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Merchant cash advance providers work quickly. They do not need extensive documentation and it is available to the business in a week or two. If the provider and business owner have done business before, the process is further expedited and the advance generally is available within 72 hours. Time is critical for a business facing a cash crisis. It can use the funds to immediately pay off debts and invest in business growth.There are three steps to getting a merchant cash advance:Step 1: Setting up an account with an approved credit card processorA merchant cash advance provider loans money in exchange for future credit card receipts of the business. The providers have contracts with many credit card processors. Business applying for such a loan must have an account with one of these credit card processors to be considered for an advance. If the business does not already have an account with one of them, it can apply for it.Step 2: Approval of applicationAfter opening an account with the approved credit card processor, the business will submit an application to request an advance. Basic information such as the monthly credit card receipt statements are submitted to the merchant advance provider. The paperwork is minimal. The provider will verify the businesses' financial standing, especially the length of time in business and the monthly income.Step 3: Signing the contractOnce the provider approves the application, the business owner will receive a contract stating the amount of the advance and the percentage of monthly credit card sales that the loan provider will receive as repayment. The business owner should read through the contract carefully to avoid surprises. Cash is released to the business owner once the signed contract is submitted to the provider.Details of the merchant cash advance contractThe contract between the merchant cash advance provider and the business owner is that between a buyer and seller. The business is selling its future credit card receipts at a discounted rate to the cash advance provider in exchange for the cash advance.The contract contains the following details that can be used to calculate the overall cost of the advance to the business. * the advance cash payment the business owner will receive as a loan * the total amount of future credit card receipts the business is selling to the merchant cash advance provider * the percentage of credit card sales the MCA will receive from the business on a daily basis * contingency terms such as penalty for non-payment, etc.Merchant cash advance contracts must be scrutinized before signing on the dotted line to avoid misunderstandings later. A business that has adequate funds at the right time can grasp opportunities boldly and increase its profits. A merchant advance makes that possible by providing funds easily and within a short time.Before you get an MCA, compare quotes for quick business loans at a Business Network. For further information, please read our business cash advance advice.
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