Merchant,Loans,How,They,Work,M finance, share, loan Merchant Loans - How They Work
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Most small business owners are aware of merchant loans but do they really understand how they work? First off; a merchant loan isnt really a loan at all. The only similarities between a merchant loan and a business loan are that youre given a large sum of money that you are expected to pay back over an extended period of time. A merchant loan is really another word for a merchant cash advance. Rather than loaning your business money that you are expected to pay back each month with interest; a merchant loan provider purchases a portion of your future, unprocessed credit card sales at a discounted rate. Before they give you the money; they need to configure your credit card processor to take a percentage of your daily credit card sales each day to pay back the cash advance. This distinction is important in a number of ways; Because they use your credit card sales as a basis for the cash advance; your credit history is not the predominant determining factor. Because they use a percentage of your credit card sales to pay back the advance; your payback amount fluctuates with your daily sales. This flexible payback schedule helps take the strain off paying back the advance. Because they rely on your proven credit card sales history; collateral is not required. A merchant loan is more expensive than a regular bank loan. It is true that a merchant cash advance is more expensive than a bank loan. One of the reasons for this is the added risks involved with unsecured loans. There are also many advantages to merchant loans over bank loans. Some of these advantages include; Quick approval: Businesses are usually approved within 24 hours. Easy application process: In most cases, the application process has been streamlined to a simple two-page form and 4-6 months of your businesss merchant statements. Funding in 7 days: A credit card advance provider will deposit cash into your business account in 7-10 business days. Use the funds any way you like: Unlike most bank loans; We do not restriction how you use your credit card advance. There has never been a more convenient way to get a steady flow of working capital for your business. Use the following link if you would like to learn more about how a merchant loan can work for you.
Merchant,Loans,How,They,Work,M