How to Secure an Online Merchant Cash Advance

One of the advantages of the Internet is that it makes acquiring just about anything a lot easier – and a lot faster – than it used to be. Want to buy a car? You can shop online, putting together what you want on a dealership’s website, and then you can go pick up the car. Much of the time, you can even handle the price negotiations online without having to wait in a salesperson’s office while he pretends to be going to talk to the manager so that you’ll accept that slightly higher price.

How to Pre-qualify Online for Merchant Cash Advance

Even in the world of business lending, you can get the money you need online without having to spend a lot of time in a bank manager’s office. Many merchant cash advance providers and brokerages have forms that you can use to pre-qualify online.

Here’s how it works. The form asks for such information as your monthly credit card and debit card sales, as well as your overall sales (total with cash and check sales as well). The form also has fields for the amount of time your business has been open as well as your current cash balance. Once you fill out this information, you can get a quote within a matter of minutes. This is not a binding quote – you will have to submit information verifying your claims to the lender – but you can complete the entire process from your office (or even your kitchen table). Once you’ve submitted everything, the lender can then send you your money within a matter of business days. The whole process went smoothly – and you didn’t have to go in to visit a lender. In some cases, the lender may call you after you’ve submitted the information to ask some follow-up questions, but you still have the convenience of completing this from your home or office.

In addition to online convenience, there are some other advantages to being able to take care of your business’ funding needs with a merchant cash advance. Quick access to funding is one of the major benefits that many of our clients have noticed. Once your application has been received and approved – which generally happens within a few business days – you will have your money in hand. Sometimes this takes as long as a week, but this is still faster than what you will get from a traditional lender. Obviously, you’re not having to submit as much paperwork, but banks generally just tend to move more slowly anyway.

Another benefit is no fixed payment schedule. You pay back a percentage of your debit and credit card sales each business day. So if you have a huge day in terms of sales, then you pay back a larger amount. But if you have a slow day, then you still pay back that same percentage. Obviously, you’d like to make more money each day, but if you take longer to pay back the money through your sales, then it doesn’t cost you any more money, and it doesn’t affect your credit. So you don’t have any other assets on the line, there is less pressure with this sort of loan than there is with a weekly or monthly check that you have to send to a lender.

Merchant cash advances are not the only funding vehicle out there for small businesses. There are lenders who specialize on online business loans, and there are also credit cards tailored to businesses. However, if your credit is not where it needs to be to qualify with a traditional lender, and the limits that you can qualify for with a business credit card aren’t what they need to be for you to be able to take the next step that the advance would give you, then you’ll find that the advance was worth the cost.

Do you have more questions? Give one of our merchant cash advance experts a call or email today!