Monday, 3 June 2013

Cash Advance - The Cash Genie For Your Business!

Let's think of a typical situation. You have a business and you're passing through a not-so-good phase. You could really do with some emergency funding. Oh, if you only had a genie who could grant you just one wish, you know hat to ask for! Relax, this article will show you exactly where to find this genie for your business.
If you own a business and are in need of some quick funds, a business cash advance is what you need. A business cash advance, as the name itself suggests, is a sum of money forwarded to you to facilitate the operation of your business. Let's face it, for somebody owning and running a small to medium business, the need for funds may arise all of a sudden. The needs could be varied - such as advertising and promotional costs, debt consolidation, cash flow, adding to inventory or purchasing new equipment, business expansion or remodeling, payroll and so on. A simple business cash advance can take care of every such need in the most satisfactory and timely manner.
More than just being a financial assistance in an hour of need, a cash advance sometimes assumes the role of a veritable life-saver. It can sometimes play a more critical role whereas it saves a business from stopping its operations. In such cases, a cash advance is what a business needs not just to improve operations, but to keep on operating in the first place. The cash advance amount is usually based on the average monthly Credit Card sales and the merchant's need for capital. It can also be dependent on the average credit card volume and the past business history. In recent times, however, the process of securing a cash advance for your business has become a lot simpler than ever. Most financial bodies offering such advances require a business to comply with just a handful of norms in order to deem it qualified to receive the loan. These include being in the restaurant, service or retail business for an appreciable length of time (like 9 months or more), having a moderately good to excellent personal and business credit history, no open tax liens, judgments or bankruptcies and the like.
The most important prerequisite, however, is that a business must be accepting credit cards as a form of payment. This is because repayment of a business cash advance is closely linked with the credit card transaction of the business. A business cash advance is never tied to a fixed repayment schedule. Rather, the repayment is done from credit card sales receipts and as such, the business generally does not feel the pinch. This is an agreeable departure from the working capital loans which require a fixed repayment schedule. If the borrower fails to repay the working capital loan according to this schedule, it might affect his credit score and he also stands the chance of losing his collateral.
The process of applying for a business cash advance and getting an approval has been streamlined substantially over the last few years. Most lending authorities now can provide ready funds for a business without any upfront fees or closing costs, any collaterals and often, in as little as 10 days. Approvals for a loan request can be obtained in 24 to 48 hours.
So where should you start when you need a lender for a business cash advance? Try the Internet. There's no dearth of very competent and reputed lenders on the Net today. All it takes is just a few clicks of your mouse to zero in on the best terms and secure a business cash advance for your business needs. Get the genie to grant you your wish!