frequently Asked Questions for Business Cash Advances
Is a Cash Advance for My Business the Same Thing as a Business Loan?
A cash advance is based on your credit processing account, which is automatically repaid from small deductions from your company’s credit card transactions. A business loan miami is much more comprehensive and requires a review of your business’s check and cash deposits and will need a structured repayment plan. Cash advances are much quicker and require less paperwork to be processed.
If My Business Doesn’t Process Credit Card Transactions, Can My Business Qualify?
Since most cash advances will directly withdraw the money you borrow directly from a daily percentage of your business’s daily credit card transactions, if your business doesn’t process credit card transactions, you won’t qualify for a cash advance.
There are so many excellent benefits for a business to for a cash advance. When you have limited capital to handle your business’s expenses, a cash advance gives you the funds to purchase necessary equipment, so your business stays up to date the latest cutting-edge technology to increase workflow, invest in your business is marketing and advertising sections, or reduce accumulated financial obligations from starting up your business. These are just a few examples of the benefits of receiving a cash advance for your business, if you have a need and the assets to pay them back, I highly advise this type of advance when your business is caught in a pinch. Assess your company’s need, and if you’re in need of a lump sum of cash quickly, we will be there to help you. Contact us for apply Business Loans Miami