The business cash advance is one of the easiest methods of business financing, making it the perfect funding option for busy, cash-strapped merchants.
What Makes it so Easy?
The Process
Traditional business funding methods, such as bank loans, often come with long application and review processes that require extensive paper work and preparation. The business cash advance is completely different. The only things that are required when applying for a business cash advance are:
- A completed two-page application
- The last four months of merchant statements
- A copy of the business lease
- A copy of the owners drivers license
- A voided business check
Once this information and documentation is submitted, providers can approve applications in only 48 hours and fund business cash advances in as little as five business days.
The Repayments
Repayments are one of the simplest and most convenient parts of the business cash advance. Many business owners may be used to making fixed monthly payments when theyve borrowed money, but business cash advance providers employ a different repayment method, in which borrowers never have to remember to make a payment. The provider will automatically deduct a small percentage from daily credit card sales to repay the business cash advance. In about seven months, the repayment will be complete.
The Renewals
Every three to four months, business cash advance borrowers become eligible to renew their accounts. Applications are not required when renewing and merchants can have funds in their accounts in as little as 48 hours.
A merchant will never know how easy a business cash advance really is unless he/she tries it. Get a free online quote today!
About the Author:
Chrystal King writes articles about the Business Cash Advance , for Merchant Resources International.
