At Goodpaster Merchant Solutions we want to see our clients grow without struggles and reach a solution that will benefit your business.
When a business is in need of money, they often turn to business loans. Luckily, there are alternatives; one of the most popular is a merchant cash advance.
Typically, businesses that need capital quickly will opt for a small-business loan to help them grow. While this is effective, these loans can come with high interest rates and hidden fees. They can hold your business hostage and harm your growth in the future.
Merchant cash advances for businesses come without these concerns. Instead of requiring interest and payments in the future, a portion of your credit and debit card sales will be used over a period of time to pay back the cash advance, eliminating your interaction with credit collectors or your bank. Instead, you will be working with our high-quality customer-support team.
The amount of the business cash advance is usually based on the volume of credit card processing the business produces on a monthly basis, averaging from 100% to 150% of a month's volume. For example, a business with $50,000 per month in credit card processing that needs a cash advance would qualify for $50,000 or more with the full advance to be repaid over 6 to 12 months. Repayments are deducted from credit card sales at a rate of about 10% to 20% per month until paid in full.
Businesses require additional capital for a number of reasons. Sometimes you need to cover holes in order to pay for your staff or travel expenses. Other times you might need capital for purchasing inventory, upgrading equipment in your storefront, renovating, advertising, or meeting a cash flow issue.
Some of the additional ways you can use a merchant cash advance include:
- • Business expansions: Expanding your business and opening up new locations can be costly. With a merchant cash advance, these costs are covered easily, allowing you to continue growing.
- • Seasonal downturns: Some businesses suffer from down seasons. Flower stores and nurseries are a prime example, as summers are busy while winter months see very little activity.
- • Research and development: Expanding your business into a new market requires research and development. You can use a merchant cash advance to make this side of your business easier.
Goodpaster Merchant Solutions is affiliated with many of the major merchant cash advance companies. As a result of our affiliations, we have negotiated favorable business cash advance rates for our clients.
If you are interested in a merchant cash advance program, Goodpaster Merchant Solutions is here to help. Please contact us here or call us at 765-662-1554 to get started today.