How to Use Your Credit Card Sales to Finance Your Business
Being the owner of a company can be a challenge, especially if you hit a rough patch and your revenue slows down. When your credit rating is affected by your sales, you must have another financing option in the event of an emergency. Instead of utilizing a standard loan, you can apply for a merchant cash advance to get the money you need. Here are a few ways that you can use your credit card sales to finance your business.
Find a Provider
There have been moments during the life of your business when your cash flow slowed down. It can be a challenge to keep up with your invoices at this time, which will adversely affect your credit rating. One option you should consider when other lenders are unable to assist you is a merchant cash advance. Research organizations that provide this service. Study what their requirements are. Typically they will evaluate your credit card sales to determine what amount they can provide to you. When you find a company that you are comfortable with, submit your application and request what steps you must do next.
Provide Them with Reports of Your Credit Card Sales
When you need a quick burst of money, run a recent report of your credit card sales. Send it to the lender for them to evaluate the numbers. You will want to allow yourself plenty of time to get an answer before you require financing. Once you are approved, you will get the merchant cash advance that you asked for. Be sure to review the terms that you agreed to so that you pay the amount back to them on time. You will usually have a few months to do so.
Advantages of Using a Merchant Cash Advance
There are many reasons why this option would be beneficial to your business. When you turn in your paperwork for this type of funding, it is awarded to you regardless of what your credit rating may be. It is an unsecured type of loan, so you can avoid putting any assets down to qualify for it. Since you are using your credit card sales to apply for it, your merchant cash advance can be reimbursed the same way. There is very little you must do to submit payments back to the company you are working with. While it may take a few days to get the money that you requested, it is far quicker than standard financing.
Seek Expert Assistance
JT Commercial Capital provides business loans to companies of all types. Our customized loan solutions are designed to enrich businesses and help you meet your goals. Contact us today to tailor a commercial finance solution to help your business succeed.