How accepting Visa and Mastercard can save you financially

Most businessmen know that there are easier ways of getting a cash advance. The problem is that not many of them realize that simply by accepting Visa and MasterCard at their outlets, they automatically qualify to get a cash advance loan for their establishment. The economy is rather slow these days and the interest rates at banks for loans are through the roof. Considering this, a merchant cash advance will be so much of a relief for those who need cash infusions soon and without too much of a waiting period.

Here is what you need to know on how your business can qualify for a merchant cash advance since you accept Visa and MasterCard. These are internationally accepted means of payment and therefore help you qualify easily. If you do not however have these at your establishment, you need not worry as there are plenty of service providers who will give you a loan without them as well.

Compared to commercial loans, the qualification requirements of such businesses is relatively easy. As long as you are business who has been functioning for a minimum of nine months to a year, you have one qualification done. You will also need to accept Visa and MasterCard. Along with this, you should not have applied for bankruptcy in the past year or have an already outstanding merchant loan in your name. It also goes without saying that it would be a good idea not to have any legal entanglements in relation to your establishment. This will seriously bring down your credibility.

If you are good on all these counts, make sure you approach a reliable service provider. Recommended ones are a good bet. Once you are done with the paperwork, you can expect the loan to be available to you in a week’s time. As far as a repayment schedule goes, it is based on a percentage of sales you make via credit card. So if you have a good month going, you will be able to repay your loan well. The advantage is that you do not have to worry if it is a slow month. The repayment will slow down as well.

The good thing about such loans is that you do not have a collateral at stake. This means that you do not have to worry about losing something if you happen to default. You can also apply for another loan as soon as you are done with this one.