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You’ve been researching financial options for your business. Now you’re wondering what the advantages of a merchant cash advance (MCA) really are. These five benefits show you just how helpful MCA could be.

A Merchant Cash Advance Is Flexible

One of the big advantages of a merchant cash advance is that it can be more flexible than a traditional loan. You may qualify for a larger amount, but you don’t have to take the entire sum. You can take what you need instead.

MCAs can also be more flexible in terms of how they’re repaid. Since they’re made on the basis of future sales, you’ll pay a percentage of your actual sales. If sales are low one month, you’ll pay less. When sales are high, you can pay your advance off faster.

MCAs Don’t Need to Be Big

Another great feature of MCA is that you don’t have to be looking for a large amount. Banks sometimes won’t approve business loans under $100,000.

If you just need a small injection of cash to keep the business floating, you may want much less than that. In that case, MCAs can be a great choice.

New Businesses Can Qualify

When you apply for a loan with the bank, they’ll likely want to see a business history, as well as a business plan. If you haven’t been in operation for quite some time, you may not qualify.

MCAs are evaluated on the basis of your estimated future sales, not what you did in the past. If you just opened up shop but need cash, a merchant cash advance can help.

The Process Is Simpler

Applying for a bank loan can be a long and complex process. If you need cash right now, then a merchant cash advance could be your best bet. It’s easier to apply for, and you’ll get approval sooner.

The Uses Are Endless

With a bank loan, you may need to declare a certain purpose. A merchant cash advance can be used to do almost anything in your business. If you need to fund payroll or want to invest in a special project, then a merchant cash advance could be the right choice.

Ready to discover all the advantages of MCA for your business? Get in touch with the experts and get the funds you need.

2M7 Financial Solutions is honoured to be featured in this month’s CanadianSME Small Business Magazine, with an interview highlighting small business financing advice from 2M7’s CEO, Avi Bernstein. From his insights on the state of the lending landscape, to his expertise on the challenges facing small businesses today – Avi provides insider advice on alternative lending options that can help small businesses secure the funding they need to operate and grow their business.

In the interview, CEO Avi Bernstein discusses the many factors that traditional lenders use to evaluate whether a business qualifies for a loan, and why this digital credit score algorithm method of evaluating businesses, is increasingly resulting in small businesses being denied funding from lenders such as banks and credit unions.“

Rapid shifts in new technologies, increased competition, and the state of the economy have led to an increased need for financing, but it is becoming increasingly more difficult from small businesses to access funding from traditional lenders,” said Avi, when asked about the challenges that small businesses face when it comes to securing funding. “Most small businesses need loans to bridge the gaps during uncertain times such as these, but small business owners continuously struggle to secure working capital.”

For over a decade, 2M7 has been dedicated to leveraging its expertise in the Canadian lending landscape to help as many small businesses as possible to get access to the working capital they need. This dedication has led to the development of a proprietary algorithm which uses a unique approach to evaluate risk and determine credit worthiness – enabling 2M7 to fund businesses that might not otherwise qualify for a traditional loan.

Furthermore, the 2M7 team strives to provide an alternative lending solution that better meets the needs of small Canadian businesses than traditional loans. With minimal requirements and simple terms, 2M7 has designed a straight-forward borrowing option that essentially provides small business owners with a cash advance that is deposited directly into their bank account within 24-48 hours, to use immediately within their business as they see fit.2M7 Financial Solutions continues to be at the forefront of the innovative technologies and processes that are transforming the Canadian financial industry in order to help grow the small businesses that are the backbone of our economy. As the industry continues to evolve, the 2M7 team is committed to continuously improving its flexible funding solutions and working closely with small business owners to better meet their changing needs.

To read the full interview, click here to open page 37 of this month’s digital edition of CanadianSME Small Business Magazine.

With COVID-19 vaccines being administered all around the world, it's only a matter of time that businesses resume their work in the field. While corporations will have little to no hurdles, it will be small businesses that will have to make more effort. You don’t need to be an expert to understand these issues in today's economy. Some help in reopening will allow any sort of company to see instant results if capital is invested and used effectively. This is where merchants cash advances come in. An MCA works very differently. You’re receiving funding from a financial solution business. However, the perk of getting an MCA is that you only have to pay it back from a percentage of your sales. If you aren’t making any sales, you won’t have to pay back anything. So, if that doesn’t sound like a reasonable enough argument to make you get an MCA to nudge your business in the right direction, let us continue. Here are five reasons why cash advances will work in our company’s favor.

Easy to Qualify

Today's economy makes it troublesome for businesses in terms of finance. Conventional loans have rigid requirements that are turning people away. Moreover, they take more time, and sometimes your request may be denied. Merchant cash advances are more viable as they offer a sum of money at a fixed rate, and are easy to qualify for, even for first-time owners. While bank loans require hours to fill out, these applications contain brief questionnaires, prioritizing output rather than processing information. Expand Office Space Upgrading your office will be one of the heftiest investments you’ll ever make. But, it’s a necessary one. If your office space no longer meets the requirements of your business, you have to move into something that’s more fit to your needs. However, it’s not cheap. Moving into a new office requires a ton of money upfront. An MCA can be a great way to complete the down payment and move into the new office.

Quick Funding

Traditional bank loans have an approval time for weeks, and it is not even certain if your application will get accepted or not. If you don’t want to get caught up in those waiting times, an MCA is the best option. Funds from an MCA could reach your account the same day as your application is submitted!

Works Despite Credit Score

There are cases when businesses are in a stable situation and may have a poor credit score. In such cases, qualifying for a loan is impossible as banks want a surety that you are a viable candidate for receiving money. A history of bad credit is a red flag that tells a bank you won’t be able to repay the loan. An MCA gives you a much reliable alternative for cases where credit scores are low. There will be some things that will change but you will still be entitled to receive a cash advance!

No Restrictions

With bank loans, there are a ton of rules and regulations that restrict you from spending your money on certain places. With an MCA, there’s no such limitations. You’re free to invest your advance into anything as long as it helps in the growth of your business. An MCA can help elevate your operation to new heights with greater flexibility and opportunities. If you’d like to learn more about obtaining a merchant cash advance for your business, 2M7 Financial Solutions is here to help. We offer merchant cash advances to businesses in all industries and of all sizes. Gain an edge over your competition and contact us today.