From the course: Financing Your Business
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Business cash advances
From the course: Financing Your Business
Business cash advances
- Merchant cash advances also called business cash advances are a very popular type of business financing for businesses that accept payments via credit or debit cards, including everything from restaurants, gas stations, medical offices, day spas and salons, and even online businesses are eligible. It's technically not considered a loan, instead it's considered an advance against your future sales. The company offering the financing will look at your past credit card and debit card receipts and use that to decide how much money to advance your business against future sales. There are a variety of ways this can be structured. Very often, they will take payments daily out of future credit debit card sales. Payments are going to come right off the top before you receive money from those sales. Also, you may have to change your payment processor to their payment processor. That could add an additional layer of costs you…
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