What Merchant Finance Is And How To Get It
Funding for your small business can be difficult. We get it.
And because we get it, we set out to create a simpler, more effective, and more rewarding way to acquire merchant finance. Welcome to Merchant ReFi.
Perhaps you’re starting out your business and aren’t sure how to find working capital, or maybe you’ve had your business for a while now but need emergency funding or some short-term working capital to meet your current financial goals. Whatever it is, we can help.
Merchant Finance Is Working Capital For Business Expenses
When you choose merchant finance for your business, you get an increase in working capital. This is automatically repaid through your business’s credit card processing system.
Your merchant cash advance can be used for anything related to your business, such as payroll, real estate, taxes, and more.
Repayment Is Simple
You don’t have to worry about falling behind on payments or even scheduling your payments (as long as your business continues to make sales)! The repayment is automatically taken out and paid to your business lender through your credit card processing system.
How’s that work?
Your merchant financing lender will set up a system that intercepts your revenue from credit card transactions. Then, through this system, your business lender will take a daily, weekly, or monthly percentage of the revenue as a form of repayment. Until your merchant advance is paid in full, including interest, this will continue.
There’s a lot of intuitive beauty to this situation. For example, when your business is thriving, you’ll pay more toward your financing. When your business isn’t doing as well or on holidays when transactions aren’t possible, you’ll be paying far less toward your merchant loan.
Because this repayment process is so flexible, you can understand the need for personalized rates and costs. Each merchant cash advance company will have a different process and ideal for repayment. However, when you apply for merchant and cash capital, you can be sure that you won’t get the time-based APR you would most likely get with other business loans.
Not getting the traditional APR can be intimidating initially, but there can be benefits to what is sometimes a higher interest rate.
Why Merchant Finance Might Be Right For You
Does everything sound good so far? Great. We’re eager to help you increase in net working capital, but we want to make sure you understand the whole process of working with a merchant cash advance company. Here are some reasons why merchant finance may be your business’s best option:
- You need funding fast. An emergency of some sort has come up, and you need cash fast. Merchant finance can often be received within three days of application and approval, if not faster.
- You only need short-term working capital. You’re not looking for a 10-year loan or longer. You simply need merchant advance capital for a short amount of time before you can get some other finances figured out.
- You have low or bad credit. It can be hard to get any loans, let alone a merchant loan, when you have poor credit. Many business lenders will accept lower credit scores when you’re applying for merchant finance.
Why You Should Choose Merchant ReFi
There are a lot of merchant cash advance companies out there, so why should you work with Merchant ReFi? We’re glad you asked.
- We have more than 10 years of experience in this industry
- We’re a direct funder, meaning we do everything in-house
- We’re an accredited direct lender and boast an A rating with the Better Business Bureau (BBB)
- We only do one soft pull for your credit score, meaning your credit won’t be affected
- We have a 90 percent retention rate — our clients stay with us until they no longer need money
- We offer daily and weekly repayment cycles
- We have terms ranging from six to 18 months
- We can fund between $10,000 and one million dollars
All of these factors certainly set us apart from other cash advance companies, but we’re extremely pleased to offer two other differences that show we truly have the customer — you — in mind.
- One of the biggest differences between choosing us for merchant finance and going with a traditional business loan is that you don’t have to put down any collateral. Go ahead and breathe a sigh of relief.
- We’re proud to partner with United Airlines. You can earn 10,000 United MileagePlus® bonus award miles with any qualifying Merchant ReFi advance of at least $20,000. The sky’s truly the limit when you work with us.
Qualifications for Merchant ReFi
Convinced? Can’t wait to get started? See if you meet these qualifications first:
- You must be in business for at least a year before we’ll offer merchant finance.
- You must generate at least $20,000 in monthly sales. This is calculated after transfers between accounts but before all other expenses.
- You must have a credit score of at least 500.
Merchant ReFi is not currently a merchant capital source for non-profits or for the marijuana, oil, or gas industries.
What would you do if you received $50,000 today to improve your business? Is your mind already spinning with ideas? New working capital could completely transform your business, and we’d love to help you get there. Apply now, learn more about us, or contact us today with further questions.