How to Get a Merchant Cash Advance When You Have Damaged Credit
As a business owner, you may have heard about surcharging. This is a small extra fee that you place on the transactions of customers who use credit cards. It’s a popular practice, but is it right for you? Here are a few questions to consider before implementing a surcharge on your customers.
What is a merchant cash advance?
A cash advance isn’t a loan. We give you the money you need and you pay us back over time using a portion of your future credit card revenue. With Wholesale Payments Direct, getting a cash advance is easy because we can deduct our payments right from your credit card terminal. When one of your customers pays with a credit or debit card, a small percentage of the sale, including an affordable service fee, will automatically go to Wholesale Payments Direct. This will continue until your cash advance is paid off.
Benefits of a Merchant Cash Advance Program
There are so many reasons why using a merchant cash advance program can help your business!
Fast Access to Cash
When you apply for a loan, there’s always a long waiting period to find out whether or not you’re approved for a loan. And, if you have damaged credit, the odds of you getting a loan at all are slim. But with our cash advance program, you get the advance quickly. During periods of business expansion, a cash advance is the perfect option. Often times businesses get approved the same day they apply!
Unlike with traditional loans, it’s easy to qualify for a merchant cash advance. Even if you don’t have much business experience, you can get approved. If your business has a healthy amount of credit or debit transactions each month, a merchant cash advance will make even your day-to-day purchasing of inventory much simpler. No matter what kind of business you own, we’ll work with you! You won’t have to put up any collateral. It’s really as easy as it sounds! You won’t have to fill out form after form of tedious paperwork. All you need to do is complete a credit card application and provide us with bank or merchant statements that span a few months of time.
There are no limits to the ways that you can spend your cash advance. Maybe you’re looking to advertise your business or update an expensive piece of equipment – great! You might want to purchase an important piece of technology or use the advance toward your payroll – no problem! Sometimes an emergency can also create a sudden need for cash that you simply don’t have. Whatever the reason, Wholesale Payments Direct can help you.
If you’re struggling to qualify for a loan, the merchant cash advance program from Wholesale Payments Direct is right for you! Call us today to set up the service at your business.