In addition, small businesses have to contend with slow growth, low sales volumes, and playing catch-up with financial obligations. Business owners who want to keep growing can resort to a simple solution: the merchant cash advance. This makes it a great alternative during hard times, because a cash advance does not impact your credit score. Even if you renew your advance right after you finish paying your first one, your credit score remains intact.

The program is simple: our purchases your future credit card sales at a discounted rate. The amount of money you receive depends on your monthly credit card sales volume.

This is a great option for those who are looking to grow their business but are on a budget. There are no application or setup fees, and we don’t need collateral from our clients. As long as your business takes credit cards as payment, you can receive a merchant cash advance. There are other requirements, which include that you own the business, and that it’s been operating for at least 6 months.

You can let your merchant service work for you, and use the advance the way you see fit. Our advance expert, Rory Mero, recommends calling a reputable lender and inquiring to clear up any doubts you may have. Our trained and knowledgeable staff, including underwriters and sales managers, can help you make the best choice for your business.

Cash advances are the best alternative to this lengthy and trying process. First and foremost, you must be in business for at least 12 months, accepting credit cards as form of payment (at least $3,500 with 10 batches monthly). I would like to explain the program in simple terms.

We advance money based on your monthly credit card sales and gross monthly receivables. Cash advance providers will offer up to 150% of your monthly credit card sales, and the repayment for this service is pain and worry-free. As long as you’re accepting credit cards, the provider will attach a small percentage (previously agreed upon) of your daily credit card sales.

However, I always ask my prospective clients what the money is going to be used for. If these funds will not increase your bottom line 40 or 50 percent, shy away. The payback amount could be too much and ultimately be a detriment for your business.  My personal suggestion is that a cash advance should be used to facilitate the growth of your business.  “Growth” can mean a lot of things, so here are a few examples: advertising, remodeling, or purchasing inventory.

If you are looking to pay down financial obligations, all you can accomplish by taking out a cash advance is to dig yourself a deeper hole. However, the beautiful part of this program is that there is no impact on your personal credit. A cash advance is not reported to the credit bureau as a debt, only an inquiry. In addition, there is no fixed monthly payment; we only get paid when you accept a credit card, and there are no penalties for slow pay. Our merchant cash advance system is designed to go with the flow of your business, so that you don’t feel the burden of a loan.

-Rory Mero
West Coast Regional Manager
Merchant Resources International

One of the newest products is Google Wallet, which could change the business world as we know it.

In its official site, Google calls its new service “the brink of the next big shift” in the way we make our payments. Whether or not this statement ends up being true, we can all agree that Google Wallet is an innovative idea. Combining the recent app madness in smartphones with the convenience of mobile commerce, this system offers both buyers and sellers the option to do business on the go.

The app was especially designed and only available for Android phones, presumably to give them an edge over the ever-popular iPhone. As soon as it launches, Google Wallet will be only compatible with the Samsung S 4G by Google, but will later be available for other phones.

What Google Wallet does is basically allow users to pay merchants simply by tapping their phone screen. The app will store your credit card information in your phone, which it will use wherever a merchant has a “Paypass” sign. Tap and pay online or local businesses. The program also features rewards from participating merchants, giving customers a chance to build “loyalty,” which results in rewards.

Google also provides offers for buyers through the aptly named Google Offers, a site that works like the famed Groupon in promoting special deals and discounts for subscribers. Offers sync up with your wallet information to provide pertinent deals.

For those who are afraid of losing their phone and therefore, also their wallet, do not fret. The app requires a PIN number to “open” the wallet, and “provides many layers of security.”

• Credit card information is encrypted.
• Users need to enter the PIN number for each purchase.
• A computer chip called “Secure Element” stores the wallet’s data, so that it is separated from your phone’s memory.

The only downside of Google Wallet is that it only works with Citi Mastercard and a Google prepaid card; but it wouldn’t be surprising to see it branching out to other credit card companies as more people start using this service.

Our website has received a makeover this week! It has been tweaked to download faster, be compatible with all web browsers, and be more user-friendly. And since we know that form follows function, our website boasts a new and improved look. It is now more streamlined and stylish, serving as a frame for concise and informative content.

As you can see, applying for a cash advance with us is easier than ever. We’ve put a no-obligation quote calculator, along with a short application for merchants who are wondering how much they can receive. Users can now navigate our website quickly while getting all the information they need. Check it out and see for yourself!

This leaves many small business owners who use business credit cards in a difficult predicament, with the need to search for yet another suitable business funding method.

*Do you use credit cards for your business?