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How to Expand Your Business with Merchant Cash Advance Benefits

How to Expand Your Business with Merchant Cash Advance Benefits

5
Jun 2019
24
Jan 2025

Cash flow issues are a concern for most small and mid-sized business owners. In fact, many SMBs find it difficult to manage growth because of concerns about funds. Having access to the right funding makes it easier to support business growth. There are many different choices out there, but a merchant cash advance might be one you want to consider. Not convinced an MCA is the right choice for your business? Take a look at these Merchant Cash advance benefits and discover how MCAs could help you grow.

Lightning-Fast Access to Funds with a Merchant Cash Advance

One of the biggest benefits of an MCA is how fast you can access the funds you need to grow your business. Whether you need to cover a bill or you want to put a new marketing strategy in place, an MCA helps you do it sooner.Traditional loans can take months to arrive in your bank account. That’s after all the work of preparing your application and waiting for approval too.With an MCA, you could have the funds in your account in a matter of hours.

Think about the Future, Not Your Past

Most traditional forms of business funding rely on your financial history. Lenders will look at your credit score. If you’ve missed a payment or two, you might not qualify for a loan.An MCA is more forward-thinking. Instead of checking your credit score, the lender estimates future credit and debit sales.The lender then offers you a lump sum based on where you’re going, not where you’ve been. If your credit score is less than stellar, an MCA could be the right choice to help your business grow.You also don’t need to provide personal guarantees like you would with a loan.

Merchant Cash Advance Benefits Include More Flexibility

Flexibility is another reason to consider merchant cash advances for your expanding business.A traditional loan offers you a one-time, lump-sum payment. You’ll then pay the amount back with monthly scheduled payments.Merchant cash advances are different. Instead of paying the same fee every month, the MCA is repaid by a percentage of your credit and debit sales.If your sales dip one month, so too will your payment to the MCA. If you have higher than expected sales, your payment will increase too. This can help you pay back the MCA faster.This flexibility makes it much easier for a growing business to manage repayment. With merchant cash advances, you can stop worrying about making your loan payment.

Use Funds as You See Fit

With a traditional bank loan, you may have to tell the lender what you’ll use the funds for. Loan approval is then tied to buying equipment or investing in real estate.What if your needs change from month to month? Market conditions change quickly, and businesses like yours need to stay one step ahead.With a merchant cash advance, you’re in control of how the funds are spent. If you need to pay bills today and invest in a new website tomorrow, an MCA can make it happen.

Ready, Set, Grow

If you’ve been wondering how to fund your business’s growth, consider a merchant cash advance. The easy application process means you could have the funds you need in short order.If you’re not sure an MCA is right for your business, get in touch with us. We can help you discover the right alternative lending solution for your business.

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The Pros and Cons of a Merchant Cash Advance

When considering financing options for your small or medium-sized business, a merchant cash advance (MCA) may seem like the perfect alternative to a traditional business loan. While there are certainly many benefits to this type of lending choice, there are also some cons to keep in mind when determining whether an MCA is right for you. Learn more about pros and cons of a Merchant Cash Advance.

Benefits of Merchant Cash Advance

PRO (Benefit):  MCAs are available to those with poor credit

Business loans typically require a business owner and business to have good credit ratings. On the other hand, merchant cash advances consider your future sales projections, not your credit history. Since MCAs are repaid using future credit and debit revenue, a poor credit rating and collateral aren’t relevant to the lender.

PRO(Benefit): MCAs get you cash faster

The approval process for a merchant cash advance is much quicker than a business loan. In some cases, a business owner can have the money requested in their bank account in less than 48 hours.

Cons of Merchant Cash Advance

CON: Lenders are unregulated

The MCA industry is largely unregulated, which makes it possible for some lenders to charge hefty interest fees and take advantage of their customers. Be careful, read reviews, and ask questions of your lender before you decide on a merchant cash advance.

CON: Daily deductions can hurt cash flow

Repayment of a merchant cash advance occurs by deducting funds from credit card receipts, sometimes on a daily basis. Make sure to check with your MCA provider the repayment details of the plan you are signing up for.Merchant cash advances are an alternative lending method for small business owners who need cash fast and may not have the collateral or credit to get bank loan approval. However, before you apply for an MCA, make sure you do your homework, ask questions, think about pros and cons of a Merchant Cash Advance and if you need advice on alternative lending solutions, we are always here to help.

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The Top 4 Small to MediumSized Business Trends in 2019

Every new year brings new tools, techniques, and strategies that help small and medium-sized businesses succeed in an increasingly competitive world. Here are the top four business trends you need to look out for in 2019.

Cybersecurity

Cyber attacks are going to become a more common threat to small and medium-sized businesses. Everyone is a vulnerable target. Whereas many companies are actively preventing attacks, there will be a shift to proactive detection and response in the year to come.

Personalization

The personal touch is going to rein in 2019. Personalized marketing campaigns, transparency, and personal calls-to-action are going to be the ways to connect with potential customers.

Go Remote

The remote office is becoming increasingly a part of today’s business trends world. Small and mid-sized businesses can now reduce operating costs by rethinking their staffing strategies with the use of a remote workforce. With so many low-cost telecommunications platforms available, the days of the cubicle are now on the decline.

Reviews Are Key

Some business leaders resist social media use in the office, but social posting is a great way to connect with your local audience and get valuable reviews. Nearly 95 percent of shoppers read online reviews before making a purchase. It’s worth taking the time to gather testimonials and write case studies more now than ever.If you are looking to grow your business in 2019, there are alternatives to a traditional bank loan you should consider. For details on how you can get approved for a merchant cash advance, speak to one of our experts today.

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5 Ways to Build Engaging Relationships with Your Clients

It shouldn’t come as a surprise that you need to build trust with your clients to drive sales. People buy from companies they trust, and you have to earn that trust. For most companies, that means building engaging relationships with clients over time. The more you interact with the client, the more opportunities you have to convince them to trust you.Building relationships is easier said than done. These five methods could help you engage with your clients on a deeper level.

Ask Questions and Get Answers

When was the last time you took a customer survey? Companies shouldn’t shy away from getting feedback from their clients. Ask the people you work with what you do well and where you can improve. It’s important to put that feedback into action. When your clients see you’re listening, they’ll feel their input really matters.

Go Above and Beyond

When you receive exceptional service, it stands out in your mind. You should aim to exceed your clients’ expectations at every turn. By doing so, you show how important the client is to you.

Communicate and Connect to Build Engaging Relationships

Have you ever watched a video or read an article, and thought, “This client needs to see this”? You should attend to clients’ needs this way. It’s part of communicating and connecting with people on a human level. By sharing content or sending an email to check-in, you can more easily build engaging relationships with your clients.

Show Appreciation

Everyone likes to feel important, and your clients are important to you. Show your appreciation by providing a loyalty program or a special offer.

Remember Patience is a Virtue

Today’s customers don’t like being pitched to, so cultivate patience instead. A client may not be ready to buy today. They may need more information. That’s okay. You can support them by answering questions and sharing information. By being helpful, not pushy, you’ll build trust and relationships with your clients.

Finance Your Relationship-Building Program

Building relationships drives sales and company growth. Conducting a survey or starting a loyalty program can cost though. Learn how a merchant cash advance could help you build better relationships.

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