A Merchant Cash Advance is an alternative method of funding a small business that is very popular at present. Based on credit card sales, a Merchant Cash Advance is usually a quick, efficient, and easy-to-manage form of small business funding.
The main criterion for receiving a Merchant Cash Advance is to have a predictable credit card sales volume. Most providers will offer you slightly different terms, but it mostly depends on your proof of steady credit card sales volume. The provider, in most cases, will purchase a fixed amount of your future credit card receipts at a discount. They pay your business up to £50,000, and then receive a fixed percentage of your future credit card sales, if and to the extent such sales occur, until they have received the amount of future credit card sales they purchased.
There can be many benefits in finding the right Merchant Cash Advance provider. This is typically a very fast way to get money for your business, with completion of the application process in anywhere from 3-14 days. With most providers, you can spend the proceeds from a Merchant Cash Advance on whatever is best for your business. While it may carry a slightly higher cost than other options, it can create opportunity for a business that struggles with traditional providers.
If you are looking for the perfect payment solution that saves you time and money, contact ECR today and speak to one of our experts who'll be able to help.