How Do I Get a Cash Advance

You’ve done your research, and you’re convinced a merchant cash advance is a great opportunity for your business. You can get a flexible funding solution to help you cover essential business costs or even expansion. Better yet, you can quickly access the funds you need with flexible repayment terms.

So, how do you get an MCA? Follow these steps and you’ll have the funding you need in no time.

Research Providers

Doing research should be your first step. There are plenty of lenders offering MCAs, but not all of them are created equal.

Many of them do business online. This makes it easy to find information about where they operate and the kinds of businesses they support. Some specialize in working with small businesses, while others prefer working with large businesses. Some may have expertise in your industry.

Always look for a provider who is upfront about their MCA program. Check customer reviews and testimonials. What do other business owners say about this lender?

Submit an Application

Once you’ve decided on a provider, it’s time to prepare your MCA application. Always review the lender’s specific requirements. The more complete and accurate your application, the faster the lender can approve you.

You’ll need to provide:

  • Government-issued ID, to prove your identity
  • Your merchant ID number
  • Recent bank statements
  • A void cheque

Your merchant ID number allows the lender to check on your merchant account, giving them accurate information on your monthly sales. Your recent bank statements can also provide this information, as well as crucial information about cash flows.

You’ll also need to provide a bank account number for your business. The business bank account is where your merchant cash advance will be deposited.

The Approval Process

The lender will approve your application within two business days. If your application is complete and accurate, the funds may arrive on within the same day.

Always check what the lender will provide. Some lenders will offer up to 125 percent of your monthly sales.

Next, they’ll send you an agreement. Read this over carefully, since it contains information about your repayment schedule, fees, and more.

Some lenders post their general terms, including rates and fees, online. You can review them before you apply.

If you’re unsure about the lender’s offer, don’t be afraid to contact them. For example, if you were hoping for more funds than they offered, you can discuss their rationale with them.

Once you’re satisfied with the lender’s terms, your funds will be transferred to your bank account.

How Repayment Works

Your merchant cash advance provider should get in touch with your payments processor. They’ll set up direct deductions, which means repayment of your advance happens automatically. You can keep track of payments through your account with the provider.

This makes the process perfectly transparent, and you’ll always know where you stand.

Get the Funds You Need Now

Ready to get a merchant cash advance for your business? You can get in touch with the experts for a free quote or apply now. The funds you need could be just a few clicks away.