MCA’s are a good choice because you can receive money quickly and the application process/paperwork is less extensive than when you apply for other loans. You should always provide your daily credit and debit card receipts, however. This way, providers know whether or not you’re in a financial position to make payments.
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The bottom line is, if your business makes its revenue primarily off of credit and debit card sales, then merchant cash is a good option. The application process is straight forward and there are many advantages including no collateral and flexible payment schedules. But you should note that fees and interest do apply with MCA loans.
Merchant cash loans come in two forms. First, there's the most popular choice which is Automated Clearing House (ACH) withdrawals. This allows lenders to work work with businesses that do not primarily receive revenue from credit and debit cards. The second option is when a business owner receives capital upfront with the agreement that future proceeds goes to the lender.
Why Choose Equipment Financing?
A secure loan means you have to forfeit collateral. In many cases, the possession can be your home, or your business assets. Essentially, you’re gambling with the most valuable possessions that you own. However, with a merchant cash loan, it’s unsecured. No collateral, no loss of valuable possessions. But in many cases, you will need to write an agreement to make regular payments.
Again, your payment schedule with Merchant Cash Advances is far more flexible than a traditional loan. Lenders base payments on your credit card sales. So when your sales are down, it’s more than likely that your payment is lower. However, this is only the case if your repayment is based off of your sales.