How Do Merchant Cash Advances Work?

Are you thinking about expanding your business or enhancing your online presence? Have you thought about offering seasonal discounts or value-added services such as a loyalty program or home delivery? These ideas may give you a competitive edge over others. However, to implement them, you may require additional working capital. Here’s a look at how merchant cash advance funding works.

Apply Online

First, fill up an online application form on the lender’s website with relevant details. The application process is simple and seamless and will take no longer than two to three minutes. After the application is filled and submitted, the lender will analyze the details that you have submitted. The advantage of a small business cash advance is that approvals are not based on your credit score or collateral.

Appointment with a Funding Specialist

You will be assigned to a funding specialist who will support and take you through the entire process. Reputed lenders have specialists aware of all the intricacies of merchant cash advance funding. They will be able to suggest different financing solutions based on your industry, growth plans, and specific needs.

Transfer of Funds to Your Account

Due diligence will be done after a thorough review of your documents. You will receive an offer based on your business requirements. Once you take a look at the offer and discuss it with your funding specialist, you can go ahead and choose a product that is best suited for the success of your business.

The application process for a small business cash advance is fairly simple, and the approval process is quick. Approvals are not based on credit scores but in order to be eligible; it is preferable that you have a good credit history. Further, you have the flexibility to use the cash advance in whatever way you deem fit without any outside interference.

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