What is a Business Cash Advance?
A business cash advance is a very innovative method of business financing.
Like other business financing options, the business cash advance provides the funds that small business owners need to put into their businesses. However, many of its characteristics set the business cash advance apart from other traditional business funding methods and place it into a category of its own. For example, the business cash advance offers convenience, flexibility and longevity.
Convenience
The business cash advance is one of the most convenient methods of business financing for small business owners. The minimal requirements make it easy to qualify for and the speed of funding allows small business owners to circumvent the long waiting periods that come along with other traditional methods of business financing.
Small business owners can be eligible for a business cash advance simply by putting in at least six months as the owner of a business that processes a minimum $5,000 in monthly credit card sales, along with very few other requirements. Moreover, when a business owner applies for a business cash advance, he/she can be approved in 48 hours and have the money in his/her account in 10 business days.
Flexibility
Business cash advance payments are designed to go with the flow of business. A small percentage of a business's daily credit card sales are automatically deducted in order to pay off the business cash advance. This flexibility allows small business owners to continue business as usual, as their business cash advances are automatically repaid. Businesses pay less when sales are slower and more when sales are higher.
Longevity
As time goes on, the business cash advance can remain a reliable method of business financing. Borrowers can renew their advances every three to four months, having access to funds for their businesses whenever they need them.
