You might run a small business part time, in addition to your regular income. You have a few options available to you, if you are in need of fast cash for your company. You can either get a small business cash advance (provided you’re a retailer) or a personal advance. Which option you use depends on a few factors, which we will discuss in today’s article.
In order to get a small business cash advance, also referred to as a merchant account advance, you’ll need to meet certain criteria. First, you must run a business that is customer facing and runs credit card transactions on a regular basis. This applies to most retailers.
The reason for this is that you’ll need to have a merchant account for repayment. Your merchant account is the name for your account with the credit card processor. If you run a significant amount of sales via credit, you can sell a portion of future sales to a merchant account advance company.
For example, if you run $15,000 through your credit card machine each month, you may be able to sell $15,000 worth of sales. For each future transaction, a percentage of that $15,000 will be taken off the top to repay your advance.
A personal advance works differently than a small business cash advance. The amount of money you are disbursed is based on your income at your place of employment. Typically, you can borrow up to one month’s income at a time. Repayment is usually expected within a couple months. Which option you choose is a matter of personal preference.
For more information, go to Small Business Cash Advance at http://www.unsecuredbizloan.com/small-business-cash-advance/