What is a Merchant Cash Advance?
A merchant cash advance, also known as an MCA, offers an advance of a fixed dollar amount in exchange for a percentage of that business’s future daily credit and/or debit card sales. Essentially, an MCA offers a cash advance in return for future forecasted sales. This type of funding can be obtained very quickly compared to other types of funding, and repayment is flexible. Factor Finders understands that sales can fluctuate–therefore, so would your repayment! Because you’re paying a fixed percentage, versus a set payback amount every month, if your sales are down, you won’t be expected to pay back as much. Additionally, this type of financing doesn’t require collateral, making it even easier to qualify for.
How to Qualify:
- Must have been in business at least six months
- $5,000 in overall sales per month
- Have a business checking account with a positive balance
- Business owner must have a credit score of at least 500
How Factor Finders Help Your Business
Here at Factor Finders, we understand that it takes money to make money. We also know that getting the working capital your business needs is sometimes easier said than done. Unless your business has a spotless record (and who’s does?), it can be extremely difficult to get a cut-and-dry bank loan–that’s where we come in. Factor Finders has multiple funding options and partners, tailored specifically to your business goals. Our job is to make your job easier–we know you have bigger things to worry about. Why waste more time trying to decipher vague and tricky language and which program is the best for your company? We have spent years cultivating relationships so that we can offer you the best financial programs out there. Let us do the work for you! Factor finders can promise you:
- Industry low rates
- No application fees
- A personal account manager to handle your portfolio
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A Merchant Cash Advance Can Help Your Business Thrive
Merchant cash advances can help almost any business in any industry. This alternative funding option isn’t just for struggling businesses either! MCA’s can be used for:
Purchasing new equipment: upgrading equipment, office supplies and furniture can be one of the most expensive start-up costs!
Expanding to a new location: having a large lump-sum advance can help spread your brand
Paying off existing debt or to pay taxes
Covering marketing costs, hiring new employees or investing in new technology