1.) Do you need a quick cash injection to see your business through a difficult time?
2.) Do you have a bad credit rating and find it difficult to secure a loan from traditional finance providers?
3.) Does most of your income come via credit and debit card sales?
If you answered “yes” to any of the questions above, then a merchant cash advance through Clear Skies Capital is something worth considering.
This kind of lending alternative is little understood and attracts a lot of controversy. Basically, it’s a quick capital option with a little-deserved bad reputation. More and more small business owners are taking advantage of merchant cash advances and are having good outcomes. These advances can provide small businesses with a much-needed boost.
Here’s how it works. The amount we finance is based on a percentage of your credit and debit card takings or your everyday cash takings. We determine the amount by looking at past credit card income and bank statements. You will then pay back the merchant cash advance as well as a discount amount from a fraction of your credit card income for that day. We deduct these remittances automatically, usually daily, but sometimes each week or month until the debt has been repaid.
It’s important for you to understand exactly how a merchant cash advance works and what effect one will have on your business. Our experts here at Clear Skies Capital will be able to advise you in that regard. Don’t hesitate to contact us with any questions you may have.
Merchant cash advances are great choices for small company owners that don’t have good credit ratings but have a lot of credit and debit card activity for their sales. Strictly speaking, merchant cash advances are commercial transactions as opposed to loans.
Distinguishing Features of Merchant Cash Advances
No set terms. We will calculate your repayment term according to the sales history of your business. You will be charged a specific amount, called a factor rate.
No interest is charged. Merchant cash advances are not secured. Clear Skies Capital will not receive any surety or guarantees. If your business fails, the risk is ours.
Very little paperwork: We mainly just need a few months’ bank statements, your card machine processing statements, and your driver’s license.
Very quick approval: We’ll look over the paperwork in about twenty-four hours and once approved, the funds will be in your bank account within a matter of days. This can be a real helping hand for a business with a cash flow emergency.
Repayments made daily: If your business cycle changes and you do fewer transactions that day, then less will be deducted. On busier days with more coming in, your loan will be repaid quicker.
Good Option if You Have Bad Credit Ratings
Possibly the biggest advantage of a merchant cash advance is that it opens a credit line for company owners with poor credit ratings. It’s one of the few ways people in that position can get liquid cash quickly. That’s because your future sales projections are more important to us than your credit rating.
Good Option if You Have No Collateral
If you as a small business owner don’t own property or have many personal assets, it’s almost hopeless trying to get a bank loan. Even if you do own your home or have other personal assets to use as collateral, you may not wish to take the risk of doing so. The fact that a merchant cash advance form Clear Skies Capital requires no collateral is therefore a huge advantage to yourself.
To answer the original question then, “Should I choose a merchant cash advance loan?” Simply put, if you’re a small business in need of cash at once and you don’t qualify for a bank loan, then yes, you absolutely should contact our team at Clear Skies Capital today.
Still have questions about a merchant cash advance ?
Read one of our latest articles – Is a Merchant Cash Advance Right for Your Business?