How to Expand Your Business with Merchant Cash Advance Benefits

People are working harder than ever. Chances are, you have put in some long hours at your job. While this is admirable, it is also important to make sure that you have a proper work-life balance. Here’s a look at the top benefits of properly balancing your life at the office and at home.

1) Reduces stress

‍According to a recent survey, due to Covid-19, the majority of the Canadians feel stressed during the day. With stress comes adverse effects to the body and the mind. Lots of that stress comes from fixation with work. Therefore, it is important to take your mind and your body away from the workplace to allow yourself time to depressurize from your daily responsibilities.

2) Prevents burnout

‍More and more people are switching careers. One of the reasons why people will leave a career after a few years is because of burnout. Therefore, it is important for people to have a chance to relax and not have to grind all the time at their job. By preventing burnout, you can continue on your career and potentially reach new heights at your job.

3) Ensures physical well being

‍No matter what your age, it is important to stay physically active. For those who work in an office for 12 hours a day, it is hard to get the physical activity needed to stay healthy. Thence, it is important for you to get out of the office, go for a walk or do some simple exercises to get the blood flowing and properly maintain your body. By staying physically active, you can lower your blood pressure, maintain a proper weight and prevent atrophy of your muscles.

4) It increases productivity

‍When you have a proper work-life-balance, you are able to get more things done. That’s because you will be refreshed and comfortable at your job which can lead to better productivity. It’s a good idea to give yourself at least 12 hours of free time between workdays to allow you to recharge and have full focus at your job.

5) Allows you to enjoy life

‍It’s important that you take the time to enjoy your life. After all, you will not look back on your life and regent not taking that extra business meeting. When you take the time to enjoy life, it will give you the energy to be more productive at your job. Be sure to give yourself time to take a vacation every now and then to feel better.

Need Help When Work Becomes Overwhelming?

‍If your business needs a little help, rely on 2M7 Financial Solutions to help you get back on track. We can provide your business with a merchant cash advance in one business day. Contact us today to learn more.

What is a business line of credit?

A business line of credit (LOC) is designed to meet the short-term financing needs of businesses. Basically, it is a revolving sum of money lent to a business owner. The borrower pays interest on the borrowed amount while the interest rate may be at a fixed or variable rate, depending on the borrower’s financial state. LOC is a type of debt financing, which is offered by traditional financial institutions in Canada. A business line of credit is often referred to as a “corporate line of credit”. As a debt instrument, they are both the same.LOC is very much like a credit card for your business. The business owner will be given a pre-approved credit amount from which he can draw capital as needed. Once the funds are used, the borrower will need to repay the amount including the interest over the repayment term as agreed. A business line of credit is one of the many options to fund your business or to get funds for a new business. It gives access to affordable credit if the borrower qualifies. The LOC provides ready cash flow, that could help solve the liquidity problems that small businesses tend to suffer the most.

What is a small business line of credit?

Lending providers offer a small business line of credits to small-sized businesses with different combinations of rates and qualifications. These may include the following:  

• An unsecured line of credit (up to $50,000)
• Secured credit (up to $1,250,000)
• Floating interest rates
• Business insurance
• Shorter approval/processing times
• Low monthly fees

A small line of credit under $300,000 can be approved online. For small business owners, a line of credit is one of the easiest ways to secure cash flow for their business operations. The application for a small business line of credit is typically short, and approval can be granted within one business day.

How to get a line of credit for your business?

Banks in Canada have a variety of LOC products for small and mid-sized businesses. You should consider applying for a business line of credit at a bank you’re already registered to. Make sure to apply for a line of credit ahead of time as, unlike loans, it can take up to a month to get approved. In order to apply for a line of credit, you should open a business bank account. Below is a list of documents that you would need to provide for your LOC application:

• Two pieces of government-issued IDs
• Proof of income
• Business financial statements, including income, expenses, assets, and liabilities
• Other personal- and business-specific information such as an address, license number (if applicable), and how long you’ve been in business

How to get approved for a business line of credit?

Whether or not your line of credit is approved depends on your credit score and your business qualifications. The higher your credit score and the more stable your business income, the more likely it is that you will be approved for a line of credit, and the larger it will be. It is very important to have a good credit score and to keep your business financial documents in order. If a bank is unable to adequately assess your business potential, it will lower the chance of receiving a line of credit. With a private lender, things are a bit easier as the lender may adopt different criteria and qualifications to advance the line of credit. Also, private lenders are more open to lending to businesses with lower credit scores. Remember, when looking for a small business loan line of credit, make sure to evaluate several options. The majority of small businesses prefer to choose private lenders as they are able to receive more flexible offers. Check out how merchant cash advance works to see if your business qualifies.

Why is a business line of credit better than a loan?

A business loan is typically obtained and disbursed only for a specific purpose. It is meant to provide access to capital for a one-time, major financial expenditure. Therefore, to manage your operating cash flow, you will have to apply for multiple business loans – each of which will negatively affect your credit score.However, a business line of credit allows you to improve your credit score. You only borrow the money you need and pay interest based on that amount. A business LOC allows for greater financial planning and resolves cash flow problems that small businesses often experience.

Why you may be denied a line of credit?

There are a number of reasons why you may be denied a business LOC. Most likely, your bad credit score will lead to a refusal, but that is not the only reason. The line of credit may be refused for a number of reasons, including:

• Purpose of LOC does not meet the required criteria
• Your industry is too risky
• The commercial bureau reports negative performance
• Business revenues indicate insufficient ability to handle monthly payments

Having a low credit score doesn't mean you can't take any type of loan. Check out some ways to get a business loan with a bad credit score.

Approaching a private lender for a small line of credit

If you require a moderate-sized line of credit, it is worth approaching a private lender. A small lender will not require as many documents as the bank, and the approval process will be faster as well. Also, private lenders accept applications for LOCs online and you can get request a quote online. Private lenders will help you understand why your line of credit has been denied by the bank and can provide the necessary funding in a shorter time with less hassle and stress and treated as bad credit debt help. If you are interested in an alternative solution made for small businesses, talk to one of our experts today for the best business cash advance loans.

With COVID-19 being active throughout the year, e-commerce is generating more money than it ever has. Most of the physical means of buying and selling have been run out of business. Therefore, having an online presence has become more important than ever before. With that said, it’s safe to say that investment to update your website will be the best use of your money in 2021. It serves as the face of your business. Your website aims to earn your customer’s respect, as it helps them develop their first impression. Whether you trade-in footwear or have a grocery store that delivers, you would want to address several errors in your site, proving to be a profitable investment.

Long Term Investment

On average, a good website lasts for about three years. A well-made website with good optimizations and regular content updates can provide business that will exceed your expectations. In some cases, minor upgrades every now and then may last you more than three years. Spending money to milk those three years out of the site is a good idea because of the high ROI. You’re spending more upfront, but you’ll earn back tenfold in profit throughout the site’s lifetime.

Stay Up to Date

Website trends are changing rapidly. Just think about what websites are right now and what they were a year ago. These days, companies are focusing on minimalism and subtle color schemes. Two decades ago, the business made websites with flashing colors to attract the user’s attention. It doesn’t matter how good of a service you provide. If your website isn’t up to date, you’re not going to make a sale.

Outshine Competitors

Regardless of what service you’re offering, there’s always going to be one guy or one company that’s better at it than you are. So, when you just can’t outshine your competitors with your product, you can best them in other places. For instance, maybe your rival’s websites take 15 seconds to load. You could get the upper hand by halving those loading times. This would give your customers a much better experience with your website. Hence, even if your product is slightly inferior, your website makes up for it by outshining your competitors.

Maximize Security

If you’re ever used an antivirus software, you’ll notice that these applications receive updates almost every day. It may seem like developers are constantly updating their apps, but that is not the case. Instead, they’re trying to keep up with all the new and improved forms of malicious malware that people are constantly putting out on the internet. If you made your website five years ago, it’s optimized to the security threats present then. However, it doesn’t necessarily mean that the site is safe from some of the modern digital threats we’re facing today. By updating your website, you’re not just protecting your own data, but your client’s data as well.

Closing Thoughts

Updating your website can be a pretty expensive ordeal. Between hiring a web developer and paying server hosting fees, you can expect to sometimes pay bills ranging up to several thousands of dollars. To ensure you have the right resources to update your site, you can get some assistance from 2M7 Financial Solutions. We’re a company that offers merchant cash advances to business that need it. MCA means that you will only have to return a certain amount of your sales each month. If you need a company that can cover your website updating costs, get in touch with 2M7, and we’ll help you out.