Business Cash Advances: A Fast and Hassle-Free Funding Solution
Unlike traditional loans, business cash advances can give you access to capital without the hassles of lengthy applications and paperwork. The process is designed to be extremely fast and hassle-free.
What Is a Business Cash Advance?
A business cash advance is not a loan. The concept of the advance is based on your credit card sales history. You are essentially selling your future credit card sales in advance for a lump sum today. After your business is funded, small deductions are automatically made from your daily credit card receipts.
Because of this, you will not have a fixed monthly repayment. Instead, the advance will automatically be deducted from your business credit card sales, typically ranging from 5-20% depending on the amount of your advance.
How Does Repayment Work?
A business can repay its cash advance through a percentage of credit card transactions processed daily. The lender will automatically set up a repayment system that withdraws a certain percentage of the business’s credit card sales to repay the advance.
Benefits of a Business Cash Advance
Although this is a new concept, it has already proven to be an effective way to get cash quickly. Here are some benefits:
- Low Risk: Since repayment is based on credit card sales, there’s no fixed monthly burden.
- Fast Access to Funds: Businesses can obtain funding quickly without lengthy applications.
- No Personal Collateral Required: No personal guarantees or loss of personal assets.
- No Late or Hidden Fees: The repayment is straightforward and transparent.
Qualification Requirements
To qualify for a business cash advance, you must meet the following requirements:
Credit Card Processing History
- You must process major credit cards like Visa and MasterCard for at least six months.
- Your business must generate a minimum of $5,000 in monthly transactions.
- If you do not accept credit cards, other financing options are available at Advance Funds Network.
Business History Requirements
- Businesses must be in operation for a minimum of 3-6 months.
- Brand-new businesses without a sufficient credit card transaction history may not qualify.
Proof of Monthly Income
- Businesses must provide credit card processing statements.
- Typically, six months of statements are required to give an accurate reflection of sales history.
Who Can Benefit from a Business Cash Advance?
This funding option is ideal for businesses that struggle to secure traditional loans. It is particularly beneficial for:
- Internet-based businesses with high credit card transaction volumes.
- Retail businesses that need working capital for inventory, payroll, or expansion.
- Service-based businesses that rely on recurring sales but lack access to traditional financing.
Get Started Today
If you have any questions, call 888.310.3110 to speak with a specialist. Don’t want to call? Chat with us online or email us at [email protected].
