Getting started with an advance cash system is quick and easy. However, you will need to ensure that you complete the necessary forms and application. The application form is in place to ensure that you meet the basic qualifying criteria such as at least one year at the same location and a minimum monthly credit volume of 5,000.00. While many people are confused about how the system works, it can be explained as follows:
A Lump Sum of Working Capital:– If you own and operate a business, your business will have to agree to sell a fixed dollar amount at a discount of its future debit and credit card sales. If this business venture is approved, you will receive a lump sum of working capital as your purchase price.
This fast funding can be used to accomplish any business objective of the organization. In other words, not only will you get a lump sum of working capital quickly, but you will be given the freedom to use the money for any business purpose of your choice.
The System is Automated:– When you are using a merchant cash advance system, you should benefit from the automated process. Here is how, once you have batched both of your debit and credit card sales, an automatic processor will forward your agreed-upon percentage of the receipts. You will also avoid writing checks and the hassle that comes with that. Not only will you avoid writing checks, but you will save money as you will forgo those annoying little late fees and charges.
Percentage Remains Fixed:– While the cash advance is easily to qualify for, you should also understand that the percentage rates that is retrieved from your debit and credit card sales automatically remains fixed all year round. A fixed percentage will cause you to have a retrieved amount that is higher on days when you debit and credit card sales are a little low.
You should take note however, that retrieved amount is not fixed but the percentage amount is. So, the advance me system is designed to be paid once you get paid.