Business Cash Advance - Three Simple Steps To A Loan For Business

By Author: Daljeet Sidhu
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Are you losing out on business opportunities due to low capital? Are you tired of waiting for days on end for loan to be approved? Are you being asked to furnish hordes of redundant financial documentation? Do the countless intrusive questions annoy you? 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 the perfect solution to your problems.

Business cash advance is a funding alternative that is changing the world of business. While a typical loan application can take weeks or months to process, business cash advance is obtained within a week, sometimes in as few as three days. The application form is available online. The form is quite easy and can be filled in a few minutes. Further, you don't have to furnish loads of proofs for approval.

The cycle of business cash advance application is described below:

1. Setting up an account with an approved credit card processor

Business cash advance is not a loan, rather an advance purchase of your business' future ...
... credit card sales. Thus, to receive a business cash advance financing, you set up an account with a major credit card processors. Open an account with the permitted credit card processing service and start processing credit card payments at least six months before applying for a business advance.

2. Applying for an advance

Business cash advance providers ask you to submit your credit card processing statements with the application. Your application is evaluated on the basis of two criteria - number of months in business and average monthly credit card sales volume. Most providers will expect you to be in business for at least 6 to 9 months with average monthly credit card receipts amounting to $5000 or more to be approved for a business cash advance.

3. Finalizing the business cash advance

If your application is approved, the provider will send you a contract. This will lay out four crucial pieces of data.

* Amount of credit card receipts purchased: This specifies the volume of the credit card receipts that you sell to the provider in exchange for the cash advance. It is in fact the actual cost of the advance.

* Cash advance amount: This specifies 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. Watch out for vague clauses that can be used by unscrupulous providers to change this percentage at a later stage.

* Penalty terms: The terms are specified to apprise you of probable actions in case of contingencies.

Upon receiving the contract, read it thoroughly. Clarify all doubts and understand every term and condition included in the contract. Remember that business cash advance is not a loan. Your contract is the only lawful protection against dishonest providers. Once you sign on the dotted line, the advance will be released within a week or less. Business cash advance allows you to receive funds speedily and easily without drawn out waiting periods. Simplify business cash advance funding by learning about the application process.
About Author:
Daljeet Sidhu. Merchant Advance, Business Cash Advance blog. Buy leads.