Merchant Cash Advance (MCA) allows any business owners to have a quick access to cash for a much needed short-term capital where they would be able to use their credit card merchant account as a leverage. This is the best alternative to the long process and very strict credit requirements when applying for a traditional loan.
Technically, this is not a loan. This is a cash advance which will be based on sales of the business through credit cards. Even small businesses would be able to apply for a Merchant Cash Advance and have the amount deposited into their account faster than the usual loans. Here are the important things that you have to know about the MCA.
MCA Application Process
When applying for an MCA, it usually takes an hour or two to a maximum of two days. This will also depend on the provider. Once the application is approved, the business would be able to use the funds that are in their accounts in two days. The compilation process is very easy. This is the reason why many business owners now prefer MCA. Here are the simple steps that every business owner will go through when applying for MCA.
- Application for the Advance. The application form is one or two pages which will need your social security number, your business tax ID as we as basic information about your business.
- Provide the Needed Documents. Normally, you will be asked for for bank statements and your credit card payment processing information.
- Get Your Approval. It will not take more than 24 hours for your application to be approved.
- Setting Up Of The Credit Card Process. This funding may need the business owners to change to a new credit card provider. It can be inconvenient but is necessary for your application to be approved.
- Finalizing the Details. Your MCA application details will be provided. Make sure that you are aware of when the payments will start.
- Receive The Funds. Your MCA money will then be deposited to the bank account of your business. The repayment will be through the merchant account which will begin automatically.
Do you need a capital for your business as soon as possible? Maybe it is time to consider Merchant Cash Advance. The application process is very easy and the turn around is very fast. No more waiting in line. Now, you can get approved in a day and get your money the soonest.