Business Financing - Three Painless Steps To Get A Business Cash Advance Approved
Are you missing out on business opportunities due to shortage of funds? Are you tired of waiting for weeks or months for loan to be approved? Are you being asked to produce hordes of unnecessary financial documentation? Are you frustrated by all the intrusive questions surrounding your business loan proposal? Are you looking for a fast and painless solution to secure resources for your business and get ahead of the competition? If yes, then a business cash advance, also called a is the perfect solution to your problems.
Business cash advance is a loan alternative that is changing the the face of the financial industry. While a typical loan application is approved in weeks or months, business cash advance available to you within a week, sometimes in as few as three days. The application form is accessible on the internet. The form is quite straightforward and can be filled in a few minutes. Further, you don't have to furnish loads of proofs to get your application approved.
The application process works in the following manner:
1. Creating an account with an approved credit card processor
Business cash advance is not a loan, rather an advance purchase of your business' future credit card sales. Thus, to receive a business cash advance funding, you set up an account with a major credit card processors. Open an account with the permitted credit card processor and start processing credit card payments at least six months before submitting your application.
2. Applying for an advance
Business cash advance providers ask for your credit card processing statements with the application. Your application is vetted based on two criteria - time in business and average monthly credit card sales volume. Most providers will expect you to be in business for a minimum of 6 to 9 months with average monthly credit card sales of $5000 or more to be accepted for a business cash advance.
3. Signing the contract for business cash advance
If your application is accepted, a contract will be drawn out. This will specify four crucial pieces of information.
- Future credit card receipts amount: This specifies the amount of the credit card receipts that you sell to the provider for receiving the cash advance. It is in fact the actual cost of the advance.
- Cash advance amount: This is the total funding you will receive from the provider.
- Percentage of daily credit card sales: This specifies the percentage of credit card receipts that will be paid out to the provider each day. This percentage should be fixed at the start and not change through the payment period. Watch out for vague clauses that can be used by unscrupulous providers to change this percentage at a later stage.
- Penalty terms: The terms are specified to make you aware of possible actions in case of contingencies.
Upon receiving the contract, read it thoroughly. Clarify all doubts and understand every term and condition included in the contract. Remember that business cash advance is not a loan. Your contract is the only official defense against deceitful providers. Once you sign and accept the agreement, the advance will be transferred to your account within a week or less.
Business cash advance allows you to receive funds quickly and easily without drawn out waiting periods. Make the most out of your funding by learning about the application process. Daljeet Sidhu is the author of this article.
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