Wide Merchant Group

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Wide Merchant Group

What is the procedure for Merchant Financing?

In a Merchant Cash Advance (MCA) or Merchant Financing Business Funding, the lender promises to purchase a specified percentage of the borrower merchant's future receivables in exchange for a predetermined fee, often repaid in regular, periodic payments Wide Merchant Group. While most modern merchant financing requires daily ACH payments in a set amount, the lender may also require a percentage of the merchant's daily credit card sales as repayment. To qualify for merchant finance, your firm must have been open for at least five months and be making at least $60,000 per year in sales. Financing for merchants is superior to conventional business loans in that even those with less-than-perfect credit histories can be approved. Halfway through paying off merchant finance often allows for renewal, giving your organization access to additional funding during slow sales periods.

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Wide Merchant Group