Merchant Cash Advance might be your solution.
Merchant Cash Advance is more like a B2B transaction where a company accepts to sell its future credit card sales or a portion of it’s bank deposits to a commercial lender. This is done in exchange for an upfront lump sum of funding at a discount. MCA is popular among small and medium-sized businesses, because approvals take can even as little as 2-24 hours, and the funding can be in 2-5 business days.
Merchant Cash Advance
Since MCA is cash flow driven, companies with poor personal and business credit can also get an approval.
Merchant Cash Advance ranges anywhere from $5,000 up to $2,000,000 (depending on the percentage of the business credit card receivables or daily cash balances and bank statements to determine the initial advance). This can be for a period ranging from 3 months to 2 years.
The business pays back the advance, alongwith a percentage from a portion of their credit card receivables or cash available. Repayment for these transactions are usually made either on a daily basis or on a weekly basis by an automatic deduction from a company’s credit card sales or bank deposits.
The Canna Group Benefit
- At Canna Group, we offer faster funding and easy renewals, which means you can have money in your bank in the least time possible.
- We offer a “No Hassle” payback, which means your payments are automatically held from your credit card transactions.
- We offer a flexible structure that allows businesses to be able to afford the payments. With a merchant cash advance, we get paid when you get paid. Our payment is a percentage of your daily sales, so if you have a low month you pay back less and if you have a good month, you pay back more.
- An MCA is more like a sales transaction. There are no collaterals required in this case, it requires you to be subject to a limited amount of conditions.
What are the Cons of Merchant Cash Advance?
- Might be expensive due to high fees
- Requires daily or weekly repayment
- Can prevent attempts to get traditional financing
- Blanket lien on all business assets
- May stress cash flow
- Short repayment terms
Where you can use MCA?
- Buying Equipment
- Paying Employees
- Purchasing Inventory
- Expanding the Business
- Running Marketing Campaigns Franchise Fees
- Furniture and Fixtures
- Machinery and Equipment
- Real Estates
- Purchase Licensing Fees
Benefits of a High Risk Merchant Cash Account
- Quick Approval Rate = Faster Cash-in-hand.
Which means you can benefit from the current market prices - Quicker approval times from an MCA provider than a bank. This translates to faster cash-in-hand, allowing you to take advantage of current market prices.
- Lot of incentives when it comes to small business financing.
- Minimal documents required.
- Almost all credit-types are acceptable.
- Gives funds even with tax liens.
- Online process.
- Funds are transferred directly into the business account.
- Unlike traditional financial institutions, MCA doesn’t set any guidelines on how the funds are to be used.
We have a positive reputation in this industry because of our fair, customized pricing and quality customer support.
Our high-risk merchant account provider gets credit card transactions processed online or face to face in no time.
Canna Group specializes in payment processing solutions for businesses that require high-risk merchant accounts to process credit card payments.