Merchant cash advances in the UK are continuing their rise, following on from the success of last year. They are an alternative funding solution for businesses that are trying to capitalise on growth.
This product has grown tremendously over the past five years and one of the market leaders selling it are PDQ Funding. They have even recently reported a 17% increase in sales of their merchant cash advance to call centre companies/businesses.
One of the main benefits and advantages of the product is its ability to be scalable. Every business owner runs into the need for working capital from time to time. But where do you go to get it, especially when your bank won’t even consider your funding request? There is a finance solution for businesses that take credit cards & debit card payments. In fact, you could get cash from the sales you haven’t even made yet. There is no faster, safer or easier way to get unsecured business funding. The business cash advance is classed as a short term working capital loan. This is because they have a term time of a maximum 18 – 24 months.
Nice and easy
The application process when dealing with PDQ Funding is quick and easy, allowing you to get your funds as soon as you need them. They operate in an online space, meaning you can fill out an application form directly online, as long as you have the correct documentation to hand that relates to your business.
They will require you to provide recent bank statements and credit card statements during the application process from your business. This is so they can do general checks that any merchant cash advance provider would need to outtake.
There are further positives to the recent trend of merchant cash advances however, including the fact that clients’ credit scores are not affected. This is because you’re not taking out a loan, you’re simply selling future credit card sales for upfront cash. As a result of this, you will never have to worry about making monthly payments, as you’ll only be repaying when your business is booming.
What credit score?
As it isn’t a loan, you won’t have to worry about the current state of your credit score either, which is a positive for many clients’ stories we’ve heard so far. Knowing that you credit score won’t receive any negative effects is a huge boost for business owners, and something that often leans them towards merchant cash advances, rather than going down the tedious and often disappointing route of high street banks.
New business owners
If you’re the owner of a new business, this is the perfect product for you. We fully understand that building a business takes time and unfortunately a lot of funds. But, the merchant cash advance has grown in popularity over the last year, with roughly 8% more business owners choosing this alternative funding solution.
If your business is mere months old, but you’ve seen a key way to improve it. Don’t allow funding to hold you back. With the merchant cash advance from PDQ Funding, you’ll only make repayments when you’re making sales.
PDQ Funding also offer an affiliates service that can be used to put you into contact with the right people to help your business. This could potentially gain you new clients, or find you a vital new contact in the world of business.