Any small business person who has been turned down for a traditional bank loan may want to consider applying for a merchant cash advance. This alternative financing option is much easier to apply for, and the chances of approval are much greater.
If a merchant cash advance would work for your company, here are four simple steps you can use to prepare for your application.
Research merchant cash advance providers
It will always be to your advantage to compare the merchant cash advance (MCA) providers in the market to see which one will be most advantageous to work with. Find out the cost of the MCA and the factoring rate, and try to determine if the people themselves are agreeable and easy to work with.
Find an approved credit card processor
Before you are approved by an alternative lender, you’ll have to find a credit card processor who is also approved by the lender. Since your payments will be made automatically through this credit card processing company, you will want a reputable and reliable company.
Submit your application
As long as your business records are kept organized, you should have no trouble filling out an application form with a merchant cash advance provider and submitting the form. Once your provider receives the form, your current financial situation will be assessed, along with your company structure and your financial history.
Review the MCA contract
When you receive the MCA contract from your provider, you should carefully go over the terms of it, so that you understand everything involved in the agreement. Pay particular attention to any penalties that may be associated with defaulting on repayments. If everything looks agreeable, go ahead and sign on the dotted line.
Merchant cash advance with Fast Commercial Money
If a merchant cash advance is right for your company, we’d like to hear from you. Contact us at Fast Commercial Money today, so we can discuss getting some fast cash in your hands, to deal with daily operations or to fuel new business growth.