Fast Cash For Credit Card Merchants
If you take credit cards, here's how you can help your cash flow ...
Get The Cash You Need - Usually Within 72 Hours!
Have Your Credit Lines Been Tightening Up?
It's no secret that banks have pulled back on lending and cut small businesses credit lines. Business owners all across the nation are feeling the pinch! Because of the economy things we used to take for granted aren't materializing like they once did.
So what are the best options for today?
Well, it depends.
How soon do you need the money? Do you have a short-term or long-term need? And have you tried every alternative for getting traditional financing?
A Quick, Relatively Easy Option
If you have a merchant account and process credit cards, you have an excellent chance of getting the money you need. Depending on your monthly credit card volume, and how long you've been processing, you may have a pretty valuable asset you can use for leverage - your future sales!
There are companies with money to lend, or, more accurately, to advance to you today, for a portion of your sales revenue tomorrow. (so it's actually not "lending", in the traditional sense) And even though the interest rate on the amount advanced is higher than with a traditional loan - it's a way for a merchant to be able to raise cash fast - and usually without having to prove good credit. In fact, the money is ordinarily received within 72 hours of submitting an application which gets approved.
A Few Pros And Cons
On the plus side it can be a solution, or, depending on the businesses circumstances a 'lifesaver' to have such quick access to some much needed cash. Also, it preserves other credit lines so, if needed, more money can be available to the business the traditional way.
One of the "cons" is that you're giving up a percentage of your future sales in order to pay the money back. So it's important to factor that in to any future planning.
On the plus side (again), even though the money gets paid back, it's through future sales - so it doesn't hurt cash flow by paying money out before it even comes in.
by: VirgilAbout the Author:Virgil Stanphill works as a Consultant in the Payment Processing Industry. If you need fast cash for your business Go here If you have any questions about processing credit cards, want to understand your monthly statement better, or see if you can qualify for a better program you can Visit his blog here