The procedure of paying a lump sum amount of money in advance against an invoice is called a merchant cash advance service. Merchant cash advance service comes very handily, especially when a small or medium cap businessman requires some fast cash. This service offers quick pay-outs, thus reducing the waiting time, which is a common experience among the businessmen in a traditional funding environment.
Apart from all this, the biggest and the most significant benefit that you, as a businessman, can experience with Mantis Funding cash advance services is that it lets you receive cash against your future earnings. In this way, you will get the money in your hand whenever and wherever your business requires it the most.
What are the benefits of opting for cash advance services?
● Designed to suit and boost your business services.
● No strict requirements.
● High chances of approval.
● Less paperwork, faster service.
● Business owners can expect cash within 24 hours of approval.
● No need for staking assets as collaterals.
Working of merchant cash advance service:
Growth and cash are two basic things for any business. Many would also agree that they are co-related. How? When there is regular cash flow, there is growth and vice versa. However, in the long run of the venture, a businessman will face situations where cash flow may not be regular.
This is where you need fast cash. It is like an energy bar that gives an extra boost to halted operations. Be it a sudden need to purchase equipment or investing in some future location, Mantis Funding cash advance services have got you covered. The intriguing thing about Cash advances is the fact that you will get cash within 24-72 hours! That is, you don’t have to wait for a long time to do what’s best for your business.
How to repay the advance cash?
Merchant cash providers have designed an easy and smooth system for repayment. Firms like Mantis Funding with cash advance services provide you with the option of repaying them by a certain percent of your credit card’s daily deposit.
How do I know that I qualify for this service?
Qualifying for this type of funding is easier and faster than any other kind of traditional funding. The pre-requisites are relaxed, and the process of getting approval is super easy. Most of the funders don’t need paperwork for this process!
However, you need to maintain the past few ‘months’ bank statements so that your approval of the application is done quickly.
How to get the rate that suits my business?
This requires you to do your homework. To get the best rate, you need to have your options open and find a deal that resonates well with your business.
But before that you need to familiarize yourself with two terms:
Factor fee: Similar to the interest rate. This ranges between 1.4 and 1.8.
Holdback: In this, a certain portion of your daily credit or debit card sale is deducted from your bank to the merchant cash provider. This happens until the fund taken is repaid. The percentage lies between 10-20 percent.
As stated, cash is vital for growth. So, one should not compromise with this aspect and consult funding companies like Mantis Funding for their services. However, before coming to any decisions, the businessman should go through pages like Mantis Funding to understand what the company is all about.