Businesses have many needs, and finding the right financing solution can be a challenge. Cash flow problems are common in any business, so it’s good to know what you can do to prevent them from getting out of hand or even starting in the first place. With the help of an experienced merchant cash advance funding source like United Funding Group, you can start seeing the benefits of merchant cash advances now. Read on to learn more about why so many small business owners choose to use United Funding Group’s merchant cash advances when they need fast access to capital.
What Is a Merchant Cash Advance, Anyway?
A merchant cash advance, also called a business cash advance or online cash advance, is essentially an advance on your credit card processing fees. It works much like a traditional business loan and can be used to grow your existing business or start up a new one. If you run an e-commerce store or are in another industry where credit card transactions are processed by large third parties, you may qualify for up to $500,000 in financing—with rates that can be as low as 10 percent (compared with rates as high as 30 percent for small-business loans from banks). And unlike most bank loans, there’s no collateral required.
Why Do Small Business Owners Choose MCA?
In today’s economic climate, working capital can be hard to come by for small business owners. While banks may have rejected you in your time of need, there is an option that can help get you out of debt and back on track with little money down: merchant cash advances. In 2021 alone, United Funding Group sourced more than $500 million in short-term loans and funds to small businesses across America—and we are only getting started.
How Does The Application Process Work?
The application process is simple and fast. We will send you all of our forms electronically, and work with you every step of the way. Our underwriting department must make sure your business qualifies before we fund your loan, which means that it usually takes about 72 hours to get everything approved. But once we do, you’ll be off to start funding your next big project! The entire United Funding Group team is dedicated to providing first-class service from beginning to end—and beyond. You’ll have full access to our customer service agents any time you need us. Whether it’s day or night, during business hours or on weekends, we will always be there for you.
How Is the Money Distributed to Me, Exactly?
You’ll get your advance within 24 hours of signing your merchant cash advance agreement. The amount you get is based on a percentage of your daily credit card sales and can be distributed to you in one or multiple payments, depending on what you and United Funding Group agree to. Most borrowers receive 100% of their cash upfront, but there are some cases where additional fees are due up front. These fees are usually paid out by check or wire transfer, but United Funding Group does offer financing options to those borrowers who have been pre-approved. No matter how much money you borrow, however, you never pay back more than 20% of your daily credit card sales over 12 months.
Are There Any Fees Involved With This Type of Loan?
Many business loan types will include fees, and merchant cash advances are no different. The merchant cash advance from United Funding Group doesn’t include any origination or closing fees. In addition, your loan repayments are applied directly to your day-to-day business expenses so that you don’t have to worry about using profits to pay back your lender.
If you’re looking to start or grow your business and would like access to more cash flow, you should speak with one of our merchant cash advance specialists at United Funding Group. We will walk you through each step of our process, so you know exactly what to expect during each stage. Our specialists can be reached at 1-954-287-4539, where we’ll answer any questions you have and explain how we can help put cash back in your business.