Benefits of A Business Cash Advance

15/04/2019 Image
When it comes to searching for extra funding, business owners often go directly to banks without considering the alternative funding options which are available to them. New and smaller businesses often experience problems with cash flow and require extra financial support in order to grow and develop. However, according to Finance Monthly, three quarters (75%) of UK small businesses have been rejected by banks when trying to access funding. With traditional bank loans becoming increasingly difficult for smaller companies to obtain, as an owner, you should definitely look into alternative funding options such as a business cash advance or a PayPal cash advance

With a business cash advance you can usually access between £2,500 to £500,000 within as little as 24 hours. It’s a really suitable funding option for any business that takes a monthly average of £2,500 a month in credit or debit card payments. The extra funding will allow your company the financial support and increased cash flow it requires.
 

Hassle-free Application

With a cash advance, the application process is exceptionally quick and simple. You can complete the application process entirely online, saving you from having to attend face to face meetings or lengthy phone calls, as can often be the case when applying for more traditional types of loans.

Because applications are approved based on your monthly total of debit and credit sales instead of your credit score, your application is much more likely to be accepted. Within a 24-hour period, you should know whether or not your application has been accepted, so there is no extensive waiting around for approval.
 
 

Lightening Fast Funding

Once your application has been successfully accepted, funding can be in your bank account in less than 24 hours. This is virtually unheard of when it comes to traditional bank lending, which can take weeks, or even months, to reach your account. Whether you have equipment that urgently needs to be replaced, bills to pay off or you simply want to redecorate your shopfront, there is no waiting around with a business cash advance and your cash flow issues can be addressed immediately.
 
 

Flexible & Affordable Repayments

With a business cash advance there are no fixed repayments. The amount you pay back each month is always relative to the amount your business earns through debit and credit card transactions. So, if one month you earn less than usual, the amount you are required to pay is equally smaller. This means that repayments remain entirely in sync with your cash flow at all times.

Furthermore, a business cash advance comes interest free, no other fees or penalties are added, and a clear repayment cost should be agreed upon upfront. Consequently, the repayment process should be completely stress-free, and you should be able to enjoy your increased cash flow without any financial worry.
 
 

Unrivalled Financial Stability

As there a no penalties or any other hidden fees involved, and due to the flexible repayment process, you shouldn’t find yourself feeling financially unstable, as there will be no nasty surprises that crop up when the time comes to start paying back what you owe.

A business cash advance is an immensely clear and transparent type of finance, that does not try to catch you out. Financial planning should consequently be very simple, as you will know with full clarity what is required from you as a borrower. Good financial planning is of course crucial to the growth of any business that wants to be successful, and with a business cash advance and a good strategy, you can grow a thriving business.

Finally

As you can see, the benefits of a business cash advance are plentiful. It allows small business owners to expand their company and address their cash flow issues without having to worry about the financial repercussions further down the line. So, if your business takes card payments, and you need a little extra help with your cash flow – this could well be the best option for you.

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