60 Seconds Summary
Does your business take credit card payments?
They can bring you a new kind of funding with Business Cash Advance
Business Cash Advance – also known as Merchant Cash Advance – can provide a simple way to deal with short term and seasonal cash issues – and to fund your business growth plans.
A Business Cash Advance can bring you the funds you need fast, often in just days. Then it makes repayment automatic, with a set percentage of every credit card payment going straight to the lender.
It means your customers repay your advance for you.
How it works
The lender will work with your payment processing company, who give them access to your recent transactions.
You request a cash advance up to your monthly card takings, which you can use any way you wish.
Can you get a Business Cash advance?
If you use a card terminal – a PDQ machine – you can apply. Because the lender can see what the business makes over an average month they can agree a loan amount and repayment rate fast. You can get cash in days, making it a great option if you don’t have assets, or need finance fast.
You get the cash advance you need. Your customers repay it for you
Fast – the cash you want in days
Applications are easy, there’s no need for extra security – get the cash you want in days, and use it for any business purpose.
Flexible – money for any purpose
Buy stock, fund growth, even help buy premises – or deal with temporary cash flow issues.
Automatic repayment – from your card takings
Repayment is automatic and the more business you do, the faster your advance is paid off
No security required
Because there is no need for extra security it is much easier to set up than a traditional bank loan or overdraft.
No repayment schedule commitment
Your repayments keep pace with your business. No penalties if business is slow and repayment takes longer than anticipated.
Poor credit history?
Business cash advance is not a loan – it is an advance on future earnings. Even businesses with impaired credit rating may be able to use it to raise cash.
Meet real businesses who have used Business Cash Advance
If you are seriously thinking about Merchant Cash Advance you need to look at the full picture - and not through rosy glasses.
Download Rangewell’s free and detailed guide to Merchant Cash Advance
- How is Merchant Cash Advance Regulated?
- Why is Merchant Cash Advance so expensive?
- How to pick the right Provider
- The Downsides of Merchant Cash Advance
- Paperwork you need to provide with your cash advance application
- Guarantees and collateral required
- Key Terms to check
There’s a limit on advances
The amount you can borrow is based on your monthly turnover. If you take £5,000 a month, that’s probably the maximum advance you can have.
You need to be a card based business
Business Cash Advance works best if your takings are mainly through your card terminal. Other solutions may be better if you take cash or send invoices.
You may need to switch terminals
Not all providers work with all lenders. You may need to switch terminal providers – we can advise on the options.
At Rangewell we are specialists in business finance.
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