If you’re on a hunt for easy and quick financing for your business, then you’ve most likely heard about cash advance companies. Merchant cash advance companies are fast and convenient way to get funding for your business. They provide enormous cash advance in exchange for a percent of your daily credit-card receipts.
Merchant cash advances are an astronomically expensive financing source, but it could be the case that you don’t have any other option. Hence, it is important to know the repayment and cost terms as well as other laws.
- First you need to apply by visiting the website of a reputable provider, and completing their online application. Typically, it should only take few minutes, and you should receive funding within 2-5 days. Despite the fact that some companies give approvals in as little as two hours, getting the money into your account will take an extra few days.
- The factor rate, which is the multiple of the amount that you’ll have to pay should determine the repayment amount. Regardless of how fast the advance is paid in full, the repayment amount remains the same. The average factor rate is usually between 1.1 to 1.5.
- Your repayments will be deducted daily by your credit card processor, and the process is automatic. The hold-back percentage agreed upon when you got the advance determines the number of payments.
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