We have talked a lot about alternative methods for financing businesses outside of the conventional bank loan, such as invoice financing, but there are plenty of other ways of sourcing financing which we have yet to look at should invoice finance be unsuitable for your business.
One other notable way of lending we have yet to look at is through a merchant cash advance. This type of lending is relatively new to businesses and although it is in its infancy it is picking up traction and becoming hugely popular, especially small businesses that are often turned down for a conventional loan from their bank.
This sort of lending is perfect for businesses that may not have much in the way of assets but do have a lot of turnover in the form of card transactions on a daily basis, especially suited those in the retail and leisure industries.
How does a merchant cash advance work?
There are two separate ways to secure financing in the form of merchant cash advances. Firstly, you can secure an upfront deposit of cash, which will be paid back plus a percentage of future credit from your debit and credit card payments.
The second option is that you will receive the same amount of cash upfront only this time it will be paid back through fixed daily or weekly debits from your bank account.
How to compare merchant cash advances online?
You can compare and receive a quote quickly and easily when you compare lenders using Quote Goat. Simply input your details through our simple application which takes less than thirty seconds to complete; we will compare over 70 lenders instantly to find you the right one and once you’ve made a decision you can receive funding in as little as 24 hours.
Compare merchant cash advances now and to see if your business qualifies for one of these great deals.