A friend of mine opened up a restaurant in New York near a decent locality. With the real estate prices being on the rise, he used a major portion of his savings to pay up for the deposit and the advance rent. The rest was used in buying the necessary appliances and equipment. He still needed cash for the interiors, salaries and the other operating expenses.
He didn’t want to close down the place because it had started doing good business. However, he had to do something immediately about the furniture and the operating costs to stop customers from moving away. That’s when I told him about Merchant Cash Advances!
I am in a business that has been selling merchant cash advance leads for quite some time now. We save the details of businesses that are in need of cash, find out if they need any cash advances and sell these merchant cash advance live leads to our clients. We are in touch with many advance providers who are very interested in buying such merchant cash advance live transfers from us. I introduced my friend to one of these clients and within no time my friend got his cash that he wanted for his business.
The procedure was very simple and the formalities, very few. All he had to do was to prove that he had credit card transactions and the volume was quite decent. The Merchant cash advance provider was well-aware of the restaurant and was convinced of the fact that he would get his money back. So, three days is all that my friend had to wait to get his cash advance.
Once he had taken care of all his expenses, his customers grew and business became even better. He didn’t have to worry about depositing cash in the bank or making payment to the merchant cash advance provider. As soon as he swiped a credit card against the bill, a pre-agreed percentage of the amount would automatically get transferred to the advance provider’s account. Although he had to pay set up fees and a couple other costs, things were extremely convenient.
There was no pressure from the cash provider to repay the advance. There was no deadline involved. Cash would be credited to his account as and when credit card transactions happened. My friend did not have to face any problems of not being able to meet his operating costs again. He was extremely thankful to me and all that I had done was introduce him to one of my clients who bought merchant cash advance real time leads from our company.
Benefits of Merchant Cash Advances (MCAs):
MCAs can work very well for retail shops, hotels, restaurants and travel agencies that have a lot of credit card sales volume. The main benefits associated with these cash advances include:
No Fixed Monthly Payments
For one thing, a merchant cash advance is not a loan that requires you to make fixed monthly payments, whether you can afford them or not. You don’t have to worry too much about them.
Payments become very convenient
You pay a percentage of your daily credit card sales depending upon the volume. The payments, as explained above, are very convenient to make as they happen automatically.
The best thing about MCAs is the time taken to process them. All that the provider is interested in, would be your credit card sales volume and if you can prove you have good volume, you get the cash immediately. There is no need to worry about credit score and other documentations.
You don’t feel the pinch
Since there is no fixed amount that is to be paid daily, you don’t really feel the pinch of paying back the loan here. You need not worry about saving up the amount needed to pay back the provider.
An MCA can definitely be beneficial for many businesses, which are in need of urgent cash to take care of their expenses. However there are certain things these businesses have to consider before applying for such an advance.
First thing is they have to make sure their credit card sales volume is very high and they are left with enough money to take care of their operating costs after paying back the provider. Another thing they have to understand is that there are many kinds of costs involved with MCAs. It may prove costlier than a regular loan. The percentage of the credit card sales they have to pay is also quite high.