It is much easier and faster to get a merchant cash advance than it is to get a bank loan. Bank loans require loads of documentation, proofs, guarantees, and most importantly, time; and time is perhaps the most valuable resource in today’s’ cutthroat competitive environment.
Merchant cash advance providers work quickly. They do not need extensive documentation and it is available to the business in a get financial help with an advance week or two. If the provider and business owner have done business before, the process is further expedited and the advance generally is available within 72 hours. Time is critical for a business facing a cash crisis. It can use the funds to immediately pay off debts and invest in business growth.
There are three steps to getting a merchant cash advance:
Step1: Setting up an account with an approved credit card processor
A merchant cash advance provider loans money in exchange for future credit card receipts of the business. The providers have contracts with many credit card processors. Business applying for such a loan must have an account with one of these credit card processors to be considered for an advance. If the business does not already have an account with one of them, it can apply for it.