5 Reasons Why Merchant Cash Advances Are Your Best Friend
Most business owners need money – and not just in terms of profit. In order to secure a better future for their business, they need to have extra cash on hand to sweep up opportunities and maintain equipment that makes their company run. Sadly, most companies do not have the profits to allow this to happen, and that’s why they turn to banks and private lenders to keep their doors open.
The problem is, most companies think banks are going to be the best option to go to when they need funding. This is just not true. It’s merchant cash advance companies that will offer the best deals for business owners in need. Here’s why:
- Bank loan applications take too long. Merchant cash advance applications take a couple of hours at most, and you can get cash disbursed within a couple of days. Bank loans can take months to complete, with disbursement taking as long as years. Considering how often time is an issue, cash advances are king.
- Cash advances give you full freedom on how to spend your money. Did you know that bank lenders can legally tell you how to use the money you borrow? If what you want to do doesn’t suit their ideas, you could end up in serious trouble. Merchant cash advances are the best option, simply because they offer you full control over the money you choose to receive.
- Flexibility is the way cash advances work. The biggest reason why bank loans don’t work out well for many businesses is because they are not flexible on payment terms, nor are they flexible when it comes to the amount you borrow on the loan. They aren’t even flexible when it comes to who they lend to! Cash advances have flexible payment terms, high acceptance rates, and also give a much wider range on how much you can borrow.
- Unlike bank loans, cash advances also don’t require collateral. Collateral can often make or break a bank loan deal. If you don’t end up having things work out, banks can take the very things that make your company work. Merchant cash advances never require collateral, so that risk is off the table.
- Cash advances are all about convenience. Cash advance payments are automatic, which means that you never have to worry about mailing checks in, or keeping up with payment schedules. Bank loans, on the other hand, are often not. Everything about the merchant cash advance process is designed to be as simple as possible. Banks?
If you need funding, it’s clear that banks do not have your best interest at heart. In most cases, business owners will find cash advances to be a better option, with terms that work easily with their company’s natural flow. If you need a cash advance, call Red Payments. We’ll be happy to help.