Working capital is one of the key aspects to manage a smooth business flow that’s targeted to attract more customers, bring in higher profit margins and ensure the overall brand value. The need to access quick working capital is something that all businesses have, regardless of their sizes.
The importance of credit card sales
Since shopping and purchases using debit or credit card swipes are more common than using cash in the present day, lenders like Mantis Funding can use the same information to offer a merchant cash advance to small scale business.
Both business owners, as well as lenders, are waking up to the fact that the information sourced from point card sales can be used to create a cash advance agreement that’s convenient for both the lender as well as the buyer. The cash flow depicted from the credit card sales can be used to create the terms of merchant cash advance as well as its repayment modes.
What are merchant cash advances?
Merchant cash advances are specifically designed for small and medium business owners who often face business roadblocks that call for quick and easy access to cash.
Choosing conventional lenders like banks is often not a possibility. This is largely due to their complicated and time-taking application process and strict approval policies. This is when small and medium scale business owners look for tailor-made financial solutions that offer instant cash advances with easy repayment options. Various capital funding companies like Mantis Funding do just that.
Unlike banking institutions, they do not review the credit score or the bank balance sheets of the borrower company. Instead, merchant cash advance lender companies like Mantis Funding reviews the monthly as well as annual revenue streams of the company and try to understand their overall business plan. Other factors like seasonal variations in business sales, the overall demand for the product are also checked before offering a cash advance.
Top reasons to go for them
So why should small and medium scale enterprises consider capital funding companies like Mantis Funding? Here are some quick reasons for the same.
1.The flexibility of choosing the amount of capital: the cash advance range offered by capital funding companies comes with a broad range that is largely based on the monthly card sales of a business.
2.Flexible tenures: Unlike cash advances provided by banks, there is no fixed date for repayment of the cash advances. Borrowers can choose a flexible repayment plan that suits their sales model. This is particularly suitable for seasonal businesses that have variations in sales figures.
3.Easy application process: The traditional laborious paperwork oriented processes of bank cash advances are no longer needed with capital funding companies. With easy to fill in online applications, anyone can access the same. Additionally, the overall review process is quick which enables business owners to meet the sudden and unexpected business expenses as instantly as they want.
4.Uncomplicated criteria: The requirements are simple with simple qualifying criteria like one-year operational history, a minimum card volume, a small number of minimum settlements per month, etc. Most leading merchant cash advance lenders like Mantis Funding review the basic criteria and work to transfer the needful cash to the borrower’s account within a matter of a couple of days.
