Businesses often encounter cash flow problems, debts that must be paid urgently and unexpected expenses that must be paid immediately. For businesses, merchant cash advance loans are a good way to bridge the financial gap till you get back on track.
A quick search on the search engines will reveal that there are so many companies offering merchant cash advance services. Your headache will be selecting the best company that will give you all the services you need at the best rates. Here are some tips to help you with your selection.
- Best practices: Only deal with companies that have demonstrated their best practices in their business. Read reviews to see what other clients are saying about the companies you have shortlisted, check their Better Business Bureau ratings and their affiliation to North American Merchant Advance Association, as well as other bodies.
- Compare fees and interest rates: As a business in need of financial support, you will need to make savings on every deal and that includes the merchant cash advance loans. Look for companies with low rates and no hidden fees to get the best out of this loan.
- Service provider you have done business with before: If you have been funded by a reliable merchant cash advance company before, it would be wise to use the same provider if their services were satisfactory. This is because they will have all your details and approval time can be significantly improved, and you may have some additional benefits as a repeat customer.
- Customer support: A company that offers good customer support, is advanced in technology and is communicative is always a good company to work with. Look for a company that has such qualities. A company that will offer you additional funding and easy renewals is a good provider.
- Experience: While there is nothing wrong with working with new companies in the merchant cash advance business, your business and your piece of mind is better anchored in a business that has been in business for some considerable time. This is because their systems are up and working and you do not want your business to be a training ground for a start-up.
- Direct source of funding: Some merchant cash advance service providers will not advance you their own money. They will handle all the applications and approvals and then source your funding from another company. Deal with providers who are the sources of your advances as this will reduce approval and disbursement periods.
- Seasonal businesses support: Some businesses are seasonal and if yours is one, you might have to search deeper for a company that will advance you funds. This is because most companies will advance money to businesses that are open all through the year. Examples of seasonal businesses include snow shoveling and summer camp businesses.
Grace Hartnett is the CEO of a merchant cash advance company and she has an impressive record in service provision as well as business training and consultation. Contact her for all queries on companies in merchant cash finance.
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